Pieminister lands £1.4m funding to open five new restaurants
Pieminister is to open five new sites after securing a £1.4m funding package from HSBC.
The firm will target university cities to bring its stable of restaurants and cafés to 16. Some of the money will also be used to refinance existing sites in Manchester and Trentham.
Founded by brothers-in-law Jon Simon and Tristan Hogg, the pie business turned over £9.2m to the end of March 2015. The new restaurants enabled by the funding would increase that turnover by almost 50%, according to Simon.
"The five new stores… will underpin the next stage of our growth plans and will help to increase our turnover by around £4.5 million a year," he said.
Simon added that Pieminister had been supported by HSBC since launching in 2003.
James Shepherd, HSBC area director for Bristol, Gloucestershire and Wiltshire, said since that time the pie firm had gone "from strength to strength" and that it was "particularly pleasing" to see the firm, which came to the bank as a start-up, realise its expansion plans.
The firm sells pies to pubs, retailers and food halls, including Harrods, as well as supermarkets. It also sells pies direct from its website.
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