Three entrepreneurs have stepped in with a £1m investment plan to rescue well-known restaurant chain, TriBeCa.
The New York-style cafe and deli brand which traded from outlets in Glasgow and Edinburgh has been given a fresh lease of life after its previous owner went into liquidation.
West of Scotland businessmen Puneet Gupta, Navdeep Basi and Suj Legha have stepped in to acquire four TriBeCa sites in Glasgow from liquidators at WRI Associates and immediately pledged to expand the brand across the country.
Their move comes after original owner TriBeCa Group, founded by Sunil Bhalla in 2013, went into liquidation in July, casting the future of all six of its outlets in Glasgow and Edinburgh into doubt.
The new owners say they will spend £1 million to develop the existing outlets – on Glasgow’s Dumbarton Road, Park Road, Bell Street and Fenwick Road in Giffnock – and expand the group further afield under a franchise model.
Mr Gupta, who runs the highly-successful global trading company PG Paper in Greenock said:
“We are delighted to have kept TriBeCa’s doors open and look forward to supporting our existing franchisees, alongside growing the brand nationally.
We plan to open another fifteen units across Scotland within the next couple of years.”
Mr Basi, a well-known restaurateur who owns the Dhabba and Dakhin Indian restaurants in Glasgow’s Merchant City will initially focus his attention on implementing a turnaround strategy for the four existing restaurants. He commented:
“These are exciting times for TriBeCa and we will be looking to fine tune our supply chain processes, create a new menu and ramping up our marketing support for existing and future franchisees.”
Mr Legha an entrepreneur and multi-award winning business coach with significant franchise development experience added: #
“I will work to strengthen the core areas of the business, to ensure we maximise the TriBeCa potential for all franchisees”