Charterhouse Leisure nets £2m funding to expand Coal Grill & Bar brand
The seven-strong bar and restaurant group, which is led by John Gater, is currently working on growing a pipeline of new sites and refreshing the Coal brand to strengthen its position in the market after reporting a 5% rise in total sales for the year to the end of February.
As part of the repositioning, it has put its site in Guildford, Surrey, on the market. The rollout will be funded by the £2m facility, which is a mixture of bank funding from Barclays and private-equity investment from existing backers Beringea and Octopus VCT.
The expansion plans come as the chain reported a 5% rise in total sales for the year to the end of February. Company EBITDA stood at £435,000 and the group has a cash balance of £500,000.
