Chilango goes in to overfunding after hitting £1m target

By Sophie Witts contact

- Last updated on GMT

Chilango goes in to overfunding after hitting £1m target

Related tags: Restaurant, crowdfunding

Chilango is to continue raising funding through its second Burrito Bond after hitting its £1m target within 24 hours.

The Mexican restaurant group rolled out its bond last week to source investment to expand its 12-strong brand in London and beyond.

It has so far raised just over £1.1m, and will continue in to overfunding for a further 48 days.

The company is hoping to exceed the £2.1m it funded through its first Burrito Bond on Crowdcube in 2014.

It is planning to open in Birmingham and has "at least" five further restaurants planned in London.

“The more we raise in Burrito Bond 2, the more restaurants we’ll be able to open,” the company wrote on its bond page. “So let the charge continue!”

Chilango recorded sales of £10.2m and restaurant EBITDA of £1.7m in 2017. The company says it is forecast to hit nearly £11m sales and restaurant EBITDA of £2.1m in the current financial year.

Chilango was founded in 2007 by former Skype colleagues Eric Partaker and Dan Houghton.

It has 10 sites in London and one in Manchester.

Related topics: Business

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