Pho, the highly-regarded Vietnamese fast-casual concept led by Stephen and Juliette Wall, has secured just over £8m of new funding from NatWest, which should help the group grow to 30 sites over the next two to three years, M&C understands.
At the same time, the 14-strong group has appointed Mark Smith, formerly of Sweaty Betty and Evans Cycles as its new finance director.
The company, which will open in Manchester later this month and Birmingham next month, has also secured a further site in London, at Ealing Broadway for an opening later this year.
It is thought that the company is close to securing a further two sites for its openings pipeline.
AlixPartners advised Pho on the new funding deal.
Stephen Wall told M&C: “We are very happy with the deal, NatWest competed very hard against two other banks for the business and we feel we have a great deal and excellent terms. They showed real hunger to get this done with us and we’re looking forward to working with them through this crucial next stage of growth.
“Mark joins us from Sweaty Betty where he was the finance director and operations director, working with the married founders as he will be at Pho. He’s got an excellent track record and experience and is coming on board at a perfect time. He will be central to our roll out and growth strategy over the coming years and will help to take some of the weight from Jules and myself.
NatWest said that given the “strong historical performance of the business” and financial support from private equity backer Livingbridge, it moved quickly to craft a proposal enabling Pho’s management to double the size of the portfolio over the next three years.
Luke Kingston, director of the Financial Sponsors Team at RBS, said: “RBS is delighted to start working with Stephen and the team at Pho and is proud to support the business through its next phase of growth. Pho offers a unique proposition within the fast casual dining market and its performance to date is a testament to the business and its offering to consumers.
“New concepts are being created on an almost weekly basis in the UK, this makes for a more vibrant and dynamic casual dining sector. Successful groups like Pho are offering customers a unique experience and transforming the way Britons eat out.”
