BURRITO

BOND
TM
Important Information
This document is important and requires your immediate
attention.
If you are in any doubt about the action you should take
or the contents of this document, you should contact
your stockbroker, solicitor, accountant, bank manager
or other professional advisor authorised by the Financial
Conduct Authority to conduct investment business and who
specialises in advising on investment in bonds, shares and
other securities, including unlisted securities.
This document (the Invitation or Invitation Document)
constitutes an invitation to subscribe for bonds (Burrito
Bonds) issued by Chilango Bonds plc (the Issuer) on the
terms and conditions set out in this Invitation. Investors
should not subscribe for any of the Burrito Bonds referred
to in this Invitation Document except on the basis of the
information published in this Invitation and the Instrument
dated 09/06/2014 constituting the Burrito Bonds of the
Issuer (the Instrument), the terms of which set out on
pages 26 to 31 of this Invitation Document. Your attention
is particularly drawn to the Risk Factors which are set out
on page 25 of this Invitation. Prospective investors should
consider carefully whether an investment in Burrito Bonds is
suitable for them in the light of their personal circumstances.
Burrito Bonds are an unsecured debt of the Issuer and they
may not be a suitable investment for all recipients of the
Invitation. Burrito Bonds are not transferable or negotiable
on the capital markets and no application is to be made for
Burrito Bonds to be admitted to listing or trading on any
market. Investment in an unquoted security of this nature,
being an illiquid investment, is speculative, involving a
degree of risk. It will not be possible to sell or realise Burrito
Bonds before they mature or to obtain reliable information
about the risks to which they are exposed. There is no
certainty or guarantee that the Issuer will be able to repay
the Burrito Bonds.
This Invitation, which is a fnancial promotion for the
purposes of Section 21 of the Financial Services and Markets
Act 2000 (FSMA), is issued by the Issuer which accepts
responsibility for the information contained herein. This
document has been approved as a fnancial promotion
for UK publication by Crowdcube Ventures Limited of The
Innovation Centre, University of Exeter, Rennes Drive, Exeter,
Devon EX4 4RN (Crowdcube), which is authorised by the
Financial Conduct Authority. Crowdcube is registered on
the Financial Conduct Authoritys Register with registered
number 572026. Crowdcube is acting exclusively for
the Issuer in connection with the issue of Burrito Bonds
and no one else, and will not regard any other person
as its customer nor be responsible to any other person
for providing the protections aforded to customers of
Crowdcube or for advising any such person in relation to the
issue of Burrito Bonds.
All documents, payments or electronic information and
communications sent by, to or from you or on your behalf
will be sent entirely at your own risk.
This Invitation does not constitute an ofer of transferable
securities to the public and accordingly this Invitation does
not constitute a prospectus to which the Prospectus Rules
of the Financial Conduct Authority apply. Therefore, this
Invitation and the Instrument have not been approved by
the Financial Conduct Authority or any other regulatory
body. You should ensure that you have read and understood
all of this Invitation Document before applying for Burrito
Bonds. If you are in any doubt as to the contents of this
Invitation, or whether subscribing for Burrito Bonds is a
suitable investment for you, you should seek your own
independent advice from an appropriately qualifed advisor
authorised under the Financial Services and Markets Act
2000 and who specialises in advising on the acquisition of
unlisted securities.
This Invitation Document does not constitute an ofer to
sell, or the solicitation of an ofer to buy, Burrito Bonds
in any jurisdiction in which such ofer or solicitation is
unlawful and, in particular, is not for distribution into the
United States or Canada. Burrito Bonds have not been and
will not be registered under the applicable securities laws
of the United States or Canada and may not be ofered or
sold within the United States or Canada or to any national,
resident or citizen of the United States or Canada. The
distribution of this Invitation Document in other jurisdictions
may be restricted by law and therefore persons into whose
possession this document comes should inform themselves
about and observe any such restriction. Any failure to
comply with these restrictions may constitute a violation of
the securities laws of any such jurisdictions.
Burrito Bond, meaning a bond issued by the Issuer
pursuant to the Instrument, is a trade mark of Mucho Mas
Ltd.
Chilango means Mucho Mas Limited or the business
operated by it.
Group means Mucho Mas Limited and its subsidiaries.
Advisors to Crowdcube Ventures Limited
Fieldfsher LLP
Fidelitas Capital Limited
2 3
Opening Letter
Introducing Chilango
The Burrito Bond
The Chilango Story
Current Restaurants
Management Team
Advisors
2014 Roll Out Plan
Financial Performance
Questions & Answers
Investing on Crowdcube
Key Risks
Bond Instrument
Terms & Conditions
Bond Certifcate
A STAMPEDE
OF MEXICAN
FLAVOURS
5
6
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10
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16
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22
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25
26
31
32
Voted No.1 Mexican
Restaurant
Zagat Survey 2011 & 12
Hola!
Everyone has a favourite food. For us its Mexican
Eric grew up on the stuf over in Chicago, one of
the largest Hispanic communities in America and
then Dan followed suit, becoming a Mexican food
addict during his travels throughout the US and
Mexico.
In 2005 we started working together in London at
Skype and soon discovered our shared passion
for Mexican. The only problem? Finding good
Mexican food in London was like fnding a needle
in a haystack. The only solution? Quit our jobs
and make it our mission to bring the stampede of
favours we both love to the UK.
In 2007 we opened our frst restaurant in London
on Upper Street in Islington. It wasnt easy. There
were the 4am trips to Smithfeld Market several
times per week to purchase our meats. There were
the gruelling 16-hour days. There were the times
we thought we got it right, but got it all wrong. But
then again there were the thousands of smiling
and satisfed faces of our guests. There were
the television appearances... cooking with Tana
Ramsay on Market Kitchen and our guest judging
appearance on The Apprentice. And there were the
myriad of vibrant personalities that have joined the
Chilango team. Seven amazing years later, Chilango
represents all that we stand for and all that we love.
We now have 7 restaurants in London, have won a
host of awards and even served burritos to Boris
Johnson, all of which wouldnt have been possible
without the incredible loyalty and passionate
following of our guests. But were not done yet in
fact, were only just getting started.
Weve become Mexican food missionaries and want
more people to enjoy the favours we love. Our
guests agree we frequently get requests to open
restaurants in new locations across London but
growth requires cash, and thats where we
would like your help.
We have big dreams for the future and plan to
open many more Chilango restaurants in London
over the next few years. The Burrito Bond
TM
is an
opportunity for you to invest in our future, help
make this happen, and proft from our success.
Weve assembled what we believe is an all-star
team to help us on the next stage of our journey
and wed like to invite you to become part of the
story.
Oh, and one more thing, if youve ever wondered
about our name: Chilango is Mexican slang for
someone whos from Mexico City... but we like to
think of a Chilango as someone whos moved to
the bright lights of the Big City looking for fun and
adventure.
So if youre up for some fun and adventure yourself,
and are passionate about vibrant, favourful food,
please join us in our quest.
