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The proprietor of Burger King’s predominant UK operation is opening talks with lenders a few main refinancing almost eight years after shopping for the enterprise.
Sky Information has learnt that Burger King UK, which is backed by the personal fairness agency Bridgepoint, is searching for an extra £40m of borrowing capability to assist finance the supply of its marketing strategy.
The refinancing, which additionally consists of £110m of current debt, is to be mentioned with potential lenders within the coming days.
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Bridgepoint has already dedicated £35m of recent fairness as a part of Burger King UK’s marketing strategy.
The corporate intends to open greater than 30 further eating places and rework 50 of the present property.
Individuals near the corporate stated it was outperforming the broader Fast-Service Restaurant market when it comes to like-for-like gross sales progress.
Burger King’s Gourmand Kings vary has pushed gross sales progress in higher-margin merchandise, whereas its worth platform has additionally been rising amongst price-conscious shoppers, the individuals stated.
The chain just lately ran a promotion referred to as Whopper Day to provide away a free burger to prospects who had downloaded the Burger King app.
DC Advisory, the funding financial institution, is working with Bridgepoint and Burger King UK on the refinancing.
The corporate has been linked with a sale or inventory market itemizing up to now, though an exit for Bridgepoint just isn’t regarded as imminent.
Spokespeople for Bridgepoint and Burger King UK declined to touch upon the refinancing.
