ThinCats caters to El Mexicana’s funding needs with seven-figure deal
El Mexicana, the grab-and-go burrito bar, has agreed a seven-figure funding deal with ThinCats, the leading alternative lender to mid-sized SMEs. The funding will allow the business to acquire new sites and modernise facilities with self-service kiosks.
Established in 2011, El Mexicana already has 17 sites across the UK. The aim over the next two years is to expand that to 22. The business is run by managing directors John Coverley and Paul Stagg, who together bring over two decades of experience managing outlets in the “food-to-go” and “fast-casual” market.
With the popularity of Mexican food continuing to grow across the UK (the fourth most popular regional cuisine) John and Paul saw an opportunity to expand further into this emerging market. Led by Stuart Thompson, ThinCats, supported by James Moggeridge at Multiply Accountants, worked around the clock to deliver a flexible funding solution to enable El Mexicana’s innovative growth plans.
The loan will be used to support the business’s growth strategy including the opening of new sites, acquisitions and capital expenditure. The new sites are set to be a mixture of franchised and owned, the first of which will be in Doncaster.
John Coverly, MD, El Mexicana said “We’re excited to be working with ThinCats as part of our ambitious growth strategy. After being introduced to ThinCats, we were impressed by Stuart’s drive and innovative approach to doing business. His dedication to providing us with the sustainable capital we needed was exactly what we were looking for to help support us and accommodate for our future growth.”
Stuart Thompson, regional director cusiness development, ThinCats said “This is an excellent business, with an exciting product, run by two experienced businessmen. We are delighted to support this growth and continue to support SMEs with capital to pursue their ambitions. We look forward to working with the El Mexicana team again and to support their continued success.”