Peace, Love and Chilango,
Eric & Dan
Co-Founders
Eric + Dan
Voted No.1
Mexican Restaurant
Zagat Survey 2011 & 12
4 5
Introducing Chilango
Food
People
Place
As founders of Chilango weve performed
every role in the company at one point or
another and know how essential every
member of our team is. But its not just
about having done everything yourself, its
also about surrounding yourself with folks
that have done it before. Over the last 7
years weve amassed an incredible group
of investors hailing from senior positions in
organisations like Carluccios, Jamie Oliver
International, McDonalds, Pret A Manger,
Dominos Pizza, Krispy Kreme, Costa Coffee
and Starbucks who provide us with on-going
support and advice.
Mexican Restaurant in London by
Zagat in 2011 and 2012 and described
as utterly delicious by Waitrose Food
Illustrated. The Metro even said we
cause foodies to drool over [our] Latin
burritos, while The Independent on
Sunday called us fast food of the future.
When it comes to our food, good enough
never is. Every mouthful must deliver a
stampede of Mexican flavours and were
continually refining our recipes and
improving our raw ingredient supply to
raise the bar for Mexican food in London.
Were thrilled to have been voted No.1
Chilango combines the flavours and quality
you traditionally associate with a sit-down
restaurant with the speed, price-point and
convenience you look for in a quick service
restaurant. The best of both worlds. But to
stop there would be selling Chilango short.
Massively short.
Of course we sell award-winning burritos,
tacos, salads and more. But we view our
higher calling as an opportunity to brighten up
the days of our guests, and we describe the
ingredients that help us do that as The Chilango
Holy Trinity. Theyre all essential and combine
to create truly vibrant experiences our guests
want to share. Dont believe us? Pop in to one
of our restaurants and experience Chilango for
yourself.
So what are these ingredients? Its simple. Our
focus is to deliver out-of-this-world Mexican
food served up by fun, offbeat, amazing people
in the most vibrant of places... every single day.
Thats the reason we exist.
An electric colour palette with neon and
graffiti that jumps off the walls, our interiors
are designed to inject some fun holiday spirit
into your soul. We must be doing something
right: we were recently Highly Commended
in the 2014 Casual Dining Design Awards for
Best Designed Multiple Restaurant.
The Best London
Burritos
Hardens Survey 2012
Voted No.1 Mexican
Restaurant
Zagat Survey 2011 & 12
6 7
Every investor will receive a voucher for
two free burritos one for you and one for a
special friend. Nothing shows love like a free
burrito so pick wisely.
Share the Love
The Burrito Bond is a very straightforward idea
you loan money to Chilango and we agree to pay
you interest semi-annually and redeem your initial
investment (the principal) when the Bonds mature.
The Burrito Bonds will be issued by Chilango Bonds
plc, a wholly owned subsidiary of Mucho Mas Ltd
(Chilango) which has provided a guarantee for the
payment obligations of Chilango Bonds plc for the
Burrito Bonds.
We have designed Burrito Bonds to be a simple
investment. For an initial investment of 500 or more,
Chilango Bonds plc will provide registered holders of
Burrito Bonds (Bondholders) with a fixed-rate return
of 8.0% gross interest per annum over the course of an
initial four year term.
At the end of this initial four year term you have a
choice: either continue to hold the Burrito Bonds for
another year on exactly the same terms or give us
six months notice before the maturity date (or any
subsequent anniversary) and well redeem your Burrito
Bonds.
On maturity of the Burrito Bonds, the full amount
of your initial investment will be repaid without any
deductions or charges.
The key features of the Burrito Bonds are as follows:
8%
*Interest
Rate
Semi-
annual
Interest
Payments
1m
*Target
500
*Subscriptions
4yr
*Maturity
*although
maximum amount
is 3M. Minimum
500,000 to
proceed.
*or multiples
thereof. No
maximum amount.
*per annum *Initial 4 year
term, bondholders
option thereafter
with six month
redemption notice
Utterly delicious
Waitrose Food Illustrated
On top of the 8% annual interest rate were offering the
following as part of the Burrito Bond:
The frst 100 investors in the Burrito Bond will
be invited to an exclusive bondholder party at one of our
restaurants. Well have food, tequila, live music, games and a chance to chat Chilango with Dan and Eric.
This ones for the big dogs.
If you invest 10,000 or more well give you a
Chilango Black Card entitling you to a free burrito
every week for the lifetime of the Bond.*
But w
ait!
Theres more!
Quickdraw
The Chilango Black Card
B
l
a
c
k
C
a
r
d
*Terms and Conditions apply. Please see page 31 for further details.
B
U
R
R
I
T
O
B
O
N
D
TM
8 9
The Story
1975
The story starts in Chicago in 1975. Born into
a family of food fanatics and restaurant lovers,
Eric held various restaurant and bar jobs to
help pay his way through his university studies.
After working as a consultant for McKinsey &
Company in Chicago, Eric decided to follow
his Viking roots and move to Norway to work
in McKinseys Oslo ofce before heading up a
non-proft organisation promoting and fostering
entrepreneurship. Unsurprisingly he began to
get the bug to start his own business and an
idea started forming when he noticed the lack
of delicious Mexican food outside the US.
In 2008 Chilango ofcially launched with a
restaurant in Fleet Street, London. The response
was of-the-charts positive and spurred on
with this success, we made the classic mistake:
expanding into the wrong locations.
After opening two new restaurants in two of the
largest shopping centres in the UK (Meadowhall
in Shefeld and Bluewater in Essex) we quickly
found that the rhythm of shopping centre
visitors made it difcult to proftably manage the
sites. It was a hard and painful lesson, but one
that made Chilango stronger. We have focused
exclusively on London high streets ever since.
Determined not to make the same site
selection mistakes again we continued to
attract investment from various hospitality
industry executives. These investors became
our advisors, helped us redefne our growth
strategy and identify new sites. In 2011 we
launched the next Chilango site on Chancery
Lane. This time things went to plan, and Eric
appeared with Lord Alan Sugar as a guest
judge on The Apprentice alongside the CEOs of
McDonalds UK and Dominos UK. Oh, and we
also bagged No. 1 Mexican restaurant and Best
Buy in the Zagat Survey.
The Burrito Bond is all about the future, helping us
raise money to directly fund new sites as we roll-out
across London. With construction already underway
at two new sites, including Camden High Street
and Brewer Street in Soho, and with a third site in
advanced legals, the Burrito Bond will help accelerate
our plans. To read in more detail about these plans,
turn to page 18.
2008- 2009
2011
The Future
After moving to London in 2005 and
joining Skype, Eric met Dan. Inspired
by the can-do attitude at Skype and
our success at working together, we
made a pact: if either of us had a
great idea which we both liked, we
would quit our jobs and go for it.
It wasnt long before we
discovered our mutual addiction
to Mexican food and decided
to do something about the
shortage in London. In
2007 we combined our
own savings with some
investments from friends,
and a matching bank loan,
and took the plunge. Our
frst restaurant Mucho Mas, launched
on Upper Street in Islington.
