Cabana, the fast-growing Brazilian concept led by Jamie Barber and David Ponte, plans to open a further eight restaurants over the next two years, which should include its first opening outside of London.
Barber told M&C Report that the group, which will open its fifth site next month in Islington, should three more sites next year with a further five the year after.
He said he was already looking outside London, in all the usual major cities, with the brand now “operationally capable of such a move”.
“We are at an interesting size,” he said. “We are outside of the start-up danger territory and we are now on the move and have got the cash.”.
“I would imagine there is a very different skill set involved in taking a start-up to 30 units compared to taking a brand from 30 to 100 units – we have not got to that stage yet and I am genuinely not thinking that way.
“But there have been two massive deals - Cote and Byron both sold for circa £100m based on EBITDA around £8m. Can I envisage Cabana getting to £8m EBITDA? – I think it is achievable. And when you look at Cote and Byron we’re not talking massive estates either.”
The group recently opened its biggest site, 5,000sq ft at the Designer Outlet Wembley. Its fifth site will open in Upper Street on the former Rattlesnake unit.
Earlier this summer, the company raised £3.5m of new funding, £2m through fundraising from existing shareholders, including Nick Leslau, and friends, plus a new £1.5m debt facility from HSBC.
