The funding will be used to support the opening of Red’s first London site in Shoreditch in July, as well as a second restaurant currently in development.
Backing the deal are ex Wagamama chair Ian Neill, Jamie Barber (Cabana), Stephen Wall (Pho), Brandon Stephens (Tortilla), Maurice Abboudi (K10), Dom Lake (Canteen), and retail entrepreneurs Aarish Patel and Sunny Gill.
Wall and Patel have been appointed to the board as non-executive directors, while Stephens was made non-executive chairman earlier this year.
Scott Munro, Reds True Barbecue co-founder, said: “Our focus remains to open 20 sites within five years. With the team and investors in place we’re firmly on track to become the UK’s largest smokehouse group, and the go-to brand for authentic barbecue in the UK.”
The rapidly expanding restaurant group currently operates four sites across the North and Midlands. In 2014 Red’s was tipped by advisory firm BDO to be one of the leading operators in the predicted UK smokehouse boom.
Munro said: “We’re two and a half years into an incredible journey. Red’s is still a young company, and to have access to this wealth of advice and knowledge at this stage of our growth puts us in a strong and enviable position.
“Interest in the brand remains unprecedented – Nottingham sales continue to track ahead of our expectations, whilst Manchester, Leeds and Headingley remain resilient. With our current momentum this funding allows us to bring more true barbecue joy to more believers.”
Red's True Barbecue is currently recruiting for team members at its London and Leeds sites. Click here for details.