Mexican quick-service chain Chilango has completed one of the most popular alternative investment offers of recent times as it chases an expansion plan that is set to see it open a raft of new restaurants in London.
The firm’s Burrito Bond 2TM, which began with a target of £1m in October, attracted more than £3.7m worth of investment, surpassing the £2.1m raised by the original Burrito Bond five years ago.
Almost 800 people invested alongside the likes of Chris Moore, former CEO at Domino’s Pizza UK, David Haimes, former managing director at itsu and Laurie Morgan, former UK marketing vice president at McDonald’s UK.
In total, almost 200 investors qualified for the chain’s ‘Chilango Black Card’ after committing a minimum £10,000.
Chilango will use the capital raised to extend its footprint, with plans to open several new restaurants.
Co-CEO, Eric Partaker, said: “The response to the Burrito Bond 2TM 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, and to bring our stampede of flavours to more and more communities.”
Since opening its first in Islington in 2007, the Mexican chain has enjoyed steady growth. Last year its restaurants generated more than £10m in sales and £1.7m in EBITDA – and with its current estate of 11 restaurants all profitable, the company is confident about its prospects for 2019.