Newcastle-based Neapolitan pizza restaurant Sanco has secured a five figure investment from the Northern Powerhouse Investment Fund II. The Forth Banks eatery - which is offering a "pizza roulette" concept - has secured funding from NPIF II – NEL Smaller Loans, which is managed by NEL Fund Managers.
Founder Paolo Franchi is behind the idea to serve handmade pizzas baked in traditional, wood-fired oven with guests offered a constant train of surprise pizza slices to their table. Diners switch on a table light to indicate they want to try slices and switch it off then they're done.
The concept - which brings customers unexpected flavours - is designed to reduce food waste and create a memorable experience for customers. Sanco's pizza makers, or pizzaiolos as they are known, intend to serve up well-known favourites as well as some "wildcards".
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The funding, led by investment executive Jonathan Armitage, will support the launch of the restaurant, which is set to open next week. Mr Armitage said: "NEL is building a track record of supporting fantastic businesses and brands in the leisure and hospitality sector across the North East. We’re absolutely delighted to add Sanco to our portfolio.
"Paolo brings a wealth of knowledge, experience and professionalism to the business and it was a pleasure to work with him. We’re excited to see this new concept fully launched in a city recently crowned as best in the 海角视频 for food and drink and we look forward to seeing the business go on to be a great success."
Paolo Franchi, founder of Sanco, said: "It was an absolute pleasure dealing with Jonathan and the NEL team. I received invaluable support and guidance throughout the entire process, particularly the due diligence stage. It was fantastic to see how genuinely passionate the team was about my business, and I can’t wait to launch and see what we achieve.
"Being a local lad starting up a business in the city I love means everything to me. I’m so glad to have taken this step and explored what was possible with NEL and NPIF II funding. I’d encourage anyone in a similar position to investigate the support that’s out there.”
Sarah Newbould, senior investment manager at the British Business Bank, said: "NPIF II is committed to backing innovative ventures like Sanco. Paulo has created a sustainable, fresh and boundary-pushing dining experience that redefines the norm and reduces food waste. We're excited to see Sanco launch and can’t wait to see what they go on to achieve."
The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses. NEL Fund Managers are also managing the NPIF II – NEL Debt Finance which offers Debt Finance from £100,000 to £2m to established businesses looking to realise their growth potential.