Chilango, a London, UK-based Mexican restaurant chain, raised £2.16m in a mini-bond* campaign on the Crowdcube crowdfunding platform.
The funds will help open the next three restaurants.
749 people have invested that amount into the Burrito BondTM in return for 8% gross interest per annum during the four year term of the bond.
The average amount invested is approximately £2,900, with the largest investment at £50k. People invested from Cornwall to Scotland but 82% of bond holders live in London and the South East. Women form a 22% of the whole set, investing £500k between them.
As well as the 8% interest p.a., the backers receive various benefits including two free burrito vouchers to all those that invest and a VIP bondholder party to the first 100 investors. In addition, the 102 people that invested £10k or more will receive Chilango Black Cards, which entitle them to a free meal per week for the duration of the bond.
Co-founded in 2007 by Eric Partaker and Dan Houghton, Chilango operates Mexican food restaurants offering freshly prepared burritos full flavours and colourful ingredients. Now the company operates seven restaurants around central London (in Upper Street, London Wall, Leather Lane, Chancery Lane, Fleet Street, Brushfield Street and Monument).
FinSMEs
27/08/2014
*mini-bonds
A mini, or retail bond is an unlisted bond usually issued by companies directly to their customers and the general public. Crowdcube’s mini-bond offering is FCA-authorized.