The Bristol-based business will use the funding to open and fit-out the new sites as part of Pieminister’s strategy to target thriving university cities. The finance will also be used for refinancing existing sites in Manchester and Trentham in the Midlands, bringing the company’s portfolio of restaurants and cafes to 16.
Jon Simon, co-founder and managing director of Pieminister, said: “HSBC has believed in and supported Pieminister since we made our first pies back in 2003. The five new stores, which wouldn’t have been possible without this latest round of funding from the bank, will underpin the next stage of our growth plans and will help to increase our turnover by around £4.5 million a year. The team at HSBC have been on hand every step of the way to ensure the needs of the business are met as we continue to grow our brand across the UK.”
James Shepherd, HSBC’s Area Director for Bristol, Gloucestershire and Wiltshire, commented: “HSBC has been supporting Pieminister since it began 13 years ago, in which time we’ve seen the company grow financially and its brand go from strength to strength. At HSBC we pride ourselves on providing support for businesses from the time they join the bank as a start-up and then across all stages of their business life cycle, so it’s particularly pleasing to see the level of growth Pieminister has achieved since our relationship first commenced.”