The company plans to roll out eight to 10 new stores per year and is targeting high streets as well as new retail / leisure developments. New restaurants will open in the Trafford Centre, Manchester and thecentre:mk in Milton Keynes in November 2006.
In light of the latest phase of funding, some of Giraffe’s early ‘angel’ investors have exited the business. The company currently operates 11 outlets in and around London, including Spitalfields and the Royal Festival Hall.
In return for the investment, 3i has taken an undisclosed minority stake in Giraffe. The funding valued the business at £24 million. Giraffe’s founders, CEO Russel Joffe, Juliette Joffe and operations director Andrew Jacobs, will continue to run the business.
3i were advised by Travers Smith and financial due diligence was undertaken by PricewaterhouseCoopers. Giraffe and its existing shareholders were advised by Howard Kennedy.