Chilango has set its sights on opening more sites in London after claiming it is well-placed to benefit from a rise in the number of vacant property coming to market.
The Mexican quick-service chain currently operates 10 restaurants in the capital, but has identified “attractive” sites in several high footfall locations that it plans to target.
It intends to take advantage of the current high street crunch by opening “numerous” new restaurants and is targeting ground floor sites between 500 and 2,500 square feet, including those located in and adjacent to residential areas, offices, retail areas, universities, hospitals and transport hubs.
The Mexican chain’s expansion is being powered by the success of its latest crowdfunding round. Last October it launched a Burrito Bond 2TM offer and smashed its initial target of £1m. More than £3.2m has been raised to date, with some 620 investors on board.
The success of the Burrito Bond 2TM offer surpasses the £2.1m Chilango raised with its inaugural Burrito Bond in 2014, and with the offer period on Burrito Bond 2TM now extended to 12 April following strong continuing interest, it is set to raise even more.
High-profile investors so far like Chris Moore, former CEO of Domino’s Pizza UK, David Haimes, ex-managing director at itsu and Laurie Morgan, who previously served as UK marketing vice-president of McDonald’s UK.
Since opening its first London restaurant in Islington in 2007, Chilango has enjoyed steady, secure growth. Last year it generated more than £10m in sales and £1.7m in EBITDA – with all 11 restaurants profitable.
Co-CEO, Eric Partaker, said: “The UK is riding a Mexican wave right now. The response to the offer has been overwhelming and bears testament to the public’s enthusiasm for our mission – to inject a little flavour and vibrancy into the largely bland high-street dining landscape.