Restaurant group raises £750k crowd cash and restructures business
Rapidly growing restaurant, pub and catering business Cambscuisine has successfully crowdfunded for its expansion after a restructuring by BKL.
BKL has worked closely with the company since 2013 and the company now has nine well-known outlets in the Cambridge area.
Dominic Anthony, Business Services partner at BKL, said: “A key strategy to help the next phase for Cambscuisine was to reorganise what was several different companies into a single, less complex, group structure.
“This has allowed the directors and owners to refinance its borrowings with a single lender on improved terms, providing additional cash flow for investment in the expanding estate.”
A subsequent crowdfunding campaign through Cambridge-based SyndicateRoom was significantly oversubscribed and raised £750,000 of new funds to invest in new sites in and around Cambridge.
The crowdfunding brought in James Spragg, chief operating officer of the Casual Dining Group, which includes the Cafe Rouge and Belgo chains, as an investor. He has now joined Cambscuisine as a non-executive director.
Dominic added: “We are delighted at BKL to have helped the owners reach the next stage of their very successful journey. Cambscuisine perfectly reflects the dynamism, imagination and quality of the city in which it is based.”
The company sites currently include: The St John’s and Cambridge Chop Houses, Millworks, The Crown and Punchbowl, The Tickell Arms, The Cock, Three Horse Shoes and two Smokeworks.
Oliver Thain, managing director and co-founder of Cambscuisine, said: “Dominic Anthony really understands our business and ambitions. He held our hand through a complicated and costly corporate structure into something more efficient from which we can grow.
“The result has been a highly successful crowdfunding campaign, which will help us realise our strategy and goals in the coming years.”
• PHOTOGRAPH SHOWS: The Crown and Punchbowl in Horningsea – picture courtesy Cambscuisine.