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Honest Burgers secures additional £8 million in funding to open new sites in 2018
A leading burger restaurant has secured £8 million in increased funding from Santander Corporate & Commercial to refinance existing facilities, providing a total of £17 million debt package for its site expansion plan over the next 18-24 months over a five year term.
The business was co-founded by workmates Tom and Phil, conceived over a pint back in 2011. They then employed restaurateur Dorian to support their ambitious plans and lead as Managing Director.
Banked by Santander from the beginning, in just six years Honest Burgers went from a tent in a wet and muddy festival field to 25 award-winning and extremely popular restaurants. The business employs over 500 staff with a £15.6 million turnover in 2017.
The latest funding from Santander will allow Honest Burgers to open more sites and provide new jobs. By 2020, the growth target is to reach 50+ sites.
The burger joint has already opened regional sites outside of London in Reading and Cambridge and has plans to branch out further in the coming years.
Tom Barton, Co-founder, Food & Brand Director, Honest Burgers, said:
We set out to make really good, simple food with a service style to match and have enjoyed the success of that simplicity ever since. Uncompromising standards and figuring out ways of doing things to get the best flavour and texture in our burger and chips comes naturally – we want to create the best product we can, every time.
Shrena Patel, Relationship Director, Santander Corporate & Commercial, said:
It’s been amazing working with Honest Burgers from the beginning and seeing the passion they have in their brand. They have an amazing growth story which we’re glad we’ve been able to be a part of and we’re really looking forward to watching them grow even further.
