Abrakebabra founder Graham Beere is to invest more than €15 million to expand his network of Bagel Factory outlets and to roll out a new franchise, Yo! Sushi.

Mr Beere has secured the all-Ireland franchise for Yo! Sushi, which was founded in London by Simon Woodroffe, a former presenter on BBC's entrepreneur programme, Dragons' Den.

The first Yo! Sushi outlet in Ireland is likely to open early next year and Mr Beere is currently looking for a location. The restaurant, which Mr Beere expects will cost €1 million to fit out, will probably be situated in a major Dublin shopping centre. He hopes to open 15 sit-down Yo! Sushi restaurants and a number of smaller premises. In Britain, the chain also has a takeaway offering.

The number of Bagel Factory outlets is set to rise from 36 to 55 by the end of the year, said Mr Beere, who owns 50 per cent of the Abrakebabra business. The remainder is held by concert promoter Denis Desmond of MCD.

About €8 million has already been invested in existing Bagel Factory stores. The Bagel Factory business has performed well since the first franchise opened in Ireland four years ago, according to Mr Beere. He said turnover for existing stores within the chain was likely to grow to €20 million this year, from €15 million in 2006. Sales at Abrakebabra outlets, of which there are almost 60, should reach €40 million this year, he said.

Operating profit for the combined Bagel Factory and Abrakebabra businesses was €1.8 million last year, while Mr Beere said he was forecasting a figure of €2.5 million for 2007. He added that while there had been some very minor international expansion of the Abrakebabra network in recent years, the focus for its growth was now targeted at Ireland. He is also examining the possibility of obtaining the Irish rights for a fourth international franchise business.

Founded by Mr Woodroffe in 1995, Yo! Sushi has 34 outlets in countries such as Kuwait, France and the United Arab Emirates.