Bar Soba serves up expansion plan after £3m BGF investment
Bar Soba, the Glasgow-based bar and restaurant chain, is preparing to open a further seven restaurants following a £3m investment by BGF.
The company, which already has five sites spread across Edinburgh, Glasgow and Leeds, will initially target the North of England and is already considering a number of sites in key cities including Liverpool, Manchester and Newcastle. It will then focus its efforts on expanding further afield.
Founder and CEO Brad Stevens launched the brand at the Edinburgh Festival Fringe in 1997 as a pop-up restaurant.
He opened his first permanent Bar Soba outlet on Mitchell Lane in Glasgow and has since expanded into premises in Glasgow’s Byres Road and Merchant City, as well as on Hanover Street in Edinburgh and Merrion Street in Leeds.
His business, which serves creative cocktails and South-East Asian street dishes in a vibrant atmosphere, is on course to turn over around £5m during the current financial year.
BGF’s existing UK investments in the leisure and hospitality sectors include Mexican restaurant group Barburrito, tapas brand Camino, and Thai chain Giggling Squid.
Brad Stevens, CEO and founder of Bar Soba, said: “I’m really excited about our ambitious expansion plans and that we’ve found the right partner to provide the funding and expertise we need to accelerate our growth.
“Expanding to 12 city centre locations will allow even more drinkers and diners to enjoy our combination of indulgent cocktails, freshly prepared street food inspired by the night markets of South East Asia and music. We have been researching locations we feel will suit the Bar Soba offering but are always open to hear ideas from others.”
Patrick Graham, an investor with BGF heading up activity in the central belt of Scotland and Northern Ireland, said: “Our team at BGF was attracted to Bar Soba’s business model – the bars serve a wide range of unique cocktails all created in-house and fresh Asian food during the day though to the evening, when DJs and other live music add to the atmosphere.
“That combination of the lunchtime trade transitioning through into cocktails and live music means that the outlets are busy throughout the day and night.
“The Bar Soba concept appeals to students and young professionals, which ties in well with the target geographies in the north of England and beyond. BGF looks forward to supporting the business through its expansion.”
BGF company was set up with £2.5bn to invest in privately-owned and Alternative Investment Market quoted companies that have revenues of between £5m and £100m.
In return for an initial investment of typically between £2m and £10m, BGF takes a minority equity stake in the business.
The company can also provide follow-on investment and access to its Talent Network of entrepreneurs who can give advice to its portfolio of companies.
Business funding news
MIP Diagnostics secures £5.1m in funding to expand commercial operations and production
Nanotechnology business, MIP Diagnostics, has completed a £5.1m funding round to accelerate its global expansion. The co-investment has come from…
HeleCloud acquires cloud software engineering specialist DataStork
The acquisition brings Cloud-native software engineering and AI/ML capabilities to HeleCloud, as well as a customer base of global players…