Megan’s has secured £5m in funding in order to accelerate the next phase of its growth plan.

The 18-strong neighbourhood restaurant business obtained the additional funding from Barclays and said the bank “understand our vision and back us in our ambitions”.

The business is due to open its 19th location in Richmond, in January and has a pipeline of sites which includes locations in Guildford, Farnham, Twickenham and Crouch End.

“The return on investment in our sites speaks for itself. Not only have we been able to expand to 18 locations funded predominantly through self-generated cash flows, but we’ve also done this through a really tough time for hospitality and have done so whilst continuing to look after our teams,” Gillian Clements, finance director at Megan’s said.

“Despite the challenges of the pandemic, we’ve opened 11 sites in 24 months and this facility allows us to accelerate into the next phase, whilst expanding our property ownership.”

Danny Regan of Barclays added: “Barclays are excited to support Megan’s in their next stage in growth. Megan’s has set the benchmark for the industry; a standout business which has shown resilience over a very tough period for hospitality.

“Barclays were impressed by Megan’s portfolio of neighbourhood locations which have delivered consistently high rates of returns”.