UK juice bar chain receives investment from Business Growth Fund
Business Growth Fund (BGF), established to help the UK’s fast growing smaller and medium sized businesses, has invested GBP2.5m of growth capital for a minority stake in Manchester-based Boost Juice Bars UK, a growing chain of retail stores specialising in the sale of freshly made smoothies and juices.
Boost currently operates 10 stores across the UK including Manchester’s Trafford Centre and Piccadilly train station, London’s Westfield White City and Westfield Stratford, Meadowhall Sheffield and Bristol’s Cribbs Causeway.
Operating in the fast growing wellness category, Boost provides a healthy alternative to soft drinks, on-the-go meals and sweets. Nutritional and health advantages provided by juices and smoothies remain key growth drivers for the smoothie bar market.
Boost was founded in Adelaide by Janine Allis in 2003 and has nearly 200 sites throughout Australia alone. Its continued global expansion sees Boost Juice Bars now operating in over 20 other countries including South Africa, Chile, Estonia, Germany, Kuwait, Singapore, Hong Kong, Thailand, India, China and Russia.
Boost was established in the UK in 2007 when Richard and Dawn O’Sullivan, the team behind Millies Cookies acquired the rights to exclusively operate Boost Juice Bars in the UK and the Republic of Ireland.
BGF will take a minority stake in Boost and Andy Gregory will join the board. BGF’s GBP2.5m investment will help accelerate the company’s roll-out programme to grow its existing store portfolio of 10 stores to around 40 stores over the next three years.
Andy Gregory, BGF’s regional director for the North of England, says: “I am delighted to announce BGF’s investment in Boost. From the outset we recognised that this is a company with a fantastic product range, supported by a strong and dynamic brand. Richard, Dawn and the rest of the management team are highly experienced in this sector and you only need to look at the success they had previously in executing a very similar rollout with Millie’s Cookies, taking it from an initial few sites to over 100 locations to understand our confidence in them. In Boost, we are backing an established, proven concept with significant roll-out potential.”
Richard O’Sullivan, chief executive of Boost, says: “Since launching the Boost Brand here in the UK in 2007 the business has grown steadily throughout the major shopping centres around the country. Customers tell us they find Boost a fun and vibe driven experience, but the most common feedback is ‘it’s amazing something so healthy can taste so good’.”
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