Calculus Capital has led a £2 million investment in Chop’d, the salad bar chain with nine sites across London. The deal represents the second investment in the restaurant sector for Calculus.
The investment will be used to expand the chain from nine to at least 30 within five years, including sites outside London for the first time.
Chop’d was founded in 2004 by Jasper Wight, former management consultant and gastropub owner; Eddie Holmes, former Lloyds bank manager and head chef for the Yo! Sushi group, and marketing executive Simon Baker.
The team opened its first site in Leadenhall Market in December 2004 and has since expanded the chain to nine outlets across London, including Canary Wharf, St Pancras International Station and in the flagship retailer Selfridge’s.
Healthy eating
Chop’d is a pioneer in the healthy eating space, with a strong ethos to only use the best, locally sourced ingredients from high-quality suppliers, and has set a precedent for the sector. Chop’d places real emphasis on the provenance of its food, from Essex barn-reared chicken to sustainable salmon from the Shetland Islands. Chop’d also defines a sustainable way of cooking, with for instance the chicken being hand-picked off the bone, which is then used for stock for the soup range they offer.
Flexible business model
Chop’d has a flexible business model, offering both “create your own” and “grab and go” salads, as well as stews, soups, wraps and flatbreads. The quality of the ingredients, their preparation and sourcing have driven its customer appeal and differentiated its position in an increasingly popular sector.
Very attractive business
Private equity fund manager and Enterprise Investment Scheme specialist Calculus Capital is providing the majority of the new funds. Rick Jones, Investment Director, Calculus Capital said: “We are very excited to invest in Chop’d. Healthy eating is an increasing part of our daily lives and we all like to know where our food comes from.
“Chop’d is a very attractive business which meets our investment criteria: a strong and capable management team, a proven track record of operational experience and a successful offering. The company is entering a new phase and Calculus Capital’s investment will fund the roll-out of restaurant openings to reach new customers across London and the UK.”
Eddie Holmes said: “We are passionate about healthy eating and only using the freshest, tastiest and highest quality ingredients in all of our recipes. Finding and sourcing healthy and simple ingredients is very much central to the philosophy of the chain. We are looking forward to working with Calculus Capital to further expand Chop’d whilst maintaining our high standards of quality.”