Honest Burgers gets £2.7m capital injection from shareholders

By Georgia Cronin

- Last updated on GMT

Honest Burgers gets £2.7m capital injection from shareholders

Related tags: Honest Burgers, Burger, Restaurant, Casual dining, R200

Honest Burgers received a £2.7m capital injection from shareholders to support the business during the pandemic, new accounts have revealed.

In an update on Companies House, the 38-strong burger group said the funds were intended to aid the group in taking advantage of new opportunities and enable it to deliver its roll out plan.

When the pandemic hit last March, the company closed all of its restaurants for 6 weeks, and secured an additional £3.5m through CBILS. It has since agreed a revised covenant position with its banks to July 2021, and anticipates a renegotiation in spring this year.

Prior to the pandemic, Honest Burgers had seen a 32% uplift in turnover year-on-year, increasing by £9.7m to £40.4m for the year ending 26 January 2020.

EBITDA before exceptional items increase by 34% to £5.9m (2019: £4.4m).

The restaurant group opened six new restaurants in the period – in Brighton, Manchester, London Bridge, Liverpool, Cardiff and Liverpool Street – and appeared on the 2019 Fast Trade 100 for the fifth consecutive year.

Related topics: Business & Legislation, Casual Dining

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