Coal Grill and Bar set to expand with backing from Beringea
April 16th 2014
Funding will aide in the opening of new locations
(London, UK) Coal Grill and Bar (t/a Charterhouse Leisure Ltd) has secured additional growth funding from Beringea, which manages the Proven Venture Capital Trusts, and venture capital investors Octopus Investments, along with bank finance, to commence its next phase of expansion.
With six high volume casual dining restaurants already established in Basingstoke, Bristol, Bristol Waterside, Exeter, Meadowhall in Sheffield and Milton Keynes, Coal Grill and Bar will this year open new restaurants at locations including Cheshire Oaks, Gloucester Quays and Swindon. The company is working with Savills’ London office to secure up to six restaurants per year for the next 3 years.
Stuart Veale, Managing Partner at Beringea, 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, the company’s founder, and his team. We look forward to supporting Coal Grill and Bar as it continues its expansion throughout the UK.”
John Gater, founder and CEO of Coal Grill and Bar, added; “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.”
James Horler, Chairman, added: “John and the team at Coal have continued to deliver a very strong trading performance and this has now given everybody confidence that it is the right time to step up the opening programme and accelerate the growth of the brand.”