Honest Burgers, the London-based concept led by Dorian Waite, has received approaches from up to 15 investment firms, regarding funding its next stage of development, M&C Report understands.
The approaches come as the group has secured two more sites in the capital, in Widegate Street, near Liverpool Street and in Venn Street, Clapham.
The seven-strong chain, which is on track to report EBITDA of £1.8m in its current financial year, is also in legals on sites in Dalston, Old Street and Shoreditch.
Earlier this year, the company secured a new funding package from Santander, and while Waite said that it didn’t need any extra investment at present, it was time for the group to add extra “industry expertise” to take it to the next level.
He said: “We have had numerous approaches in terms of new investment from private equity and the like, but we are in no rush to make that step as the business is cash rich. However, we know that at some point we will have to make that move up to the next level and firm up that interest.”
The company hopes to open its first site outside of London next year, with Brighton its main target location.
Waite also said that the company would be open to taking another site in Soho, with the group’s existing site in Meard Street reporting a 15% uplift in like-for-like sales and still experiencing two-hour queues.
The group has a return on investment target of two years, but it is thought that most of its site hit their target in 12 months.
