News and Analysis
Five Guys looks to flip a refinancing of its European business
- Fin Strathern
- +Ryan Daniel
•3 min read
US fast food giant Five Guys is looking to refinance the debt stack of its European joint venture business, according to 9fin sources.
The chain, which is a joint venture between Five Guys’ founding Murrell family and Freston Ventures, is working with EY as advisor on the process, sources said.
Five Guys European Holdings Limited includes the company’s 256 restaurants across the UK, France, Spain, and Germany. The group reported EBITDA before pre-opening costs of £61.3m on revenue of £543m in 2023, according to its latest accounts.
EY launched the process earlier this month and is in talks with direct lenders regarding the opportunity, working off current EBITDA of around ÂŁ75m, sources noted.
