Crowdcube’s very first min-bond offering from London based Mexican food chain Chilango – dubbed the Burrito Bond – has rocketed out of the gate. The security offering quickly leaped past £350,000 ($590,000 USD) raised as it sprinted towards the £1 million final goal. The bond offering was just announced earlier this week.
According to an update from Crowdcube well known industry executives have rushed to take part in the min-bond offering. Some of the executives or former executives are from well known companies like: Carluccio’s Domino’s Pizza UK, Krispy Kreme, Jamie Oliver International, McDonald’s UK, Itsu, and Costa Coffee. The aforementioned investors are currently advisors and/ or equity investors in the small startup chain. Over 90 investors have committed as of this writing.
Funds raised will be utilized to expand the restaurant group. Investors are anticipating an 8% annual return. The term of the min-bond is listed as 4 years. The offer is scheduled to be available for 58 days.
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