Burger chain Five Guys flips debt with £185m refinancing
Sky News understands that Five Guys, which launched in the UK in 2013, has landed a new five-year debt deal with lenders including Britain's major high street banks.
Sources said the agreement was likely to be announced on Wednesday.
Money latest: Economists issue warning as government borrowing soars
Five Guys trades from nearly 180 sites in the UK, employing roughly 5,500 people.
It also operates under the same corporate ownership structure in France, Germany and Spain, with its European operations in total employing about 9,000 people.
ADVERTISEMENT
The European business is a 50-50 joint venture between Freston Ventures - the investment vehicle of Sir Charles Dunstone, co-founder of The Carphone Warehouse - and the Murrell family which founded Five Guys in the US.
It is now expected to seek to open a larger number of drive-thru restaurants in the UK and elsewhere in Europe.
In a statement issued to Sky News, John Eckbert, Five Guys Europe's chief executive, said: "Securing additional debt capital at a more favourable rate in today's market is a significant accomplishment.
"This £185m refinancing transaction is a testament to the strength of the Five Guys brand and our successful operational performance.
"The latest capital injection will be instrumental in accelerating our expansion strategy."
The deal comes as hospitality groups warn of an increasing challenge to survive following tax increases announced in Rachel Reeves's Budget last autumn, with chains such as Cote now exploring urgent sale processes in a bid to secure new investment.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Bloomberg
17 minutes ago
- Bloomberg
Sustainable Funds Rebound With Global Inflows of $4.9 Billion
The global market for sustainable funds recovered in the second quarter after posting record-high redemptions during the first three months of the year, according to an analysis by Morningstar Inc. Against a backdrop of 'ESG backlash and volatility sparked by geopolitical tensions and US tariffs, the picture for ESG funds improved last quarter,' led by investments in European-based offerings, said Hortense Bioy, head of sustainable investing research at Morningstar Sustainalytics.

Wall Street Journal
17 minutes ago
- Wall Street Journal
KKR Faces EU Probe Into Information Provided in $26 Billion NetCo Acquisition
The European Union opened an investigation into whether KKR KKR 1.62%increase; green up pointing triangle supplied the block's merger regulator with false or misleading information before the investment firm's multibillion-dollar purchase of Telecom Italia TIT 0.72%increase; green up pointing triangle unit NetCo was unconditionally cleared by officials last year. The European Commission approved the companies' deal in May 2024, initially ruling that KKR's bid to snap up Telecom Italia's broadband network assets for up to 22 billion euros ($25.90 billion) wouldn't affect competition in Europe. The watchdog had said the merged company wouldn't be able to deteriorate the conditions for rivals' access to services due to long-term agreements that FiberCop—a joint venture between Telecom Italia and KKR—held with several companies.
Yahoo
44 minutes ago
- Yahoo
China's JD.com in talks to buy Germany's Ceconomy electronics
Ceconomy, the parent company of German electronic retailers MediaMarkt and Saturn, has said it is in advanced talks about a takeover bid by Chinese e-commerce group is considering a cash offer of €4.60 ($5.41) for each ordinary share, Ceconomy said on Thursday. No legally binding agreements have been made yet, it emphasized. Ceconomy shares recently jumped more than 10% to just under €4.14. Since the beginning of the year, they have risen by around 58% amid ongoing takeover speculation. The Kellerhals family, which founded Ceconomy, remains the Dusseldorf-based company's largest shareholder, with a 29.2% stake. The Meridian Foundation holds an 11% stake, while the Haniel family group and Freenet hold 16.7% and 6.7% respectively. Sign in to access your portfolio