Fast food never goes out of fashion, and there’s always a new idea to pique consumers’ taste buds. John and Karen Blisard opened a burrito bar called Boojum in Belfast in 2007, when the idea was still novel in Ireland. Had they heeded the advice given by neighbouring business owners, the couple might not have risked it at all. “On our first day of trading, a business operator near us advised that we needed to change our menu to sausages and chips because that’s what students want,” John recalls.
The Blisards thought otherwise and pressed ahead with the Mexican burrito idea. Boojum now comprises five restaurants, staffed by around 140 employees. As well as two eateries in Belfast, Boojum has two restaurants in Dublin and another one in Galway. In the year to April 2014, the business booked a profit of €461,000 and had cash reserves of €712,000.
That was good enough to attract the attention of David and Andrew Maxwell. David Maxwell spent 11 years running restaurants in Arizona; his brother Andrew joined him in 2008 after a career with Ulster Rugby. To buy Boojum, the Maxwells have partnered with Renatus Capital Partners, a boutique private equity operation established by Mark Flood and Brendan Traynor in 2014.
Expansion Plans
The deal with the Maxwell brothers is the first one that Renatus has inked. Belfast-based corporate finance firm HNH put the two partners in contact, with initial discussions taking place at the start of 2015. Says Andrew Maxwell: “We have ambitious expansion plans. Our aim is to preserve the great business that we are buying and build it to create many new jobs as we bring.”
The Boojum story has its origins in Philadelphia, where John Blisard hails from. He met Karen there when she was studying in the US. Neither had any prior experience in the food trade but John had seen the success of fast Mexican food in America and decided that the idea could transplant to Ireland.
In Association with
John and Karen Blisard
The husband-and-wife team funded the business with savings, a second mortgage on their home and borrowings from family and friends. Close to €200,000 was invested in Boojum to get the Belfast store up and running and to cover cashflow for initial trading. They opened their second store in Dublin in March 2010, followed by another restaurant in Belfast city centre in December 2010. John says that setting up a restaurant in Dublin was easier than in Belfast. “There’s a larger talent pool in Dublin of contractors, architects and restaurant staff.”
Boojum opened its fourth outlet in Galway in 2013, and the fifth restaurant on Lr Kevin Street in Dublin in 2014. “We spent a lot of time trying to find good locations with affordable rent. Trading on both sides of the border can be problematic due to exchange rate movements, as we use the same suppliers for all the stores.”
Core Value
Boojum’s popularity hasn’t gone unnoticed. The company’s outlet off Wexford Street has two rival burrito bars a stone’s throw away. “We don’t muck around with drinks specials and things like that. We just keep our heads down and focus on our core values,” says John.
To grow their venture, Boojum’s founders eschewed the franchise route and managed all five stores themselves, with an overall aesthetic that is unfussy. “I did a hell of a lot of research into Chipotle Mexican Grill in the US and they don’t franchise, so that must tell you something.” Following Boojum’s sale, Blisard is turning his attention to his other food venture in Belfast, which specialises in slow-cooked, US-style barbecue fare.
“We opened Bubbacue as a pop-up outlet in Belfast city centre in 2012 and it was so popular that we took out a long-term lease to keep the business running. I’m not sure what the future will hold for this business but we’re hoping that there is expansion potential.”
