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Tossed to fund expansion with Santander investment

21 | 05 | 13

The casual fast food chain Tossed has received £1.5 million in funding from Santander. 

It will use the investment to launch eight or more venues over the next year and a half. The company, which aims to provide interesting and healthy fast food, already operates 11 stores in the London area. 

Speaking about the deal, Tossed's founder and managing director Neil Sebba commented: "This has been possibly the busiest few weeks we have ever had as a business, but we are really excited about what comes next.

"With supportive financiers around the table we are ideally positioned to seek out new stores and offer our people some exciting new opportunities."

The company is set to relaunch its flagship store at Westfield this weekend after completing refurbishment work and has recently opened a venue in Houndsditch. 

It has received the Santander funding following the management buyout of private equity firm Beringea, which invested in Tossed in 2010.  

This coincides with the news that fellow London restaurant chain Drake & Morgan has made a number of internal management appointments. 

Taskin Muzaffer has been promoted to the role of business development director and will leave his previous position as operations manager. That role will be filled by Paul Loebenberg, who has a good level of experience in the eating out industry, having successfully managed City bar and restaurant The Folly.

Foni Tsouvallas has been promoted to the position of general manager and Lisa Yearwood will now take charge of the company's marketing operations, eatout magazine reports.

Andrew Lawson, Drake & Morgan head of people, said these internal promotions highlight the importance the business places on implementing training programmes and allowing its employees to grow and progress within the company.

The chain, which was recently purchased by Bowmark Capital - the private equity firm behind Las Iguanas - in a £30 million deal, plans to open eight new sites by 2015, which will be welcome news for catering equipment suppliers in the capital. ADNFCR-16001031-ID-801588259-ADNFCR

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