Piper invests £6m in Hickory’s Smokehouse

The deal was the fifth made through the GP's £107m fifth fund and is of a similar size to its previous investments in Turtle Bay and Be At One.

Hickory's will use the fresh funding to support the expansion of its business from the current three restaurants to 13 in the next three to five years.

However, 13 locations may just be the start for the restaurant chain, as Piper partner Peter Kemp-Welch said he believes the firm's new investment has the growth potential to open 100 sites in the UK.

As part of the deal, restaurant investor Paul Campbell will join Hickory's board as chairman. Campbell has had non-executive roles in several other restaurant chains, including steakhouse chain Hawksmoor and Mexican fast-food restaurants Tortilla.

Company
Founded by Neil McDonnell in 2010, Cheshire-based Hickory's Smokehouse has three locations, in Chester, West Kirby and Rhos-on-Sea.

The US-inspired restaurant offers barbecue foods and caters to families.

People
Partner Peter Kemp-Welch worked on the deal for Piper. Neil McDonnell is the founder of Hickory's. Paul Campbell is the company's new chairman.

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• Topics
• UK / Ireland
• Expansion
• Consumer
• United Kingdom
• Piper Private Equity