It turns out running a restaurant is a lot
easier said than done. Within 5 months
of opening we were only weeks away
from closing down, after realising just
how difcult it could be. But in the nick
of time we were able to raise money
from a group of private investors and
used it to develop new recipes, source
incredible ingredients, build an entirely
new brand concept, and open our next
site. The year ended with a national
television appearance as Eric cooked
alongside Tana Ramsay on Market
Kitchen.
Despite our hardships Chilango was voted Best New Concept
at the Retailers Retailer of the Year Awards and
Best Newcomer at the Peach Hero & Icon Awards, in 2010.
Since then weve launched Chilango in 4 more locations in
London Brushfeld and London Wall in December 2012,
Leather Lane in October 2013, and Monument in May 2014.
Were now ready to turn our attention to the next wave
of new Chilango restaurants. Oh, and once again we were
voted No. 1 Mexican restaurant and Best Buy in the 2012
Zagat Survey, and were hailed as The Best London Burritos
in the 2012 Hardens Survey.
2005 - 2007
2010
Eyes roll back with
sheer satisfaction
Eric!
Food & Travel Magazine
Lord Sugar
(Grumpy as Usual)
2012 - 2014
10 11
Angel
Chancery
Lane
12 Leather Lane
76 Chancery Lane
Current Restaurants
We currently have 7 Chilango
restaurants across central London
serving delicious fresh Mexican food
seven days a week to thousands
of hungry guests. Location really
matters we learnt that the hard
way so each of our restaurants are
situated in sites that we really believe
combine all of the vital ingredients for
long term success.
Our vision is for every visit to Chilango
to brighten up your day, so our
restaurants all uniquely celebrate the
vibrancy of Mexican food and culture.
Central to the design is the food itself,
skillfully prepared in front of our
guests using quality, fresh ingredients
to create a stampede of Mexican
flavours.
We also think that people serving
Mexican food should know a thing
or two about it, so we take real care
to train our staff in the delicate arts
of marinating meats and blending
chillies. Wondering what type of beans
to get with your burrito? Just ask!
Delicious Magazine
We loved the
burritos!
Recently Opened Oct 2013
Liverpool
Street
Moorgate
27 Upper Street
142 Fleet Street
Monument
64 London Wall
These restaurants are just the beginning. Were
raising money through the Burrito Bond to open
more restaurants in London. Turn to page 18 to
read more about our exciting growth plans.
Monument
Just launched! May 2014
32 Brushfeld St
12 13
Eric Partaker
Management Team
Co-Founder &
Brand Evangelist
Co-Founder &
Burrito Mathematician
Eric grew up in Chicago where he fell in love with both
Mexican food and the hospitality industry. He helped pay his
way through school with various restaurant and bar jobs
and graduated from the University of Illinois with a Finance
degree in 1999. Before Chilango Eric worked together with
Dan at Skype in London. He was also a consultant with
McKinsey & Company where he learned how to make the
most amazing PowerPoint presentations the world has ever
seen. Erics obsessed with making sure every aspect of
Chilango shines as vibrantly as possible.
Dan Houghton
Dan has a first class degree in Mathematics from
Cambridge University and although Eric might have the
finance degree he cant compete with Dans mathematical
genius. Dan used to work at Skype with Eric. Before that
he worked in mobile marketing and content and was the
founder of TextMagic, an online text messaging service.
These days hes full-time at Chilango of course, acquiring
and opening new restaurants, reviewing the numbers,
the finer detail of the food and operating systems, and
generally making sure the wheels dont come off.
Londons best
Mexican restaurants
Evening Standard
Luis Castro
David Haimes
Luis is a California native and at-
tended the University of California at
Santa Barbara. He joined us in our
quest just 3 months after our first
restaurant opened and has been
making sure we deliver a stampede
of Mexican flavours ever since. Luis
has worked with food all his life
from his very first job working with a
fruit and veg retailer, to working with
dairy farmers, and then food quality
assurance and food manufacturing.
Aside from making sure our food
maintains its high-quality at large
scale Luis also heads up food devel-
opment at Chilango. He also buys our
forks.
David started his professional life
as an Engineer in the Midlands.
During 10 years with Shell in their
retail business he picked up price-
less marketing and operations
skills. He fell in love with hospitality
when he joined Yum! Brands and
worked with both the Pizza Hut and
KFC brands across Europe. David
then went on to become Managing
Director of Itsu in London and then
Group CEO of the Rome based Obika
restaurant chain. Davids main focus
is to continually improve Chilangos
operations but he lends his consid-
erable experience to all aspects of
the business.
Food Quality
Operations Director
14 15
A
d
v
is
o
r
s
16 17
Building a company is hard work so having the support and advice of people whove done it before
is invaluable. Weve built a world-class team of advisors all of whom have personally invested in
Chilango to help us think through strategic decisions and assist us in developing everything from our
human resources to financial systems. None of our advisors receive cash or equity compensation for
this work. As investors, just like us, theyre passionate about Chilango and believe they can help us
achieve our vision. Many of them have also already invested in the Burrito Bond, including Mike Dowell,
Chris Moore, Simon Kossoff, Kevin Bacon, Frank Bandura, Laurie Morgan and Don Henshall, so if you
choose to help us expand youll be joining some great company!
This brand is a country mile ahead of so many others
in the market. It is rare to see such a passion being
instilled throughout the business: in the vibrancy of
the restaurant designs, the standards of the training
and the restaurant teams, the brand communications,
and of course, the fabulous food. Others may talk about
passion, confusing it with veneer-thin enthusiasm whilst
paying lip-service to the really important things that
matter to guests. Chilango, however, is a power brand in
the making, powered by people that are captivating and by
an energy that is contagious.
Ive been an investor since
the early days and passionately
believe in the Management team
and the way in which they keep
driving for perfection. In my
view Chilango is by far the best
product on the market.
Mike Dowell
Former MD, Costa Cofee
Current CEO, Krispy Kreme UK
Paul Facella
Former Vice President of New York
Region McDonalds
Chris Moore
Former CEO, Dominos Pizza UK
Simon Kossoff
CEO, Carluccios
Frank Bandura
CFO, Carluccios
Kevin Bacon
Former MD, Jamie Oliver International
Don Henshall
Former CEO, Krispy Kreme UK, current CEO
of Farrow & Ball
Laurie Morgan
Former VP of Marketing & Board Director,
McDonalds UK
Joanna Ramsdale
Former Regional Operations Director -
London, Starbucks
Tim Cocker
Former Global Supply Chain Director, Pret A
Manger

- Chris Moore, Former CEO of Dominos Pizza UK
Kevin Bacon, Former MD of Jamie
Oliver International
Its not every day that you come across
a food brand where the vibrancy and buzz of
their establishments is more than matched
by the vibrancy and boldness of the favours
of their food. Thats what frst attracted
me to fnd out more about Chilango. But what
sold me was the queue out the door. Chilango
combines the qualities of a proven model
with the edginess of a vibrant, contemporary
and urban brand and has considerable
potential for growth. The Burrito Bond is
yet more evidence that Chilango is leading
innovation in the sector.
