Gusto to target new sites with £9m growth funding
Backed by Palatine Private Equity in a management buyout in 2014, the company currently operates 16 sites across the UK and employs more than 600 staff.
The £9m development and working capital facilities from Santander will allow the Italian inspired brand to develop existing sites as well as targeting new suburban locations.
Sue Crimes (pictured), Managing Director of Gusto, said: “We are thrilled to secure Santander backing and are very much looking forward to working with them in expanding our business and increasing our geographical presence across the UK.
With the ongoing support from Palatine and a great Gusto team in place, we will continue to build our position as a national brand.
“We are grateful to Santander and Palatine for their shared vision in our ever growing business and their belief in our brand.”
Gary Tipper, managing partner of Palatine Private Equity, added: “Since Palatine’s investment, the management team have done a great job of building and developing the brand and moving into new areas of the UK, and there is now a solid platform to grow the business further.
“This new facility allows the business to deliver Gusto’s strong site pipeline, and also puts the company in a great position to take advantage of additional site or portfolio opportunities that arise.”
Santander relationship director Ian Henry said: “Gusto is an established and popular brand, with a strong management team and great backers in Living Ventures and Palatine.”