Yumchaa, the London-based tea shop concept, is gearing up for further expansion across the capital after strengthening its management team with a new managing director, MCA understands.
The five-strong concept, which is backed by veteran M&A banker Daniel Confino and former Glasgow Rangers Football Club finance director Brian Stockbridge as investors, has appointed Josh Mordecai, former insight consultant at Path Intelligence, as its new managing director.
At the same time, Richard Glover, former chief executive of ATC International, has become chairman.
The group’s founder Sean Attwood has become its chief operating officer.
International Financial Strategic Associates (IFSA), of which Stockbride is chief executive, invested in the business at the end of 2014, and it is thought to have spent the last year consolidating its operations and finalising its growth strategy. The IFSA invested “a significant amount” in the business and came on board as advisors.
It closed a pop-up unit at the Oracle shopping scheme in Reading last October.
Last year, the company said that its immediate focus was on establishing the brand, building customer loyalty and investing in marketing and developing an online presence through social media.
It is thought it now has a platform to accelerate its growth over the next 12 – 18 months.
The group is looking for outlets of 1,500 – 2,000sq ft in central London to be serviced from the central food preparation hub in Camden.