Why Chilango? Simple. They have a winning
combination of a powerful and colourful brand, a
clear and compelling proposition, and a passion
for high quality food. There isnt a tastier
burrito around or a cooler place to enjoy it.
Over the years Ive watched Chilango go from
strength to strength. Theyre leading the
Mexican Revolution... and the future is bright.
Chilango is in the enviable position
of leading Londons rapidly growing market
for fast Mexican food with a solid base
of restaurants, and a passionate and loyal
following. Having done much of the heavy
lifting to get to this point the opportunities
for growth are now really starting to
materialise.
- David Haimes, Former MD of Itsu, Investor and
Operations Director of Chilango
Chilango is one of a new breed of
businesses where the owners understand that
to be successful it takes more than good food
and capital, it take vision and leadership
that can be communicated to the staff (and
therefore to Chilangos guests) in a modern and
honest way. Chilangos culture and values run
down from the founders to the staff in how they
run and deliver their unique experience. Most
importantly the team at Chilango listen and
learn quickly ensuring that even mistakes can
be turned into better business practices and
guest experiences.
- Don Henshall, Former CEO, Krispy Kreme UK,
current CEO of Farrow & Ball

- Mike Dowell, Former MD Costa Coffee, Current
CEO Krispy Kreme UK
- Laurie Morgan, Former VP of Marketing and
Board Director, McDonalds UK

We started Chilango because we

wanted Londoners to be able enjoy the
same incredible Mexican food we love
so much. With 7 established restaurants
were delighted to see thousands of people
enjoying Chilangos vibrant flavours each
and every week. But we also know that
London is a massive city and that theres
more growth ahead.
Weve spent a lot of time thinking about our
future, pulling together all the lessons weve
learnt in opening our restaurants over the last
7 years, along with the invaluable advice of our
experienced advisors. Now were ready to take
things up a gear.
Our newest restaurant at Monument just
opened in May 2014 and our plan is to open
3 additional restaurants in London this year
with many more to come in the years ahead.
Two of these restaurants are already secured
and in development, while a third is in
advanced legals. Each new restaurant requires
around 500,000 to cover the upfront capital
expenditure as well as the pre-opening costs.
The Burrito Bond will help us open this next
batch of sites.
2014 Roll Out Plan
Brewer Street, Soho
Coming soon
Camden High Street
Coming soon
Site #10
Coming soon
Our plan is to open 3 additional restaurants in London
this year with many more to come in the years ahead.
O
f
f
e
r
A
c
c
e
p
t
e
d
18 19
Fast food of the future
Independent on Sunday
18
19
In 2013 we grew to 6 restaurants and became EBITDA
positive. Our target for 2014 is to add 4 new restaurants, of
which: one is already open, near Monument in the City of
London; two are in development; and one is at advanced
legals.
In the 53 weeks to 29th March 2014 weve increased our
turnover by 54%. Although weve invested in a strong central
leadership team to support our exciting growth plans, our
administrative expenses have fallen from 15.2% to 12.2%. We
plan to reduce this percentage further as we open additional
restaurants.
We opened our first restaurant in Islington, a residential area
in Central London, in 2007. The restaurant really took off and
by 2011 we had 4 restaurants, including 2 in large regional
shopping malls. These regional mall sites didnt work out for
us so we closed them to focus on expanding on high streets
in Central London. Although this reduced our turnover it was
a turning point for the company. We sharpened our property
selection strategy, became more financially disciplined as a
group and became much more resilient as a team. But the
major benefit came in how we began using the Investors and
Advisors profiled on page 16. We now hold several Advisory
Meetings per year, benefiting from the collective wisdom
of this group, which helps us better plan ahead and solve
problems more quickly. The result? Well, we believe were
making better decisions faster.
(531,510)
(66,938)
111,708
Financial Performance
To navigate the disposal of our two mall sites we raised a
convertible loan note from our shareholders. As of January
2014, these notes have been either redeemed or fully
converted and no longer sit on our balance sheet. As at 3rd
June 2014, Chilango had approximately 51,000 of drawn
secured debt facilities in total.
Our cash-on-hand as of 3rd June 2014 is 669,857, partly due
to 1.2 million that we have taken in equity investment over
the last 6 months. The minimum investment amount for this
equity round was 100,000. With the cash on hand plus the
1 million we aim to raise through our Burrito Bond we will
have sufficient capital to open our next 3 restaurants.
Fixed assets
Current assets:
Stocks
Debtors
Bank and cash
Total current assets
Liabilities:
Creditors
Convertible loan note
Long term liabilities
Total liabilities
Total assets less liabilities
Capital and reserves:
Share capital and premium
Proft and loss account
Shareholder funds
52 weeks to 25/9/11
1,170,651

30,352
278,719
169,777
478,848
1,282,892
741,901
91,289
2,116,082
(466,583)
4,584,149
(5,050,732)
(466,583)
52 weeks to 23/9/12
764,366
29,936
260,444
249,383
539,763
796,016
497,554
65,937
1,359,507
(55,378)
6,030,421
(6,085,799)
(55,378)
53 weeks to 29/9/13
1,989,119
46,145
395,507
478,675
920,327
1,060,100
459,240
40,584
1,559,924
1,349,522
7,706,265
(6,356,743)
1,349,522
Turnover in the last three financial years
EBITDA in the last three financial years
Growth in Number of Restaurants
Annual
Increase of
54%
52 weeks to 24/3/13 53 weeks to 29/3/14
Turnover for trailing year* with
comparison to previous year
Turnover
Cost of sales
Gross Proft
Restaurant operating costs
Restaurant EBITDA
Administrative expenses
EBITDA
Legal and professional fees
Depreciation
Interest payable
Interest receivable
Pre-opening costs
One off and non-recurring costs:
Meadowhall closure, losses and write-ofs
Bluewater closure, losses and write-ofs
Other property abortive costs
Other one-of costs
Losses as per the unaudited
statutory accounts
52 weeks to 25/9/11
3,730,828
1,282,319
2,448,509
2,284,761
163,748
695,258
(531,510)
(223,057)
(575,220)
(74,794)
345
(47,150)
(600,446)
0
(261,288)
(21,628)
(2,334,748)
52 weeks to 23/9/12
2,802,669
912,436
1,890,233
1,505,067
385,166
452,104
(66,938)
(34,208)
(331,238)
(42,536)
391
(46,436)
0
(455,628)
(21,450)
(37,024)
(1,035,067)
53 weeks to 29/9/13
4,196,983
1,360,361
2,836,622
2,159,057
677,565
565,857
111,708
(19,199)
(149,055)
(46,265)
990
(109,128)
0
0
(27,952)
(32,043)
(270,944)
The table above shows the reconciliation of our management accounts to the losses reported in the unaudited statutory
accounts. The main differences relate to: the closure of our two mall sites; non-operating costs like depreciation, interest and
fundraising, legal and professional fees; and pre-opening and property abortive costs associated with opening new restaurants.
