Café in the Park backed for £525,000
The husband and wife team gain backing for their food business
A husband and wife who started a café as a lifestyle business four years ago have secured £525,000 in a capital raising exercise after its success pushed them to pursue expansion.
Ian and Carly Trisk-Grove founded Café in the Park (CitP) in Rickmansworth in 2004 as a single unit but now have plans to grow the business to five cafes by 2010.
This first round of funding will help them towards realising this goal and includes £250,000 of debt from HSBC under the Small Firms Loan Guarantee, plus £200,000 from business angels introduced by Beer & Partners.
Before starting the business to satisfy her passion for good value homemade food, Carly worked as a consultant with Ernst & Young, advising inward-investing companies on their UK expansion.
Husband Ian is a chartered accountant who worked for Camelot until 1997 before deciding to leave to join the family business.
Angus Milne, investment director at Beer & Partners, commented: “Parks with food and beverage facilities invariably allow only one outlet to trade, thus competition is limited, which is a fantastic attraction to investors.
“In the end we put together a syndicate of eight smaller investors who all share the enthusiasm of the founders and were happy to commit relatively small sums.”
© Crimson Business Ltd. 2008