Beringea, Octopus invest in Coal Grill and Bar

Ellie Pullen
16 April 2014

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Beringea and Octopus Investments have provided growth capital to Coal Grill and Bar (CGB), a UK-based chain of casual dining restaurants.

The amount invested remains undisclosed. Bank financing has been provided alongside the equity investment, according to Beringea.

The fresh capital and financing will be used by CGB to open several new restaurants, including ones located at Cheshire Oaks, Gloucester Quays and Swindon.

The company is also working with Savills in London to pursue its growth strategy of opening up to six new restaurants per year for the next three years.

CGB is the restaurant brand name of the holding company Charterhouse Leisure.

Previous funding
In 2007, Beringea backed the establishment of the company with a £1.7m investment. The firm supported founder John Gater's purchase and development of CGB's first site.

In November 2009, Octopus acquired a minority stake in CGB via its Capital for Enterprise Fund. The deal was valued at £1.5m, according to unquote" data. At the time of Octopus's investment, CGB operated four restaurants and employed 130 staff.

According to reports, the company also received £2m in a combination of equity from Octopus and Beringea and bank debt from Barclays in April 2012.

Company
Founded in 2007 and headquartered in Middlesex, CGB currently operates six restaurants located in Basingstoke, Bristol, Bristol Waterside, Exeter, Meadowhall in Sheffield and Milton Keynes.

The restaurant chain serves char-grilled food as well as tapas, snacks and cocktails.

Charterhouse Leisure reported turnover of £8.1m for the year ending in February 2013. It currently employs 210 staff.

People
John Gater is the founder and CEO of CGB. Stuart Veale is a managing partner at Beringea.