Chilango, the Mexican restaurant group, has broken through its target of raising £1m from the mini-bond it launched on 9 June through CrowdCube.
As of 7.30pm, the seven-strong company, which was founded in 2007 by Eric Partaker and Dan Houghton, had raised £1.068m from 317 investors, with another 41 days of the fundraising to go.
The funding will be used to expand its estate by three more restaurants this year.
Partaker told M&C Report: “We thought it would be exciting to allow individuals to invest directly in Chilango and benefit from the profits. We would love to have that direct relationship and see how that would impact loyalty to the brand and how that would affect the business.”
“Our plans for 2014 were to add four sites to our estate. We have already added Monument so there is another three to go,” Partaker told M&C Report. The next sites for restaurants include Camden High Street, Brewer Street in Soho and a third which is in “advanced legal discussions”.
