LEGAL | Staff Reporter, UK

Honest Burgers secures £2.7m capital injection from shareholders

The funds were intended to aid the group in taking advantage of new opportunities.

Honest Burgers received a £2.7 million capital injection from shareholders to support the business during the pandemic, the group said in an update on Companies House.

The 38-strong burger chain, known for their monthly specials, said the funds were intended to assist the group in taking advantage of new opportunities and enable it to deliver its roll out plan.

The company closed all of its restaurants for 6 weeks when the pandemic hit last March, and secured an additional £3.5 million through the Coronavirus Business Interruption Loan Scheme. (CBILS). It has since agreed to a revised covenant position with its banks to July 2021, and anticipates a renegotiation in spring this year.

Honest Burgers had seen a 32% rise in turnover year-on-year, increasing by £9.7 million to £40.4 million for the year ending 26 January 2020.

EBITDA before exceptional items rose by 34% to £5.9 million compared to £4.4 million in 2019.

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