South England franchise business Caskade Caterers has secured a £29.4 million funding package from HSBC to support its ambitious expansion plans for Taco Bell.
The £13m loan, £10m revolving credit facility, and £6.4m commercial mortgage from HSBC will help with the rollout of new Taco Bell restaurants across London and South West England, the first of which has recently opened in Southampton and Poole.
The next location to open will be London in summer 2018, with plans to open another three to five stores per annum over the next few years.
The move will see Caskade Caterers CEO, Hamid Ali, diversify his existing UK and international enterprises, which currently includes 30 KFC restaurants across Dorset, Sussex and Kent and three hotels in Fiji.
Commenting on his expansion plans, Hamid Ali said: “Continuing to drive expansion is top of our agenda and with HSBC’s support, led by our Relationship Director Pankaj Singh, the new financial year will see us increase our presence in both London and the south of England.
“We’ll be looking to build our portfolio through acquisitions, purchasing new sites and exploring new franchisee options in our target regions.”
Victoria Ritchie, HSBC’s area director for London City Corporate Banking, said: “We have forged a good relationship with Hamid, supporting his company’s growth over the last few years with impressive results.
“His new, fast-paced expansion plans for the UK show great ambition, with multiple sites planned in the next twelve months. We can’t wait to see what’s next for this exciting business.”
The Tex-Mex style of fast food restaurants was founded by entrepreneur Glen Bell who originally opened a hot dog stand called Bell's Drive-In in California in 1948.
After learning how to make taco shells from a Mexican restaurant across the road called the Mitla Cafe, Bell opened a new stand under the name of Taco-Tia in late 1951.
The idea developed over the years and by 1962 the first Taco Bell restaurant was open. Just three years later the company was growing rapidly and opened its 100th restaurant.
PepsiCo purchased Taco Bell in 1978, and later spun off its restaurant division as Tricon Global Restaurants, which later changed its name to Yum! Brands.