TLT advises on £7m sale of Barburrito to The Restaurant Group
TLT has advised Barburrito, national chain of award-winning burrito bars, on its £7 million sale to The Restaurant Group (TRG), further positioning the firm as a leader in the leisure, food and drink sector. Barburrito opened the UK’s first burrito bar in Manchester’s Piccadilly Gardens in 2005, and now has 16 sites nationally, including three in Scotland.
TRG is one of the UK’s biggest hospitality businesses with a diverse portfolio of well-known brands, operating approximately 400 restaurants across the country.
The sale was paid for in cash by TRG following a strategic review and process managed by TLT and finnCap Cavendish. The deal involved cross-sector and cross-service expertise and was led by corporate partner Richard Life, supported by Jennifer Murphy (corporate), William Birtwell (leisure and retail), Philip Moran (leisure and retail), Andrew Grethe (leisure and retail), Katie Barclay (employment) and William Ngan (corporate tax).
Morgan Davies, founder of Barburrito commented: “I am delighted that TRG have chosen to take Barburrito forward. They are a great operator, who we know well, with the firepower to continue to support Barburrito’s growth and development. This transaction will allow the business to move to the next stage of its growth within TRG’s strong brand and site portfolio. TLT has provided expert guidance throughout this time and it has been a pleasure to work with such a professional and knowledgeable group of people. The collaborative nature of the team has left us feeling in very capable hands throughout the process.”
Richard Life, partner at TLT said: “It has been a pleasure supporting our long-standing client, Barburrito, on this transaction . This deal reflects positive change for the sector after a period of economic uncertainty over the past few years. We are delighted to have been involved in the growth plans of a national award-winning business as they continue to strengthen their position in the UK.”