Calculus invests £1.1m in Benito's Hat chain

Calculus acquired a 25% stake in the business, and its capital injection will be used to expand the company's number of outlets from four to 10.

The investment is Calculus's first in the restaurant sector. The concept behind Benito's Hat, as well as the company's management team, which has recently expanded, were the main attractions for the GP.

Company
Benito's Hat opened its first restaurant in London's Goodge Street in 2008 and now runs four restaurants throughout the capital. The chain was founded by Ben Fordham, Felipe Fuentes Cruz and Ed David, the latter reportedly working as a private equity executive at the time.

The business focuses on providing authentic Mexican food, which is prepared in front of the customer using fresh ingredients. Benito's Hat employs 50 staff, and its turnover for the 12 months to March 2013 stood at around £3m.

People
As part of the deal, former Wagamama operations director Jay Travis has been appointed as chairman at Benito's Hat. Graham Fordham, who previously worked at Strada, is the company's new chief executive.

Rick Jones, investment director at Calculus, will also join the board of Benito's Hat. Calculus's co-founders are Susan McDonald, who is also executive chairman, and John Glencross, who is also chief executive.

Advisers
Equity - Olswang (Legal); Mercer & Hole (Financial due diligence).
Company - Spring Law (Legal).

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• Topics
• Expansion
• UK / Ireland
• Consumer
• United Kingdom