Barburrito, the Morgan Davies-led chain, plans to double in size within three years after securing a further £3.6m from backer the Business Growth Fund (BGF).
At the same time, the 11-strong group has named Novus Leisure chair and former Tragus chief executive Graham Turner as its new non-executive chairman.
The company, in which BGF initially invested £3.25m in 2012, is on track to report turnover of £8m in its current financial year.
According to the Manchester Evening News, the chain’s core stores – those open for at least 12 months – are enjoying sales growth of 10-15% a year.
He said: “We started this great burrito race in the UK and we are delighted to secure further funding through BGF to take the business to the next level.
“This is a great vote of confidence from our investment partners and, most importantly, the funds give us the fire power to continue on our mission to be the most loved burrito brand in the UK.
“We have recently taken the opportunity to strengthen our management team and, with the addition of Graham as chairman, we have the leadership in place to crack on with planned expansion.”
Andy Gregory, BGF’s regional director for the north of England, said: “This was the first investment led by our Manchester office and two years later, we are delighted to be investing once again in a fantastic brand and hospitality offering led by an ambitious management team.
“Our initial decision to invest has been well supported by the company’s performance and the addition of Graham to the team should support this growth even further.”
