UK-based Business Growth Fund (BGF), the government and bank-backed fund initiated to help grow UK business, has reinvested in two portfolio companies, Barburrito and Xercise4Less, totalling £5.6m ($9.4m).
BGF invested £3.6m ($6m) in Barburrito, a chain of Mexican street food restaurants, and £2m $3.4m) in budget gym operator Xercise4Less.
“We are an investor of just three years standing and the majority of our investments are still less than 18 months old. However, we are already seeing many encouraging signs of growth across the portfolio of companies that we have backed, said John Swarbrick, BGF’s head of portfolio.
In March 2012 BGF invested £3.25m ($5.4m) in Barburrito, and £5m ($8.4m) in Xercise4Less in August 2013.
Xercise4Less founder and CEO Jon Wright said: “BGF’s funding will give us the financial and operational facilities to continue our expansion at a key time for the market.”