Earlier this month we reported on Five Guys restaurants leading the pack of expanding chains in the sector, numbering 740 locations in the United States and Canada. A report out of NRN yesterday highlighted one of the main aspects of their growth as it finalized a close on a $100 million credit facility, made up of a $45 million revolving line of credit and a $55 million term loan.
The past three years has seen more than 375 new Five Guys restaurant openings, the NRN article includes a quote from the brand’s chief financial officer Peter Hanson that, “GE Capital’s [their funding source] ability to grow with us, from a $14 million credit facility in 2008 to a $100 million credit facility in 2011, has been a critical part of our success.”
With Five Guys‘ capital on a brand new level, we now have an interesting look at the restaurant’s future expansion. Along with reports on the company’s growth amongst competitors, this month also saw a release of a Five Guys Android Phone App that accompanied their web ordering system, keeping their technological adoption process at a relative high.
Could this extra funding be funneled into their expansion into a highly sought after iPhone App? Are there more areas you wish a Five Guys location would pop up? Speak on it!