South West-based burger and barbecue business Hub Box has secured investment from Loungers co-founder Jake Bishop as it plans to open at least three new sites in 2021.
Bishop will join the business as a non-executive director, alongside fellow Loungers co-founder Alex Reilley who invested in Hub Box in 2017 and is the non-executive chairman.
Bishop’s investment comes off the back of a strong performance by Hub Box in 2020 despite the difficulties caused by the pandemic. While sales were down year-on-year at £7.2m from £8.5m, the period included the two national lockdowns.
Underlying EBITDA for the period was up to £606,389 compared to £125,617 in FY19 as the business posted like-for-like sales of 29.7 percent for the period between the two lockdowns.
Hub Box opened a new site in Mermaid Quay, Cardiff last November and has plans for a minimum of three new sites in 2021. It will open restaurants in Cheltenham’s Brewery Quarter and Plymouth’s Royal William Yard and has secured the former Zizzi site in Discovery Quay, Falmouth, set to open in May.
Jake Bishop said: “I’ve known about Hub Box for a long time and in getting to understand the business better it was clear to see that the business is special – above industry performance, an excellent management team, delightful staff, and obvious growth and scale potential. All of which is underpinned by a high-quality product that Richard is obsessive about.
“I am delighted and honoured to join Hub Box and hope that I can bring some experience to the table and help the business achieve further success.”
Hub Box co-founder and chief executive Richard Boon said: “We are delighted to welcome Jake to our Board. It is perfect timing with three amazing new locations pipelined for 2021.
“Aside from the fact that Jake is a top bloke, his wealth of sector knowledge and scaling a business in our sector will be invaluable to both myself and the exec team in the next exciting period of our growth.”