Bristol pie business receives funding to support further expansion
Award-winning Bristol pie business, Pieminister, is opening three new restaurants and creating approximately 30 new jobs after securing a £1.65 million finance package.
The first of the three restaurants is located in Brixton Market, London, which opened earlier this month, with other sites being considered in the north of England for early 2018.
The deal comes just 18 months after the restaurant secured a £1.4 million funding package from the bank to open five new restaurants in 2016 and 2017.
Pieminister is also using part of the asset finance facility to invest in a new plant and machinery which will increase capacity at its kitchens in Bristol and, in turn, improve efficiencies in its processes to offset the significant cost price inflation it has experienced over the past 12 months.
Jon Simon, co-founder and managing director of Pieminister, said: “HSBC has once again shown unwavering support for Pieminister and our ambitions to continue expanding our restaurant portfolio across the UK.
“Growth tends to conjure up new business challenges but the team at HSBC are always on hand to advise and guide us through; and this latest venture is no exception. As always we are grateful to the bank for believing in us and allowing us to not only grow the business but improve the way we run it.”
Pieminister was co-founded in 2003 by brothers-in-law Jon Simon and Tristan Hogg.
The company’s existing restaurants and cafes are based in Bristol, Bath, Birmingham, Nottingham, Manchester, Cardiff, Leeds, Oxford, Stoke-on-Trent and London.
Pieminister pies can also be found in pie pubs and market stalls as well as some of the UK’s finest independent food retailers and food halls including Harrods in Knightsbridge and Wholefoods stores nationwide.
A selection of their products are also listed in supermarkets including Waitrose, The Co-operative, Sainsbury’s and Tesco.