UK-based drinks franchises owner TD4 Brands has obtained £4.9m ($6.8m) from Business Growth Fund (BGF), the venture capital fund backed by Britain five largest banks, Startups.co.uk reported on Monday.
Founded in 2007, TD4 Brands operates a smoothie and fruit juice chain named Boost Juice Bars and a milkshake chain dubbed Shake Lab. It was launched by Richard and Dawn O’Sullivan, who are also the founders of retail baked goods chain Millie’s Cookies.
TD4 plans on opening an additional six locations for Shake Lab across the UK this year. It currently operates one store in London and one in Manchester.
The company also has 32 Boost Juice Bars across the UK and Ireland, with a further 400 franchises operating around the world. TD4 has not revealed any further expansion plans for the brand.
BGF previously invested £1.4m in 2014, adding to its initial commitment of £2.5m in 2012.
Richard O’Sullivan said: “Three years on from their original investment, we are really pleased that BGF shows continued support and confidence in the successful expansion of our company. It is a great example of both the business and the investors delivering on their promises.”