Honest Burgers has opened its 17th London site following the acquisition of the former White Rabbit in Dalston, east London.
The burger brand has a series of other openings in the pipeline in London including Baker Street and Southwark Street, and its first site outside London in Reading, as part of "aggressive" expansion plans.
The 2,000 sq ft Dalston restaurant is spread over the ground floor and basement, and is held on the remainder of a 12-year lease, expiring July 2024, at a passing rent of £39,000. It was purchased at a ‘substantial premium' by Honest Burgers, backed by the Active Private Equity group.
Earlier this year, MCA reported that sales across the group, founded in 2011, were up 43% year-on-year, and it was on track to post full-year turnover of around £16.5m. Active invested £7m for a 50% stake, which is understood to have valued the business at approximately £15-16m.
Davis Coffer Lyons acted for the vendor. JLL acted for Honest Burgers.
Rob Meadows, director of agency and leasing at Davis Coffer Lyons, said: "The property is an established and adaptable Dalston restaurant with triple-fronting in an excellent location. Honest Burgers have been trading fantastically well so it's no surprise they are expanding aggressively at the moment both in London and in key regional locations and around the commuter belt, where the brand can built on its robust identity and reputation."
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