Five Guys secures £185m debt deal to fund European expansion

Burger chain Five Guys has secured a £185m refinancing deal to support its expansion plans across the UK and Europe, according to Sky News.

Sources told the outlet that the five-year agreement, due to be announced today (23 July 2025) Wednesday, involves lenders including major British high street banks.

Five Guys, which opened its first UK site in 2013, now operates nearly 180 outlets across the country, employing around 5,500 people. 

Its European operations, spanning France, Germany and Spain, employ about 9,000 people in total.

The chain is jointly owned by Freston Ventures, the investment firm of Carphone Warehouse and TalkTalk co-founder Sir Charles Dunstone, and the Murrell family, which founded Five Guys in the United States.

Sky News has learnt that the refinancing is expected to give the business financial headroom until 2030 and support a push into more drive-thru locations across the region.

For the year to 31 December 2023, the US burger chain reported that sales at its European arm rose by more than £90m to £542.9m.

According to the group’s accounts with Companies House, pre-tax losses were also reduced from £35.6m to £16.2m over the same 12-month period. 

In the UK specifically, Five Guys’ revenues rose by 13.5% to £316.4m from £278.6m recorded in 2022.

By the end of 2023, Five Guys had a total of 256 restaurants across the UK, France, Spain and Germany – up from 242 a year prior. 

Meanwhile, the average number of employees across Europe rose from 8,054 to 8,480 during the year. 

John Eckbert, chief executive of Five Guys Europe, told Sky News: “Securing additional debt capital at a more favourable rate in today’s market is a significant accomplishment.

“This £185m refinancing transaction is a testament to the strength of the Five Guys brand and our successful operational performance. The latest capital injection will be instrumental in accelerating our expansion strategy.”