Franchise business Caskade Caterers has secured a £29.4 million funding package from HSBC to support its ambitious expansion plans.
The £13m loan, £10m revolving credit facility and £6.4m commercial mortgage from HSBC will help with the rollout of new Taco Bell restaurants across London and South West England, the first of which have recently opened in Southampton and Poole. The next location to open will be London in summer 2018, with plans to open another three to five stores per annum over the next few years.
The move will see Caskade Caterers CEO Hamid Ali diversify his existing UK and international enterprises, which currently include 30 KFC restaurants across Dorset, Sussex and Kent and three hotels in Fiji.
Commenting on his expansion plans, Ali said: “Continuing to drive expansion is top of our 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.”
Victoria Ritchie, HSBC area director, said: “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.”