Mexican diner raises £3.2m to crowdfund London expansion
London based Mexican restaurant chain Chilango has raised £3.2m to fund its London expansion, more than three times its targeted £1m.
The company’s Burrito Bond 2 crowdfunding campaign started last October, and has raised £3,230,500, with just 17 days left to go.
Chilango’s crowdfunding bond has an enviable interest rate coupon of eight per cent, which is more than any bank would pay in interest and many government bonds on global markets.
The money will be used to accelerate Chilango’s search for new premises as part of its ongoing expansion.
All restaurants profitable
Chilango boasts net sales of more than £10.3m for last year, said it has 5.3 per cent positive like-for-like sales and said all of its restaurants are profitable.
At present there are ten Chilango restaurants operating across London, with the first restaurant opening on Upper Street in Islington in 2007.
The company has a well-honed media reputation, having featuring on TV shows such as The Apprentice and Market Kitchen.
On its crowdfunding page, Chilango said its has attracted interest from some fairly high-profile investors including the former CEO at Domino’s Pizza UK, Chris Moore, former managing director at itsu, David Haimes and Laurie Morgan, former McDonald’s UK marketing vice-president.