Honest Burgers, the Active Partners-backed business, has carried out a debt refinancing as it looks to accelerate the next stage of its growth plan.
OakNorth provided a senior debt package to support the 51-strong business, which earlier this week acquired 12 Gourmet Burger Kitchen sites, in a deal that is understood to have been valued at circa £3.7m.
The deal follows the launch of the first Honest “Smash + Grab” site in London’s Liverpool Street at the end of 2024, and the introduction of Honest Insiders this summer, the brand’s first digital rewards app with exclusive rewards for customers.
Matt Brandon, chief executive of Honest Burgers, said: “With this funding from OakNorth, we’re unlocking a significant phase of growth – not only expanding our footprint, but also continuing to invest in our people, technology, and franchising model.
OakNorth’s confidence in our strategy is a strong endorsement of the team’s vision.”
Stuart Blair, debt finance director at OakNorth, said: “We’ve been impressed by the Honest Burgers team’s disciplined approach to growth, its consistent performance post-covid, and its innovative thinking – from regenerative beef sourcing to launching a quick service restaurant and plans for a franchising model.”
