A Cornish restaurant company is set for further growth after securing fresh equity investment worth £3.2 million.
Hub Box, which serves American style burgers, hotdogs and beers using locally-sourced food and drink, began life in St Ives and now has additional restaurants across the south west in Truro, St Austell, Plymouth and Exeter.
Truro-based corporate commercial law practice, Murrell Associates, advised Hub Box on two rounds of equity investment worth £3.2 million. The first investment round completed last October, brought angel investors Mark Harper and Michael Wodskou on board and then earlier this year, the company completed a second round which saw private equity fund Provenance Investment Partners commit further funds into the company.
The investment will be used to help bring the Hub Box experience to more towns and cities across the country with the next one due to open shortly in Bristol.
Co-founder Richard Boon said: “These investments represent an exciting step change in the growth of Hub Box. In addition to providing important growth capital we now have the benefit of boardroom experience from three highly-experienced individuals, Mark Harper, Michael Wodskou and Provenance Investment Partners fund director Simon Henderson.”
Henry Maples of Murrell Associates, who led on the transactions, said: “Hub Box is a brilliant example of a creative Cornish business and we are really excited to see new Hub Boxes rolled out across the UK with the support of these angel and private equity investors.”