BAR Budda, the Scottish bar and restaurant group, said yesterday it had funds in place to allow a (pounds) 40m expansion over the next five years.
The fast-growing group has 10 of its venues operating or under construction in Scotland and has just spent (pounds) 1.3m on its first foray into England with the opening of a bar in Oldham, outside Manchester.
The expansion will push turnover in the chain to between (pounds) 4.5m and (pounds) 5m by August next year, with profit margins of around 18%.
The group is headed by David Davidson, who said the Oldham opening had been delayed, but had come in close to budget.
Finance for the chain, and for the expansion, comes from developer Alastair McKever.
Davidson said: ''McKever's company buys the sites and retains the properties, and we lease them back from him.''
He added: ''We plan to open six to eight new venues a year for the next five years.
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