Exclusive – Wahaca seeks fresh growth capital as it looks to expand again, promotes Gemma Glasson to CEO: Mexican restaurant brand Wahaca has commenced a search for a new investor as it looks to return to the expansion trail, on the back of momentum in its sales performance, Propel has learned. Wahaca, which was founded in 2007 by MasterChef winner Thomasina Miers and Mark Selby, is working with advisory firm BDO as it looks to approach potential investors in the coming weeks. The 14-strong company is believed to be seeking a new strategic partner that will inject growth capital and help with the further roll out of the brand. The business has been supported until now by Yellowwoods, the investment vehicle that backs Nando's. In November 2020, Yellowwoods injected a further £4m into Wahaca, which gave it a majority stake in the brand. Selby told Propel: "Our existing investor, Yellowwoods, has been incredible supporters of the business but the management team feels it would benefit from another voice at the table to help drive Wahaca forwards. We have therefore engaged BDO to help us find the ideal partner." At the same time, Wahaca has promoted Gemma Glasson from managing director to chief executive. Glasson, formerly of KPMG, joined Wahaca in November 2017 as a commercial and project manager, before becoming its head of food and commercial six months later. She was named the group's chief operating officer in February 2020 and was promoted to managing director two years later. Selby said: “Gemma stepped into the managing director role four years ago and has driven the strategy, cultural and brand changes that have culminated in the success of 'Wahaca Reimagined' and the incredible positivity we see towards the business both externally and, just as importantly, internally with our engagement and limited-time offer scores being better than they have ever been as well as like-for-like sales every week now being in such positive territory. In recognition of her leadership and success I am delighted to say Gemma has been promoted to chief executive of Wahaca. This promotion reflects the role Gemma plays within the business and with her increasingly being the spokesperson for Wahaca externally. I will continue in my role as chairman, supporting the senior leadership team and influencing where I have been primarily across brand, property and finance.” Last week, the business announced it was set to restart its UK expansion. Wahaca has instructed P-Three, the retail, leisure and placemaking agency, to source new sites following the launch of its restaurant in London's Paddington in 2024. Wahaca is targeting launches in new cities including Cambridge, Manchester, Glasgow and Birmingham, as well as looking to expand the group's presence in London with sites in Marylebone, Baker Street, Victoria, London Bridge and King's Cross. Earlier this month, Wahaca launched a new loyalty programme called Casa Wahaca, which gives consumers access to “delicious perks and exclusive updates from inside the house of Wahaca”. The business is set to release its Impact Report this week, outlining its results across “People, Planet and Purpose”. Wahaca features in the Premium Club Turnover & Profits Blue Book, the latest edition of which features 1,244 companies. Wahaca’s turnover of £40,480,000 for the year ending 30 June 2024 is the 329th highest in the database. A Premium Club subscription costs an annual sum of £495 plus VAT for operators and £595 plus VAT for suppliers. Companies can have an unlimited number of people receive access to Premium Club for a year for £995 plus VAT – whether they are an operator or supplier. A new Premium Unlimited Plus option, which costs £1,995 plus VAT per annum, has some amazing additional benefits including four free tickets to Propel’s paid-for conferences – Excellence in Pub & Bar (19 May), Operational Excellence (9 July) and Talent & Training (15 October) – and the opportunity to run one free sponsored message or situation vacant notice during the year on the newsletter. Email kai.kirkman@propelinfo.com today to sign up.