The management of Tossed, the London-based salad bar concept led by Vincent McKevitt, has acquired the business for an undisclosed sum with the help of private investment in a secondary buyout from Beringea, the growth capital investor that manages the Proven Venture Capital Trusts.
Beringea invested in Tossed in April 2010 and during the investment period has supported Tossed’s plans for growth, with the business adding six further locations to take its estate to nine sites. A further two will in London open next month.
Its management team includes Neil Sebba, finance director and chairman Sandy Birnie.
Mckevitt said: “Our management team is committed to unlocking Tossed’s considerable potential. Beringea’s support allowed us to double in size and improve on our model, and we now look forward to even faster growth.”
Investment director Karen McCormick said: “We are delighted with the progress Tossed has made since our initial investment, and excited for Vincent and Neil, who have been fantastic managers, as the new investment will facilitate the next stage of growth. We congratulate all the team on their hard work. The ProVen funds have received a strong return on investment, and we look forward to seeing Tossed on every corner in future.”
McKevitt told M&C Report last month that the chain is eyeing a 75 to 100 strong estate in the capital.
It is set to continue its expansion in the capital with the opening of two new sites in the City, including its 11th in mid-May in Houndsditch, near Leadenhall St and a unit close to Liverpool St Station.
McKevitt, who founded the chain in 2005, said that the chain, which recently pulled out of opening at Trinity Leeds, would be concentrating the majority of its future expansion plans in the south east.
He said: “Our concept is quite mainstream, not niche, so I believe we can easily do 75 sites, if not more in London alone. We are in growth, have had a solid few years and have a good team in place, so I am happy about the direction we are heading in.”
