On its 10th birthday, Benito’s Hat has revealed that it has secured £1m of investment to fund a three-year growth plan in London and throughout the UK.
The investment has come entirely from existing investors, with the majority from Calculus Capital.
The investment follows managing director Michael Pearson’s work with the team on developing the new smaller format Benito’s Hat stores and bolstering the central support team.
The new format stores require smaller footprints, opening up potential franchising opportunities in the UK and abroad.
One new London site and one home counties unit are currently under negotiation, after small format Benito’s Hats opened in Oxford Westgate and Leicester Highcross shopping centre.
“This is an incredibly exciting time for the Benito’s team and our ever-supportive investors,” says Pearson. “Because of the challenging nature of the casual dining market, we’ve ensured that we can continue to grow by focusing on smaller footprint opportunities with our new model. Our business is in great shape thanks to the support of our investors and their confidence in our team to deliver our growth plan.
“Benito’s is now 10 years old and we feel that now is the right time to grow, both through our own high street stores in the UK, and franchised stores. I’m delighted to be leading such a talented and passionate team and look forward to seeing the results of all our hard work over the coming two to three years.”