Profit & Loss
3.2M
5.0M
* Trailing year to 29th March 2014
Balance Sheets
over 600k
20 21
Q&A
22 23
Why are you raising money?
We want more Londoners to enjoy
quality Mexican food. While were
hugely proud of our existing 7
restaurants, we know that theres
massive room to grow in order to
make amazing Mexican food more
accessible for people around the
capital. Were raising money to
fund our roll-out plan, so we can
continue opening new Chilango
restaurants in fantastic locations
across the city. We already have
two sites in construction, and
one more in advanced legal
proceedings.
Why not raise the money from a
bank?
Well we could, but we really like
the idea of letting our guests and
fans help shape our future and
participate in our success. The
Burrito Bond allows us to do just
that.
Why raise money on
Crowdcube?
We think Crowdcube is leading
the pack. Theyre innovators,
disruptive and trend-setters, and
that makes them a perfect partner
for Chilango.
How much money are you
raising?
Our target is 1 million, although
we will take up to 3 million.
Launching each new Chilango
restaurant requires around
500,000 of cash so we budget to
launch two to six new sites using
the money successfully raised
through the Burrito Bond.
Are there any limits to how
many Burrito Bonds I can have?
Nope - the Bonds will be allocated
in amounts of 500 or multiples
thereof. There is no upper limit.
What will happen if the Burrito
Bond is oversubscribed?
Three things will happen if the
Burrito Bond is oversubscribed.
Firstly, well have a shot of tequila,
which will lead to a celebratory
dance around our ofce. Secondly,
well keep raising money up to our
maximum limit. Thirdly, well have
another shot of tequila.
While our goal is to raise 1
million, with careful help from our
advisors weve done the maths
and worked out that we can
aford to repay up to 3 million if
the demand for the Burrito Bond
proves big enough. Each new
restaurant costs around 500,000
to launch so raising 3 million
would enable us to accelerate
the opening of 6 new Chilango
restaurants around London.
The Burrito Bonds will be allocated
on a frst come, frst served basis,
so get them while theyre hot!
What happens if the Burrito
Bond is undersubscribed?
Our minimum target for the
Burrito Bond is 500,000, which
would enable us to open one new
Chilango restaurant. If we hit that
target well collect the money from
investors and the Burrito Bond
will work exactly as is described in
this document. If we dont reach
the minimum target no money will
be taken from investors. To read
more about how raising money on
Crowdcube works, turn to page 24.
Who can invest in the Burrito
Bonds?
UK residents aged 18 or over, or
companies or trusts residing in the
UK for corporation tax purposes,
can invest in Burrito Bonds.
What happens if I change my
mind?
Well be sad to see you go but we
completely understand. To cancel
your investment all youll need
to do is log in to GoCardless and
cancel the Direct Debit you set
up when you made your original
investment. While the Chilango
pitch is active on Crowdcube you
can cancel at any time but as soon
as it closes you will have a fnal 14
days to cancel your investment.
Crowdcube will notify you by email
when the Chilango campaign has
closed.
What happens if you cant open
any new restaurants?
Although our plan is to open
new restaurants, if we cant our
existing fnancial position would
be strengthened as our current
restaurants continue to mature.
Are you ever going to open
Chilango restaurants outside of
London?
While we certainly would never
rule it out, were currently
focused exclusively on the huge
opportunity in London.
How will the rewards work?
Well send all bondholders their
free burrito vouchers in the post
to the address you have registered
with Crowdcube, and if youre a
Black Card investor well include
that too. If youre one of the frst
100 investors well email your
invitation again using your
Crowdcube details shortly after
the fundraise closes.
What taxes do I need to pay?
The tax treatment of interest
payments will depend on each
bondholders circumstances and
tax status and whether or not the
Bond is held within a tax-favoured
Questions & Answers
vehicle (such as a registered
pension scheme). The summary
paragraphs below are intended as
a general guide only, relate only
to certain limited aspects of UK
taxation and are based on current
law and HM Revenue and Customs
(HMRC) practice both of which are
subject to change, possibly with
retrospective efect. Prospective
bondholders who are in any doubt
as to their tax position should
obtain independent professional
tax advice before applying for
Burrito Bonds.
Generally, interest received by UK
tax resident individuals is charged
to income tax. Payment of interest
to UK tax resident individuals
is subject to withholding tax
at the basic rate of income tax
(currently 20%). Therefore we
will arrange for basic rate income
tax to be deducted from each
interest payment made to such
bondholders and this will be paid
to HMRC on your behalf.
If the bondholder is a basic rate
UK tax resident individual, there
should be no further tax liability
for the bondholder in respect of
the interest on their Burrito Bond.
If the bondholder is a higher rate
taxpayer or an additional rate
taxpayer, further income tax will
be likely to arise and they will need
to account for the additional tax
due to HMRC through their annual
Self Assessment return.
Interest arising on Burrito Bonds
held in a tax-favoured vehicle, such
as a registered pension scheme,
may have a more favourable
treatment than that described
above. The exact treatment will
depend on the nature of the
vehicle.
Generally, interest received by
a UK tax resident company is
charged to corporation tax. There
is no UK withholding tax on
interest paid by a company to a UK
tax resident company (provided
that the payer reasonably believes
that the person benefcially
entitled to the interest income is
a UK tax resident company and
provided that no direction to
withhold tax has been received
from HMRC).
Will my Burrito Bonds give me
shares in Chilango?
No. The Burrito Bonds represent a
loan to Chilango, not shares in the
company. Bonds are traditionally
loans for a fxed period with a
fxed rate of interest. Burrito
Bonds cannot be converted into
shares.
When will I get my original
investment back?
The Burrito Bonds are available
on a four-year term, after which
you will be able to receive your
original investment back. Youll
need to let us know 6 months
before the maturity (and on any
subsequent anniversary) if you
want to redeem your Bonds or
else your investment will roll over
for another year and well continue
paying you interest. You can let
us know through the Crowdcube
platform.
How often will interest be paid,
and how do I get it?
Interest will be paid twice every
year and managed through the
Crowdcube platform. Just log in to
your portfolio to access it.
Can I sell or give my Burrito
Bonds to someone else?
Unfortunately not. Burrito Bonds
are non-transferrable.
If I die what would happen to
my Burrito Bonds?
We hope that never happens, but
if it did your estate would be able
to redeem your Burrito Bonds
early.
Could Chilango prematurely
redeem my Burrito Bonds?
We reserve the right to redeem
some or all of the Burrito Bonds at
any time (whether before or after
the initial 4-year term).
Is the rate of return fxed?
Yes. The rate of return for Burrito
Bonds is fxed at 8% for the
lifetime of the Burrito Bond and
will not change.
Can a company buy Burrito
Bonds?
