Burger restaurant chain Honest Burgers has secured a £17m refinancing deal from Santander as it aims to grow the company.
The group has announced plans to open a new 75-cover site in Bristol this year after banking partner Santander accepted the refinancing deal.
Honest Burgers was founded by Dorian Waite, Tom Barton and Phil Eles. It opened its first site in Brixton in 2011. It now has 25 sites across the UK including 23 in London, one in Cambridge and one in Reading.
In January 2015 – when the company had ten sites – it secured £7m investment from private equity firm Active Private Investment, with a view to opening five new sites in 12 months.
The company’s latest accounts for the period ending 29 January 2017 showed a 51% increase in turnover to £15.6m and a 8.3% rise in EBITDA. The company is expected to open more restaurants this year.