Burger chain Five Guys flips debt with £185m refinancing

The burger concatenation Five Guys volition this week denote a £185m refinancing arsenic it seeks to grow its European property successful a challenging clime for edifice operators.

Sky News understands that Five Guys, which launched successful the UK successful 2013, has landed a caller five-year indebtedness woody with lenders including Britain's large precocious thoroughfare banks.

Sources said the statement was apt to beryllium announced connected Wednesday.

Money latest: Economists contented informing arsenic authorities borrowing soars

Five Guys trades from astir 180 sites successful the UK, employing astir 5,500 people.

It besides operates nether the aforesaid firm ownership operation successful France, Germany and Spain, with its European operations successful full employing astir 9,000 people.

The European concern is simply a 50-50 associated task betwixt Freston Ventures - the concern conveyance of Sir Charles Dunstone, co-founder of The Carphone Warehouse - and the Murrell household which founded Five Guys successful the US.

It is present expected to question to unfastened a larger fig of drive-thru restaurants successful the UK and elsewhere successful Europe.

In a connection issued to Sky News, John Eckbert, Five Guys Europe's main executive, said: "Securing further indebtedness superior astatine a much favourable complaint successful today's marketplace is simply a important accomplishment.

"This £185m refinancing transaction is simply a testament to the spot of the Five Guys marque and our palmy operational performance.

"The latest superior injection volition beryllium instrumental successful accelerating our enlargement strategy."

The woody comes arsenic hospitality groups pass of an expanding situation to past pursuing taxation increases announced successful Rachel Reeves's Budget past autumn, with chains specified arsenic Cote present exploring urgent merchantability processes successful a bid to unafraid caller investment.