Yes, companies are eligible to
buy Burrito Bonds. There may
be specifc tax implications you
need to consider, so we strongly
recommend you speak to a
fnancial advisor.
Should I discuss the Burrito
Bond with a fnancial advisor?
We strongly recommend that you
do.
I like it - how do I apply?
For full information on how to
apply, turn to page 24.
Can I apply by post?
No. All applications for Burrito
Bonds must be made online
through the Crowdcube platform.
I have more questions how can
I get them answered?
Simply create a new discussion on
the Chilango Burrito Bond page
forum on Crowdcube and well
answer your question shortly.
Investing on Crowdcube
has been designed to be a
straightforward process. To
view the bond ofer and invest
you will need to be a registered
member of Crowdcube, so visit
www.crowdcube.com/register
to join. Once you have signed
up, go to www.crowdcube.com/
chilango and simply enter the
amount of money you wish to
invest in the box that says Enter
Amount, then click on the Invest
now button. You will then be
asked to provide your payment
details.
Crowdcube works on an all
or nothing basis. That means
that unless Chilango reaches
its minimum target, no investor
money will be taken and no
charges are ever incurred. When
you enter your payment details
using GoCardless you create a
one-of Direct Debit which we
will transfer directly to Chilango
when the fundraise closes. We
will notify you by email when
this will be so you can ensure
the correct funds are in your
account. There is no charge for
investors for this payment.
By creating a Direct Debit rather
than simply taking the money
when you invest, we enable you
to keep hold of your money
until the fundraise is completed.
It also means Crowdcube can
quickly and efciently process
payments on a large scale.
Crowdcube.com
How to invest on Crowdcube
Key Risks
24 25
Mini-Bond Risks
1. Non-transferable & illiquid
investment
The Burrito Bonds are not
transferable or negotiable on the
capital markets and no application
will be made for Burrito Bonds to
be admitted for listing or trading
on any market. Investment in an
unquoted security of this nature,
being an illiquid investment, is
speculative, involving a degree of
risk. It will not be possible to sell or
realise the Burrito Bonds until they
are repaid by Chilango.
2. Not protected by the Financial
Services Compensation Scheme
The Burrito Bonds are not
protected from loss by the Financial
Services Compensation Scheme.
3. No certainty that Bondholders
will be repaid at maturity
The Burrito Bonds are an
unsecured debt of Chilango and
will rank equally with any other
unsecured debts of Chilango.
There is no certainty or guarantee
that Chilango will be able to repay
them. If Chilango were to become
insolvent, there is a risk that (a)
some or all of the nominal value
of the Burrito Bonds will not be
redeemed; and (b) some or all
of the interest return due on the
Burrito Bonds will not be paid.
4. Unsecured
The Burrito Bonds are not secured
against any fxed asset or property.
1. New restaurants fail to
perform
The success of our roll-out plan
depends heavily on locating and
securing the right sites for Chilango
restaurants; we learnt the hard
way what happens when that goes
wrong. Consequently, we have
built a strong team to help refne
our strategy and identify suitable
locations, but there is a risk
that some new restaurants may
underperform our expectations
and impact our fnancial position.
2. Market competition
The fast-casual restaurant industry
is highly competitive taste, price,
food quality and presentation,
service, restaurant location and
atmosphere all play a part in
determining guest footfall and
ongoing loyalty. Mexican food has
become increasingly popular in
the UK and there are a number of
Mexican fast-casual restaurants
that we compete with, specifcally
in London. We work hard to
try and continually refne the
Chilango experience but there is
a risk that our competition might
adopt aggressive pricing policies,
which could reduce our sales
performance.

3. Growth management
As we launch more restaurants
around London we will have to
continue to scale our existing
management, information and
fnancial systems to support this
growth.
Although we have now launched 7
restaurants, there is a risk that as
Chilango becomes larger we may
have difculty managing a larger
group of restaurants.
4. Food supply and labour costs
An increase in food and
labour costs, both of which
are fundamental elements of
our business, could adversely
impact our operating costs and
consequently our ability to service
interest and repayment.
5. Food illness
Instances of food-borne or localised
illnesses could temporarily close
some of our restaurants or result
in negative publicity, leading to a
decline in our sales. We go to great
lengths to make sure this doesnt
happen but it is an unavoidable risk
within the food industry.
The Directors consider the following risks to be material for potential investors, but the risks listed below do not
necessarily comprise all those associated with an investment in Chilango and are not set out in order of priority.
Additional risks and uncertainties currently unknown to Chilango (such as changes in legal, regulatory or tax
requirements), or which Chilango currently believes are immaterial, may also have a materially adverse efect on
our fnancial condition or prospects.
Risks Relating to Chilango
Burrito Bond Instrument
Burrito Bond Instrument
26 27
Date: 09/06/2014
THIS INSTRUMENT is made by way of
Deed Poll on 09/06/2014 BY
CHILANGO BONDS PLC (registered
number 09053156) whose registered
ofce is at 27 Upper Street, London,
N1 0PN (the Issuer); and
MUCHO MAS LIMITED (registered
number 05944758) whose registered
ofce is at 27 Upper Street, London,
N1 0PN (the Guarantor).
TERMS:
1. Defnitions and
Interpretation
1.1 The following words have these
meanings in this Instrument unless a
contrary intention appears:
Aggregate Nominal Amount
in respect of the Burrito Bonds in
issue at any time, the aggregate
principal amount of the Burrito
Bonds outstanding at that time and/
or all accrued interest thereon;
Bondholder or Bondholders
the person(s) from time to time
entered in the Register as the holders
of the Burrito Bonds;
Burrito Bonds
the non-convertible and non-
transferable Burrito Bonds of the
Issuer constituted by this Instrument.
Business Day
a day other than a Saturday or a
Sunday on which banks are open for
business in London;
Certifcate
a certifcate evidencing title to the
Burrito Bonds substantially in the
form set out in the Schedule;
Commencement Date
the date on which the Burrito Bonds
are frst issued;
Crowdcube
Crowdcube Ventures Limited, which
provides various services to the
Issuer in connection with the Burrito
Bonds;
Crowdcube Portfolio
the portion of the website provided
by Crowdcube wherein Bondholders
can manage Burrito Bonds;
Default Event
has the meaning given to that term in
Clause 6.1;
Directors
the board of directors of the Issuer
from time to time;
Group
a company which is from time to time
a parent undertaking or a subsidiary
undertaking of the Guarantor or a
subsidiary undertaking of any such
parent undertaking, and the terms
parent undertaking and subsidiary
undertaking shall have the meanings
as set out in the Companies Act 2006;
Instrument
this instrument;
Interest Payment Date
the date falling (i) six months and
(ii) twelve months, following the
Commencement Date and (iii) the
same date of each subsequent sixth
month up to and including the date
on which the Burrito Bonds are fnally
redeemed;
Interest Rate
8.00 (eight) per cent. per annum;
Recognised Investment
Exchange
has the meaning ascribed to that
term in section 285 of the Financial
Services and Markets Act 2000;
Register
the register of Bondholders
maintained by the Issuer as provided
for in Clause 11;
Registered Ofce
the registered ofce of the Issuer
from time to time; and
Repayment Date
subject to pre-payment by the
Issuer in accordance with the
terms of this Instrument, at the
option of the Bondholder the later
of (i) the fourth anniversary of the
Commencement Date, and (ii) any
subsequent anniversary of the
Commencement Date (or if such date
does not fall on a Business Day, the
next Business Day) provided that the
Bondholder has completed a notice
of redemption six months prior
to the relevant repayment date in
accordance with clause 4.1.
