Honest Burgers secures £17m refinance deal

By MCA

- Last updated on GMT

Honest Burgers secures £17m refinance deal

Related tags: Finance

Honest Burgers has secured an increased funding package from its banking partner Santander to help fund its growth pipeline.

The 25-strong company, which recently secured its first site in Bristol and is in advanced talks on a site in Manchester, told BigHospitality's​ sister site MCA​ that the refinancing totals £17m, including a new capex facility.

Santander have backed the business since the start, and this represents the fifth increase in facilities given by the bank to the company.

Honest said it was delighted to have completed the refinancing with Santander and continue to partner the bank on its next stage of growth.

The company recently completed on its third site outside of London after securing the unit at 21-23 Clare Street in Bristol.

The new site, which will have 75 covers spread over two floors, is expected to open towards the end of this year.

Honest has so far opened regional sites in Cambridge and Reading, and due to the “phenomenal success” of those two it is now looking at further expansion outside London.

The group which has an opening in London Bridge already lined up for this year, is believed to be looking to open three to four sites outside the capital over the next 12 months.

The group’s first site of 2018 opened on 22 January on the former Feng Sushi site at Royal Festival Hall. It has 65 covers internally and 10 covers outside.

Last month, the company promoted Gary Mann, its chief financial officer, to the position of joint managing director.

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Related topics: Business, Restaurants

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