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Mon 26th Oct 2015 - Chilango returns to Crowdcube with £1m raise, eyes 50 sites
Chilango returns to Crowdcube with £1m raise, eyes 50 sites: Mexican brand Chilango has returned to crowdfunding platform Crowdcube to raise £1m – the company previously raised £2m through a mini-bond. The company is now offering 3.26% of its equity for £1m – so far, £637,000 has been raised from 117 investors. The pitch states: “Chilango is an award-winning chain of nine, soon to be ten, quick-service Mexican restaurants based in London. Last time we went out to the crowd, over 700 people gobbled up our Burrito Bond, investing over £2m into the company. Now, we have our eyes set on a bigger prize, as we gear up to open Chilango in cities throughout the UK, and even internationally. Your investment in Chilango will go towards this next phase of our journey, helping us open new restaurants in the UK, while we continue to pursue our first international partnerships. Several existing and former industry executives have already invested in the round, including the chairman of Carluccio’s, the former chief executives of Domino’s Pizza UK and Krispy Kreme UK, the international business development director of Jamie Oliver Restaurant Group, the former managing directors of Costa Coffee and Itsu, and the former vice-president of marketing for McDonald’s UK. Over 20,000 people a week visit our restaurants to enjoy a range of tasty meals including burritos, tacos, nachos, and salads. Chilango combines the flavours and quality you traditionally associate with a sit-down restaurant with the speed, price-point, and convenience you look for in a quick-service restaurant. The best of both worlds. Over the next five years we’re planning to reach over 50 restaurants, by continuing to grow in London while also looking at potential locations in over 20 other cities throughout the UK. In parallel we’re also planning our first international partnerships, to bring Chilango to other parts of the globe. Long-term we believe Chilango is a multi-billion pound brand in the making, and we have an incredible group of deeply experienced investors that support us in our vision.” Industry investors include Simon Kossoff, Chris Moore, Kevin Bacon, Frank Bandura and Mike Dowell. The company is forecasting sales of £9,676,971 in the year to September 2016 with Ebitda of £154,441 and a loss of £9666,212. It forecasts turnover of £67,0333,575 by September 2021 with Ebitda of £11,813,915 and pre-tax profit of £7,756,102.

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