Burrito concept Poncho 8 aims for 20 new restaurants by end of 2014
The announcement coincides with the opening of its third restaurant in London’s Leadenhall at the end of this month.
The funding has been provided by a small consortium of investors who operate in the restaurant and food sector. The investors already own and operate 100 franchised home-delivery pizza stores with an aggregate turnover approaching £100 million.
The investors bring with them a wealth of experience in locating, fitting out, opening, operating and promoting new food outlets and will take an active role on the board of Poncho 8.
With the opening of Poncho 8 Leadenhall in coming weeks, the company's growth is already well underway, and founders Frank Yeung and Nick Troen have committed themselves to remaining with the company as it evolves and grows over the coming years.
With the financial resources and expertise of the new investors, the target of 60 stores by the end of 2016 is achievable without the need for any further equity investment.
Poncho 8 co-founder Nick Troen, said: “It's incredibly exciting to have secured such significant investment. Having recently celebrated our third birthday, we're now looking forward to taking our fresh Mexican food into a further 17 stores by the end of our fifth year.”