The restaurant group, which operates more than 40 casual dining sites across the UK, ended its crowdfund last night (10 October) having raised £2,905,631 from 3,455 investors. It had initially set a target of £1m.
Backed by existing investors Active Partners with a £1m investment, the crowdfunding campaign was launched to raise investment to enable Honest Burgers to ‘challenge the big guys’ with a move into the QSR space.
The group, founded by Tom Barton and Phillip Eeles in 2011, says its plans to open its first QSR site in London early next year.
The funds will be uses to build Honest Burgers’ presence in regional cities across the UK as well as in London as well as to launch the QSR restaurant format, which follows the company’s smashed burger launch.
“With a new range we believe we can challenge the big guys in the premium quick service burger market, in a set-up built for speed, convenience, and value for money,” says the company.
Honest Burgers is forecast to deliver a turnover of £55m and £4m EBITDA this year.