Chilango rolls out second Burrito Bond

By Sophie Witts contact

- Last updated on GMT

Chilango rolls out second Burrito Bond

Related tags: crowdfunding, Restaurant, Mexican cuisine, QSR

Chilango has begun crowdsourcing investment for a second time with the launch of a new Burrito Bond.

The bond went live this morning with a £1m target, and has already raised over £660,000 from 16 investors.

Chilango says “the time is right” for it to expand its 12-strong brand in the capital and beyond.

It will open in Birmingham within the next few months, and plans to launch further restaurants at an approximate cost of £500,000 a site.

Investors will receive gross interest of 8% per annum over four years.

"While many casual dining chains have experienced difficult times as of late, Chilango’s quick-service concept is posting its best results ever in its 11-year history, with positive like-for-like sales of 5.3% and all its restaurants profitable,” says Partaker.

“The UK is riding a Mexican wave and Chilango looks forward to welcoming another round of Investors and brand evangelists into the family."

Chilango was founded in 2007 by Eric Partaker and his former colleague at Skype, Dan Houghton. It currently runs 11 London restaurants and a site in Manchester.

This is the second time the Mexican chain has launched the bond offering. In 2014 over 700 investors helped it raise just over £2m on Crowdcube.

Related topics: Business

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