Private equity investor Calculus Capital has made its first investment in the restaurant market, backing the fast-casual Mexican chain Benito’s Hat. The £1.4m investment will allow the chain to grow from four to 10 sites by the end of next year.
To make the investment process easier, Benito’s Hat has appointed two new members to its board- former Wagamama operations director Jay Travis has been names as chairman while Graham Ford, who was previously at Strada, comes in as the new chief executive.
The original founders of the company will remain in place, allowing one of the group’s founders and directors Ben Fordham to focus on site acquisition and growth. Executive chef Felipe Fuentes Cruz will continue to concentrate on menu development.
Benito’s Hat opened its first site in London on Goodge Street in 2008. This was followed by a site in Covent Garden in 2010, and Oxford Circus in 2011. Last year the company then opened a site at the newly developed King’s Cross station concourse.