Chilango, the Mexican fast food mini chain, opens two, closes one and has one reported missing, in a race to achieve growth after raising £5.4m on Crowdcube.Chilango has raised equity and bond capital on Crowdcube. Accounts filed two months late, show losses for the year of £1.97m against projected losses of £900k. £800k of this is explained by the loss of their 2015/16 vat reclaim.
The £2m 4 year Burrito Bond is due for repayment next year.
The chain, which had 10 units in 2015 today has seen revenues rise by only 7% for the year in question. Revenues for the year were 6.97m when they were £6.5m for YE March 2014. They fell way short of their expected revenues of £9.7m. A failure in their brand new Camden outlet, which is now closed after a year of operation, can explain some of this. The company states it has 12 open units currently operating in its accounts but their website states they have only 11. Its seems a little careless of the management to actually lose an outlet?
The company's GPM has fallen by over 4% in the year.
With advisers like Kevin Bacon (no not that one) and clients like Boris Johnson, this company may yet go far but its has certainly slipped off the starting blocks. Vamos Muchachos!