Boost Juice Bars get funding boost from Business Growth Fund
The business, founded in the UK in 2007 by Barburrito non-executive chairman Richard O’Sullivan and his wife Dawn, currently operates 10 units in the UK. They include sites at Manchester's Trafford Centre and Piccadilly train station, Meadowhall in Sheffield and Westfield White City and Westfield Stratford City.
Accelerated growth
With funding from the BGF, the business, which generated a turnover of £4m last year, will be able to accelerate its roll-out programme with plans to add another 30 sites over the next three years.
O'Sullivan, who has been with Barburrito, another beneficiary of BGF funding, for the last four years, said the business had managed to grow despite the challenging economy, but needed help to move forward further.
"Having financed the business almost entirely from our own funds to this point, we decided to seek some outside growth capital to service the next phase of this expansion," he said.
“In BGF we have a partner who has the financial means to meet our funding requirements but is also fully committed to this region and has already backed similar roll-out concepts. We look forward to working with Andy (Gregory) and the team going forward.”
As a result of the move BGF will take a minority stake in Boost and Andy Gregory, BGF's regional director for the north of England will join the board.
He said: "With the increasing focus by consumers on well-being and healthier lifestyle, Boost is well placed to capitalise on a rapidly growing market. We look forward to working with the management team as we help the business to expand across the UK.”
Boost, which aims to provide a healthy alternative to soft drinks and snacks was founded in Adelaide by Janine Allis in 2003 and has expanded to more than 20 countries, including Germany, South Africa, Hong Kong, Thailand, China and Russia.
As well as founding Boost in the UK, the O’Sullivans along with chairman Bill Holroyd and finance director Martin Burrill were the team behind Millie’s Cookies, which grew to over 100 stores before they sold it to Compass Group in June 2003 for £24m.
