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Burger King UK has reportedly secured a £60m debt facility to fund the opening of more than 30 new restaurants this year, according to Sky News.
People close to the matter told Sky that the financing consists of £30m each from Metro Bank and OakNorth.
The deal follows a 10% increase in annual revenue to £448.7m, with like-for-like sales growing by 6.8%.
Sky also learnt that the business, which operates nearly 600 sites and employs 12,000 people, also received an additional £30m in funding from its owner, Bridgepoint, during the last financial year.
Bridgepoint told the outlet that the expansion comes despite significant industry headwinds, including higher national insurance contributions and increases to the national living wage.
Approximately two-thirds of the 30 planned new sites will be company-owned.
Additionally, Sky understands that Burger King UK has also signed a 20-year master franchise agreement to extend its rights into the Republic of Ireland for the first time.
Alasdair Murdoch, chief executive of Burger King UK, told Sky News: “Despite a challenging global macroeconomic environment and significant sector cost pressures, we have grown revenue by 10% to £448.7m.
He added: “Together, this backing gives us the platform to execute our expansion plans with further conviction.”
He concluded: “Looking ahead, we will continue to monitor the potential impact of geopolitical uncertainty on inflationary pressures and consumer confidence. We continue to generate strong sales growth and, through disciplined cost control, are well-positioned to convert these sales profitably.”
