Abokado, the sandwich bar chain, has raised private equity financing to expand its portfolio to 25 sites in the next three years, M&C Report has learnt.
The five-strong company founded by Mark and Lindsay Lilley, has secured funding from private equity investment firm Kings Park Capital, led by Jason Katz and Hugo Robinson.
The group will open its sixth site in Euston in January 2010, followed by a larger high street outlet in the West End in March, which will be its first unit to be open seven days a week.
Mark Lilley said that the plan was to open six sites in 2010, although the exact number would depend on the property market.
“We are interested in an aggressive rollout. We could have expanded with our own cash flow but it would have taken us longer than we were prepared to wait. The market is developing and we want to at least move with it, if not faster than it,” said Lilley.
“The property market is currently very soft and it is a good opportunity to get excellent sites at good rents.
“Having a private equity group behind you also brings contacts with it and increases support from a strategic point of view.”
The company, which has five sites across London, is focusing on expanding in the capital and on broadening its estate with the opening of bigger sites with more covers or small take away units in good locations.
The concept, which serves sushi, wraps, soups and artisan coffee, is currently primarily targeted at office workers.