1.2 In this Instrument, unless the
contrary intention appears:
(a) the singular includes the plural
and vice versa and any gender
includes the other gender;
(b) person unless the context
otherwise requires includes a natural
person, a frm, a partnership, a
body corporate, an unincorporated
association or body, a state or
agency of state, trust or foundation
(whether or not having separate legal
personality);
(c) a natural person unless the
context otherwise requires shall
mean a human being, as opposed to
a juridical person created by law;
(d) a reference to:
(i) a document means that document
as amended, replaced or novated;
(ii) a statute or other law means that
statute or other law as amended or
replaced, whether before or after the
date of this Instrument and includes
regulations and other instruments
made under it;
(iii) a clause or schedule is a
reference to a clause or a schedule in
this Instrument; and
(iv) a month means a calendar
month;
(e) where the word including or
includes is used, it is to be taken to
be followed by the words: but not
limited to or but is not limited to, as
the case requires;
(f) where a period of time is
expressed to be calculated from
or after a specifed day, that day is
included in the period;
(g) a reference to date of
redemption or repayment or
redeemed or repaid means
the date on which all the
outstanding principal and accrued
interest on all the outstanding Burrito
Bonds is fnally paid; and
(h) headings are inserted for
convenience and do not afect the
interpretation of this Instrument.
2. Amount and Status of
Burrito Bonds
2.1 The aggregate principal amount
of the Burrito Bonds is limited to
3,000,000.
2.2 The Burrito Bonds shall only be
capable of being issued in multiples
of 500 in nominal amount and there
will be no limit on the maximum
amount of Burrito Bonds that can be
issued to a Bondholder, subject to
the aggregate principal amount limit
set out in Clause 2.1 above.
2.3 The Burrito Bonds shall not be
issued or registered in the names of
more than one Bondholder.
2.4 Subject to this Instrument and the
Schedule, the whole of the Burrito
Bonds as and when issued shall
rank pari passu equally and rateably
without discrimination or preference.
2.5 The Burrito Bonds shall not be
capable of being transferred by the
Bondholder or by the Issuer and shall
not be capable of being dealt in or
negotiated on any stock exchange or
other recognised or capital market
in the United Kingdom or elsewhere
and no application has been or
will be made to any Recognised
Investment Exchange for the listing
of, or for permission to deal in, the
Burrito Bonds.
3. Interest and benefts
3.1 Interest is payable on the
principal amount outstanding
under the Burrito Bonds from the
Commencement Date until the date
of redemption and will be calculated
on the basis of a 365 day year (or,
in the case of a leap year, a 366 day
year).
3.2 Interest accrues from day to day
at the Interest Rate and is payable in
cash to each Bondholder by half-
yearly payments in arrears on each
Interest Payment Date until the
Burrito Bonds are repaid under the
terms of this Instrument and shall
become payable to the relevant
Bondholders by the Issuer within 15
Business Days of the relevant Interest
Payment Date.
3.3 Interest which has become
payable to a Bondholder in
accordance with Clause 3.2 above
shall be paid to the relevant
Bondholder upon receipt of a valid
withdrawal request submitted within
their Crowdcube Portfolio.
3.4 In addition to interest payable as
set out above:
(a) The Issuer will send every
Bondholder one voucher which can
be exchanged for two free burritos
at any restaurant operated by the
Guarantor;
(b) The Issuer will invite the frst 100
successful applicants for Burrito
Bonds to a party at a restaurant
operated by the Guarantor; and
(c) The Issuer will provide each
Bondholder who subscribes for
10,000 or more of Burrito Bonds
with a Chilango Black Card which will
entitle the Bondholder to one burrito
each week from any restaurant
operated by the Guarantor until such
time as the relevant Bondholders
Burrito Bonds are redeemed in
accordance with Clause 4 below.
4. Redemption of Burrito
Bonds
4.1 All Burrito Bonds not previously
repaid (in whole or in part) before the
Repayment Date will be redeemed
by the Issuer on the Repayment
Date, at par, together with interest
accrued up to and including the date
of redemption, provided that the
Bondholder submits a completed
electronic notice of redemption and
associated instructions within their
Crowdcube Portfolio so as to be
received at least six months prior
to the relevant Repayment Date.
Investors will be notifed seven (7)
months before the Repayment Date
and have one (1) month to submit a
redemption notice.
4.2 All payments of principal and
interest in respect of the Burrito
Bonds by or on behalf of the Issuer
shall be made at the Bondholders
risk:
(a) electronically by payment
processor(s); and
(b) free and clear of, and without
withholding or deduction for, any
taxes, duties, assessments or
governmental charges of whatsoever
nature imposed, levied, collected,
withheld or assessed, unless such
withholding or deduction is required
by law. In that event, the Issuer shall
make such withholding or deduction
and shall, where required, account
to the relevant tax authority for
such withholding or deduction. For
the avoidance of doubt, in such
circumstances, the Issuer shall not
be required to increase or gross-up
any payment of principal or interest
made hereunder.
4.3 All Burrito Bonds redeemed by
the Issuer pursuant to the terms of
this Instrument will be cancelled and
will not be available for reissue.
4.4 In the event that any income tax
or other tax is deducted or withheld
from a payment, the Issuer will
issue to the Bondholders as soon as
reasonably practicable a certifcate of
deduction of tax in respect of the tax
deducted or withheld.
5. Early Redemption of
Burrito Bonds
In addition to Clause 6.1, the Issuer
will be entitled to redeem any or all
of the principal amount of the Burrito
Bonds (in whole or in part) together
with interest accrued thereon at any
time.
6. Default Events
6.1 Notwithstanding Clause 4 and
5 and subject to Clause 6.2, all
outstanding Burrito Bonds shall
become immediately repayable, at
the option of a Bondholder, at par
together with all accrued interest
up to and including the date of
redemption, on the happening of
any of the following events (each a
Default Event):
(a) an order is made or an efective
resolution passed for winding-up
Bond Instrument
28 29
or liquidation of the Issuer (otherwise
than for the purposes of or in the
course of a solvent re-organisation,
reconstruction or amalgamation); or
(b) an encumbrancer has taken
possession of or if a receiver,
administrative receiver, liquidator,
judicial factor or other similar ofcer
is appointed to take possession of
the whole or any material part of
the property or undertaking of the
Issuer and in any such case is not
discharged, withdrawn or removed
within 14 days of possession being
taken or an appointment being made
provided that at all times during such
period the Issuer is contesting such
possession or appointment in good
faith and diligently; or
(c) any administration order or any
administration application has been
made in respect of the Issuer; or
(d) any procedure or step analogous
to the events set out in Clause 6.1(a)
to (c) is taken in any jurisdiction.
