An award-winning Sri Lankan restaurant that began in Cheltenham - and became such a hot prospect that it grew to form a group of nine restaurants and bars across the UK - now has an appetite for expansion into London.

The Coconut Tree's (TCT) business plan aims to harness the business's runaway popularity by asking fans to chip in to the company's vision of two new outlets in the capital. Shares are being offered from £10. 

TCT's story, whose founding restaurant is a converted pub in St Paul's, stems back to 2016 when five friends first met at school in Sri Lanka at the age of 11. After moving to the UK to study, they hit on the idea of a Sri Lankan restaurant for Cheltenham, their business model subsequently being replicated with ventures in Reading, Oxford, Cardiff, Bristol (Gloucester Road and The Triangle), Bournemouth, Bath and Birmingham.

TCT now lays claim to being the largest Sri Lankan restaurant and bar group outside of Sri Lanka, with the company declaring a goal for valuation at £100m by 2028 with an ambition to achieve annual revenue (currently £6.7m) of £70m by the same year.

Mithra Fernando, TCT finance director said: "The Cocount Tree is growing and it's growing fast. From our beginnings in this old pub in Cheltenham we have grown to nine restaurants, making us the largest Sri Lankan group outside Sri Lanka. We bring our island-inspired food and authentic hospitality to each and every customer." The business was founded on the princple of good food, good people and good times, he added.

"But this is just the beginning; we have got big plans and we want to invite our biggest fans to be a big part of it... the opportunity is huge, the ethnic food market is growing and Sri Lankan food is seeing a hige surge in popularity."

He added that shareholders will receive an investor card ID and "will be treated like VIPs, every time you visit."

In outline, investors spending from £100 and

upwards will get a 10% discount and free Cocotail redeemable until February 2025, while those investing from £1,000 will receive 15% discount, a free item of merch and a free meal for two once a year until February 2026.

At the third tier, investors spending £10,000 receive 20% discount, a free item of merchandise, free meal for four once a year until February 2027, while the top investor level benefit, for those investing more than

£50,000, earns a 25% discount, Invitation to all new restaurant openings, a free item of merchandise and a free meal for four, up to four times a year (until February 2028).

As well as dine-in, the group has built business through take-away options and its signature trade is at an "affordable" price point, with emphasis on on small plates and 'Cocotails' - of which it says it has now sold more than two million.

TCT's menu is served in a relaxed "island vibe" setting with "great tunes and genuine Sri Lankan hospitality". Meanwhile, the current sales mix is 60/40% food dishes to beverages, with additional revenue from takeaway.