Chilango raised over £4m on Crowdcube via equity and bonds. Now 4 years on, it has decided to change its emphasis. A change the management blame for their large and inceasing losses
Crowdcube projections - you remember those financial fairy tales - had Chilango with a revenue of around £14m (dates are different so hard to be exact). Actual revenues are £9.7m. Money raised in 2017 was at a flat value with the Crowdcube 2015 raise. So dilution cometh. Accrued losses at now north of £12m. £3m of that came from the last year.
The FD recently left.
The latest accounts indicate that their Camden unit under performed and has been closed along with the Limehouse delivery kitchen - another idea that seems to have bombed.
Not sure how many chances you get, but these guys must be at their limit. Very tight on cash, the predicted new unit in Birmingham has not opened. They predict that EBITDA for the current year will be positive - we will wait to see that.
Investors will just be happy for the moment that Chilango has avoided the Day of the Dead.