FOOD SERVICES | Staff Reporter, UK

Pieminister secures additional HSBC funding for further expansion

Pieminister is opening three new restaurants after securing a £1.65m finance package from HSBC.

The first of the three restaurants to be announced is Brixton Market in London, which opened this month, with other sites being considered in the north of England for early 2018. The deal comes just 18 months after the restaurant secured a £1.4m funding package from the bank to open five new restaurants in 2016 and 2017.

Pieminister is also using part of the asset finance facility to invest in a new plant and machinery which will increase capacity at its kitchens in Bristol and, in turn, improve efficiencies in its processes to offset the significant cost price inflation it has experienced over the past 12 months.

Jon Simon, co-founder and managing director of Pieminister, said, “HSBC has once again shown unwavering support for Pieminister and our ambitions to continue expanding our restaurant portfolio across the UK. Growth tends to conjure up new business challenges but the team at HSBC are always on hand to advise and guide us through; and this latest venture is no exception. As always we are grateful to the bank for believing in us and allowing us to not only grow the business but improve the way we run it.”

James Shepherd, HSBC’s Area Director for Bristol, Gloucestershire and Wiltshire, said, “Jon and the team approached HSBC a few months ago with a renewed vision for growth and a business plan that clearly set out their new funding requirements. Pieminister has an impressive track record, which meant we were quickly able to put a finance package in place which has already helped secure and fit-out the first of three new restaurant sites in the UK, as well as improve other processes across the business. It is one of many Bristol businesses that have taken advantage of this year’s £500 million lending fund launched by HSBC to support organisations across the South West.”

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