The capital will be used to accelerate the company’s roll-out programme of Peyton and Byrne high-street retail bakeries over the next four years and facilitate their expansion plans within the premium end of catering in iconic visitor attractions.
The company is expecting to create around 200 new jobs in the process.
Peyton and Byrne was founded in 2005 by the renowned restaurateur Oliver Peyton along with his sister Siobhan Peyton, CEO. The business will now also benefit from the addition to the board of Mike Johnson (Sodexo, Whitbread) who joins as non-executive chairman and Alistair Brew from BGF as non-executive director.
Oliver Peyton said: “We know that there are lots of opportunities for our company both in our existing venues, in other premium visitor attractions and important iconic cultural venues, where we will continue to expand. BGF are offering the chance to take full advantage of the opportunities available to us to and it is absolutely fantastic to see British retail businesses being backed in this way. We liked the fact that BGF is providing expansion capital to high growth businesses like ours; the type of funding that will continue to contribute to the recovery of the UK economy.”
Alistair Brew, investment director at BGF added: “A large part of Peyton and Byrne’s growth will come from expanding the portfolio of bakery sites and restaurants and we felt that BGF’s mix of patient growth capital and desire to provide additional help and expertise across the business was an ideal fit for the company.”
Business Growth Fund was established to help the UK’s fast growing smaller and medium sized businesses.
In 2012 Peyton and Byrne delivered nearly £20 million of revenues and has a track record of increasing turnover at each of its venues within the first year of operation, therefore meeting the fund’s key criteria of growth potential.