Operating restaurant franchises across the world, UK business Caskcade Caterers has secured £29.4 million funding to support its “ambitious” expansion plans.
The HSBC package comprises a £13m loan, £10m revolving credit facility and £6.4m commercial mortgage, and will help rollout new Taco Bell restaurants across London and South West England.
With the next set to open in London this summer, Caskcade Caterers plans to open three to five Taco Bell stores per annum, over the next few years.
Hamid Ali, Caskcade Caterers chief executive, said: “Continuing to drive expansion is top of (Caskcade Caterers’s) agenda and with HSBC’s support, led by our relationship director Pankaj Singh, the new financial year will see us increase our presence in both London and the south of England.
“We’ll be looking to build our portfolio through acquisitions, purchasing new sites and exploring new franchisee options in our target regions.”
The move will see the company build on its existing portfolio of UK and international enterprises, including 30 KFC restaurants across the UK and three hotels in Fiji.
Victoria Ritchie, area director for HSBC London City Corporate Banking, added: “We have forged a good relationship with Hamid, supporting his company’s growth over the last few years with impressive results.
“His new, fast-paced expansion plans for the UK show great ambition, with multiple sites planned in the next twelve months. We can’t wait to see what’s next for this exciting business.”
Source: Verdict Food Service