Beringea and Octopus Investments lead funding round in Coal Grill and Bar
Restaurant chain to begin “next phase of expansion” following additional growth capital
UK restaurant chain Coal Grill and Bar, trading as Charterhouse Leisure Ltd, has announced today that it has secured growth finance from fund management group Beringea and venture capital firm Octopus Investments, along with bank finance.
The investment, the figures of which are not yet disclosed, is intended to fuel the expansion of a range of its new grill restaurants.
Launched in 2007, Coal Grill and Bar specialises in foods cooked over hot coals or stone oven and currently operates six restaurants in Basingstoke, Bristol Waterside, Exeter, Sheffield and Milton Keynes, with plans to open new restaurants in four new locations.
The chain are also working on deal with real estate provider Savills’ London office to secure up to six new restaurants a year for the next three years which its latest funding will go to support.
Founder and CEO of Coal Grill and Bar, John Gater, said of the investment: “This is a very exciting time for the business.
“We have demonstrated our ability to deliver strong returns for a number of years. I am delighted that our financial backers have now committed more funding to increase the number of openings.”
Stuart Veale, Beringea managing partner, said:
“Coal Grill and Bar has a formula which has proved extremely popular. The success of the business to date is a testament to John Gater and his team.
“We look forward to supporting Coal Grill and Bar as it continues its expansion throughout the UK.”