Casual dining restaurant chain Barbeque Nation is looking to expand the number of restaurants by up to 30 per cent across the country in the current fiscal, a top official said.
Apart from the growth in India, the company is also planning to open restaurants oversees, in Malaysia, the Middle East and Sri Lanka.
"We would be close to 25-30 per cent expected growth in terms of number of stores in the current fiscal year," Barbeque Nation Hospitality Ltd MD Kayum Dhanani told PTI.
The restaurants will be opened in metros, tier I, tier II and tier III cities, he added.
While in metros and tier I cities, the outlets are of 4,500-6,000 square feet requiring an average investment of Rs 2.75 crore, for tier II and tier III cities the size is comparatively smaller, that is between 3,500-4,000 square feet, Dhanani said.
When asked about the expansion plans oversees, Dhanani said: "the company is in expansion mode in the Middle East and will also be shortly opening in Malaysia in South East Asia and in Sri Lanka in South Asia." The company already has three operational restaurants in the Middle East, by the end of this financial year it will have close to 8 to 9 restaurants there, he added.
On being asked about the proposed initial public offering (IPO), Dhanani said: "We are planning to raise Rs 160 crore in IPO for the company. The money raised would be used for repayment of debt, expansion and for general corporate purposes." Largely depending on market conditions, the IPO could come in the first quarter of this financial year, a company official added.
Elaborating about the company's role in the casual dining space in the country, Dhanani said: "We have contributed significantly to defining and shaping the casual dining experience in the country with our unique proposition of, do-it-yourself live on-the-table-grill and have served over 24 million patrons over the last 4 years." The company has not closed even a single restaurant for lack of business, he added.
Founded in 2006 in India, Barbeque Nation has over 102 outlets across major cities and towns in the country.
