The Underdog Group has appointed two high-profile figures from the eating and drinking out market, and conducted a round of fundraising, to help drive the growth of its fledgling Hawsmoor steakhouse restaurant concept.
The company has recruited Paul Campbell, chief executive of Clapham House Group, and John Herring, the senior non-executive director at JD Wetherspoon, as non-executive directors. Both individuals are thought to have invested in the business.
As head of Clapham, Campbell oversees the Gourmet Burger Kitchen and Real Greek brands, and is a former finance director of Pizza Express. Herring, who joined Wetherspoon in 1997, is also a non-executive at Kensington Group and Workplace Systems and a former director of Kleinwort Benson Securities.
Underdog is understood to have raised in total about £1m to fund the next stage of its growth from a group of private individuals in a process aided by Marechale Capital. Underdog’s founders Will Beckett and Huw Gott have retained a majority stake in the business.
The process saw the group rebuff approaches from several venture capital firms.
Most of the proceeds will be used to fund the development of its second site, in London. The group is about to commence building work on the new restaurant, which is part of the former Watney Combe Brewery near Seven Dials in Covent Garden, before its expected opening in September. The 5,500sq ft restaurant will comprise 180 covers in total.
The group’s existing site, on the cusp of the City near Spitalfields Market, currently turns over about £3m per year.
Underdog also operates Green & Red Mexican Bar and Cantina in Shoreditch.
