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Morning Briefing for pub, restaurant and food wervice operators

Tue 5th Sep 2023 - Honest Burgers to launch crowdfunding campaign, plans new QSR format
Honest Burgers to launch crowdfunding campaign, plans new QSR format: Honest Burgers, the Active Partners-backed business, is to launch a crowdfunding campaign later this month, as it looks to return to the expansion trail and launch new premium quick service format Smashed Burger. The campaign will launch on Monday, 18 September through Crowdcube. As yet no figure has been put on how much the 40-strong business is looking to raise but existing investor Active has already committed to £1m in the new funding round. The Frank Hayes-led company said: “We’re now ready to bring the Honest experience to more people in more places. We’re looking to continue to build our presence in regional cities across the UK as well as London. Plus, we’re going to take the Honest values into the premium quick service category. We will be launching a brand new restaurant format, following the success of our Smashed Burger. With a new range of burgers, sides and milkshakes we believe we can challenge the big guys in this sector, in a set-up built for speed, convenience and value for money, whilst never compromising on our Honest quality and values. It’s a super exciting time for Honest and we really hope you’ll join us for the ride.” The company said it has a track record of “consistent sales and profit growth”. It said: “We are forecasting a record sales turnover of £55m this year, with more than £4m Ebitda. This year we’re growing at 23% sales growth year to date versus FY23. (FY23 sales: £48m, Ebitda: £3.8m).” In February, Hayes told Propel the company was “performing strongly” and beginning to again look at expansion opportunities. Hayes said the company was seeing strong sales momentum. Last October, the business launched its new entry level burger, the Smashed burger. Hayes said: “It’s a fantastic quality product, based on our smashed patty, at a price of £8.50 for a burger and rosemary chips, and is also a slightly lighter eat, which we think makes particular sense as a weekday lunch option. Customers have responded positively, and it immediately hit a significant share of our sales mix and added to the existing growth we were seeing.” In June, the business appointed Lee Nixon, former managing director of Danish bakery concept Ole & Steen, as its new operations director. At the start of 2015, Active invested around £7m to acquire a circa 50% stake in the then nine-strong Honest Burgers, which was founded in 2011 by Philip Eeles and Tom Barton. Honest Burgers features in the Propel Turnover & Profits Blue Book, the latest edition of which will be sent to Premium subscribers on Friday (8 September). Honest Burgers turnover of £48m is the 159th highest in the database. The Blue Book ranks companies by turnover, profit and profit conversion, listing directors’ earnings for the past five years. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email to upgrade your subscription.

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