Barracuda Group celebrates 10 years in business

Barracuda Group, the privately-backed pub and bar operator, last week celebrated a decade in business with a lavish party in London's St Katharine's docks.

The group celebrated what chief executive Mark McQuater called "a real milestone" with 200 of the company's 4,000 staff, plus suppliers and investors.

Evolving the offer of the group's five retail brands across 225 sites had been a key part of its success in recent years, he said.

"Although the pub industry has been hit hard over the past couple of years, we have adapted our approach to retailing. We have moved to serving more food, coffee and earlier openings to address the morning market.

"We've softened the décor in our pubs and introduced some very contemporary furnishings and brought in new food and drinks offers, creating more rounded day to night trade," he added.

McQuater said the group was rolling out a £7m refurbishment programme in the coming months.

Last year the group undertook a refinancing deal with its lending syndicate, led by Babson Capital Europe, which saw investors clear 40 per cent of Barracuda's debt, down from £247m to £163m.

Investors took an increased stake in the business of around 77 per cent in return for the debt being wiped away, with management, including McQuater, holding 23 per cent of the company.