Burger King UK owner in talks about Whopper of refinancing
The owner of Burger King's main UK operation is opening talks with lenders about a major refinancing nearly eight years after buying the business.
Sky News has learnt that Burger King UK, which is backed by the private equity firm Bridgepoint, is seeking an additional £40m of borrowing capacity to help finance the delivery of its business plan.
The refinancing, which also includes £110m of existing debt, is to be discussed with prospective lenders in the coming days.
Burger King UK owns just over half of the chain's nearly 600 British outlets, with the rest owned by other franchisees.
Bridgepoint has already committed £35m of fresh equity as part of Burger King UK's business plan.
The company intends to open more than 30 additional restaurants and remodel 50 of the existing estate.
People close to the company said it was outperforming the wider Quick-Service Restaurant market in terms of like-for-like sales growth.
Burger King's Gourmet Kings range has driven sales growth in higher-margin products, while its value platform has also been growing among price-conscious consumers, the people said.
The chain recently ran a promotion called Whopper Day to give away a free burger to customers who had downloaded the Burger King app.
DC Advisory, the investment bank, is working with Bridgepoint and Burger King UK on the refinancing.
The company has been linked with a sale or stock market listing in the past, although an exit for Bridgepoint is not thought to be imminent.
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