Boost Juice Bars set to open 20 new stores with follow-on funding
Additional Business Growth Fund investment of £1.4m takes total funding of expanding juice bars business to £3.9m
Manchester-based juice bar company Boost has swelled its coffers with follow-on funding from the Business Growth Fund (BGF), taking its total investment to £3.9m after committing £2.5m in December 2012.
Over the last 18 months the company has more than doubled its number of stores from 10 to 25, launching flagship stores in many major UK cities including London, Newcastle, Brighton and Birmingham.
The company claims to be approaching £10m in sales over the same period, with its original 10 stores still going strong after nearly eight years of trading. Manchester’s Trafford Centre is now the home for two Boost Juice Bars and has become the busiest location out of its 350-store, 16-country juice bar empire.
The news shows encouraging signs of continuing consumer interest in the “well-being” sector of the food and beverage industry, as TD4 – the company behind Boost – announced plans to use the investment to accelerate the roll-out of 20 new locations over the next two years.
Founders Richard and Dawn O’Sullivan bought exclusive rights to the UK and Republic of Ireland arm of the Boost business in 2006 after selling their original business Millies Cookies to Compass PLC.
The pair will retain their existing shareholding, while the company’s long standing non-executive chairman Bill Holroyd will increase his shareholding in the company.
Chief executive Richard O’Sullivan said: “The past 18 months has seen fantastic growth in new stores and in our underlying performance. We have identified many potential Boost locations. We are keen to move forward with expanding the Boost brand throughout England and Scotland in particular. BGF’s follow-on investment allows us to do this.
“Since working with BGF, we’ve retained control and flexibility over the running of our business, with the added benefit of access to its growing network. This approach suits our culture and style and, importantly, is in line with the expectations set by BGF.”
Senior investment manager for BGF and Boost board member, Neil Inskip said: “With this follow-on investment, we’re increasing our backing of a highly experienced management team. We’re enjoying watching Boost make its mark in the fast-growing wellness sector, and we’re all the healthier for it.”