Tapas chain Camino has secured £3 million of investment through the Business Growth Fund.
Tapas chain Camino has secured £3 million of investment through the Business Growth Fund (BGF).
Camino offers modern Spanish cuisine at its three restaurants in London’s King’s Cross, Canary Wharf and Monument, with a fourth site set to open in Blackfriars in spring 2013. The BGF will take a minority stake in the business.
The chain was founded in 2007 by Richard Bigg and Nigel Foster who have worked together since opening their first bar in Shoreditch in 1995. They have since gone on to open a series of bars across London and in Bristol, including Cargo and Cantaloupe in Shoreditch and Market Place near Oxford Street.
Current chairman Mark Derry is also an experienced restaurateur in the dining sector, having previously built the 36-site Loch Fyne and 20-site Brasserie Blanc establishments.
BGF’s investment will fund Camino’s rollout plan, which will see the management team open a number of new London sites over the next three years, build brand awareness and create a basis for national expansion in the longer term.
The company employs 125 people between its head office and three bar-restaurants, with turnover having reached £6 million at year-end November 2012.
BGF investment director Alistair Brew says, ‘Camino is responding to the current trend for social dining and stands out with its high level of Spanish authenticity. We welcome what is a great opportunity to support an exceptional management team and chairman in taking their business forward.
‘With the injection of additional funding, Camino will have the means to build on its already successful format, initially increasing its number of London restaurants and developing a wider UK footprint in the medium to long term.’
Richard Bigg, co-founder and managing director of Camino adds, ‘Five years ago, we spotted an opportunity to offer Londoners a taste of the fantastic drinking and dining experience that works so well in Spain, offering the life and soul and tastes of Spain – authentic high quality food and drink at a reasonable price and in a relaxed environment.
‘With four restaurants in London by spring next year, we feel ready to take that experience to a wider UK market.’