The former chief executive of Frankie & Benny’s and La Tasca has been brought in as part of a deal which sees Risk Capital Partners acquire a majority stake in Red Hot World Buffet.
James Horler will be augmenting a business plan which is set to see the buffet restaurant group upgrade existing estate as well as open a new location in Leicester in 2014.
Founded by husband and wife team Parmjit and Helen Dhaliwal in 2004, Red Hot World Buffet has seven restaurants around the UK serving English, Indian, Chinese, Italian, Tex-Mex and Japanese dishes.
It currently has 600 people across its seven sites in cities such as Milton Keynes and Manchester, and has a latest reported turnover of £22 million.
Parmjit Dhaliwal, CEO of Red Hot World Buffet, comments, ‘Rick Capital’s investment solidifies our growth ambitions and provides the financial strategic support to help us capitalise our market offering.’
New backer Risk Capital Partners, which has made an undisclosed investment, recently sold its stake in restaurant chain Giraffe to supermarket giant Tesco having built it up from seven to 48 sites.
More on Risk Capital Partners:
- Luke Johnson’s Risk Capital backs Bread
- Double exit for Risk Capital
- Giraffe restaurants in expansion
Luke Johnson, founder of Risk Capital Partners and new chairman of Red Hot World Buffet, says that the investment firm has been talking to the Dhaliwal’s for three years.
‘We believe the buffet dining space to be one of the fastest growing segments of the UK’s restaurant market and that Red Hot offers great choice and value for money to its customers in these challenging times,’ he adds.
‘We are looking forward to working with the founders and the wider management team to help them in their ambitious growth plans.’