6.2 The Issuer will use reasonable
endeavours to give notice to the
Bondholders of the happening of any
Default Event within ten (10) Business
Days upon becoming aware of the
same. If any Bondholder shall waive
in writing its right of repayment of
the Aggregate Nominal Amount
due to it, the Burrito Bonds held
by such Bondholder shall remain
outstanding.
7. Non-Conversion
Neither the principal amount of
the Burrito Bonds nor any accrued
interest thereon shall be capable
of conversion into shares or other
securities in the Issuer.
8. Certifcates
8.1 The Certifcates will be in the form
or substantially in the form set out in
the Schedule in digital form.
8.2 The Issuer will recognise the
Bondholder indicated in the Register
as the absolute owner of the Burrito
Bonds. The Issuer is not bound to
take notice or see to the execution of
any trust whether express, implied
or constructive to which any Burrito
Bonds may be subject.
8.3 If any of the Bondholders Burrito
Bonds are due to be redeemed
under any of the provisions of this
Instrument, the Bondholder shall,
if requested by the Issuer, provide
the Issuer and Crowdcube with its
up to date account details and, upon
such delivery, the Issuer shall pay
the relevant redemption amount
to the Bondholder and the relevant
Certifcate shall be cancelled.
8.4 If any of the Bondholders Burrito
Bonds are liable to be redeemed
under any of the provisions of this
Instrument, and, following a request
by the Issuer, it fails to respond or
provide up to date account details
for redemption, then the Issuer
may set aside the relevant amount
due to the Bondholder, pay it into
a separate interest-bearing bank
account which shall be held by the
Issuer in trust for the Bondholder
(but without interest (save as may
accrue in such account)) and such
setting aside shall be deemed, for all
purposes of these conditions, to be a
payment to the Bondholder and the
Issuer shall thereby be discharged
from all obligations in connection
with such Burrito Bonds. If the Issuer
shall place such amount on deposit
at a bank, the Issuer shall not be
responsible for the safe custody
of such amount or for any interest
accruing on such amount in such
account.
9. Transfer
Burrito Bonds are not transferable
in whole or in part and neither the
Issuer nor its Directors shall approve,
or arrange or participate in any
transfer of Burrito Bonds whether by
registration or otherwise.
10. Transmission
10.1 Any person becoming entitled to
Burrito Bonds as a result of the death
or bankruptcy of a holder of Burrito
Bonds or of any other event giving
rise to the transmission of such
Burrito Bonds by operation of law
may, upon producing such evidence
as reasonably required by the
Directors of the Issuer, be registered
as the holder of such Burrito Bonds.
10.2 In the case of death of a
registered holder of Burrito Bonds,
the only persons recognised by
the Issuer as having any title to the
Burrito Bonds are the executors or
administrators of a deceased sole
registered holder of Burrito Bonds
or such other person or persons
as the Directors of the Issuer may
reasonably determine and they will
be entitled to require repayment of
the Burrito Bonds at par.
11. Register of the Burrito
Bonds
11.1 The Issuer will at all times keep
at its Registered Ofce, or at such
other place as the Issuer may have
appointed for the purpose, a register
showing:
(a) the nominal amount of the Burrito
Bonds held by the Bondholder;
(b) the serial number of each Burrito
Bond issued;
(c) the date of issue and all
subsequent transmissions of
ownership; and
(d) the name and address of the
Bondholder as bondholder.
11.2 The Bondholder may at all
reasonable times during ofce hours
inspect his/her details entered in
the Register and take copies of such
details from the Register.
11.3 The Register may be closed by
the Issuer for such periods and at
such times as it thinks ft but not
more than thirty (30) days in any
calendar year.
11.4 Any change of Bondholder
details, including but not limited to
name, email address or address on
the part of the Bondholder must be
notifed to the Issuer and Crowdcube
and the Register will be altered
accordingly.
12. Guarantee
12.1 The Guarantor unconditionally
and irrevocably guarantees to each
of the Bondholders from time to time
that if, for any reason whatsoever,
the Aggregate Nominal Amount
of his or its outstanding Burrito
Bonds (or any part of it) is not
Bond Instrument
paid in full by the Issuer on the due
date it shall (subject to the limitations
set out in this guarantee), on demand
in writing by such Bondholder, pay
to him such sum as shall be equal to
the amount in respect of which such
default has been made, provided that
the Guarantors maximum aggregate
liability under this guarantee shall
not exceed an amount equal to the
Aggregate Nominal Amount due to
such Bondholder.
12.2 Upon payment in full by the
Guarantor of the Aggregate Nominal
Amount of any outstanding Burrito
Bonds, such Burrito Bonds shall be
deemed to have been repaid and
cancelled.
12.3 The Guarantor shall be liable
as if it were a principal debtor for
all monies payable pursuant to
this Instrument (notwithstanding
that, as between the Issuer and the
Guarantor, the Guarantor is a surety
only) and shall not be exonerated or
discharged from liability under this
guarantee:
(a) by time or indulgence being given
to, or any arrangement or alteration
of terms being made with, the Issuer;
or
(b) by the liquidation, whether
voluntary or compulsory, of the
Issuer or by the appointment of
an administrative receiver or an
administrator in relation to the Issuer
or its assets; or
(c) by any act, omission, matter
or thing whatsoever whereby the
Guarantor, as surety only, would or
might have been so exonerated or
discharged.
12.4 Each of the covenants and
guarantees contained in this Clause
12 shall be a continuing covenant and
guarantee binding on the Guarantor,
and shall remain in operation until
the Aggregate Nominal Amount of
the outstanding Burrito Bonds has
been fully paid or satisfed.
12.5 This Clause 12 shall be deemed
to contain, as a separate and
independent stipulation, a provision
to the efect that any sums of money
which may not be recoverable
from the Guarantor by virtue of a
guarantee (whether by reason of any
legal limitation, disability, incapacity
or any other fact or circumstance and
whether known to the Bondholders
or not) shall nevertheless be
recoverable from the Guarantor by
way of indemnity.
12.6 Each Bondholder shall be
entitled to determine from time to
time when to enforce this guarantee
as regards his outstanding Burrito
Bonds and may from time to
time make any arrangements or
compromise with the Guarantor
in relation to the guarantee given
by this Clause 12 which such
Bondholder may think expedient
and/or in his own interest.
12.7 Any payment to be made by the
Guarantor under this Instrument
shall be made without regard to any
lien, right of set-of, counterclaim or
other analogous right to which the
Guarantor may be, or claim to be,
entitled against any Bondholder.
12.8 Payment by the Guarantor to
any Bondholder made in accordance
with this Clause 12 shall be deemed
a valid payment for all purposes of
this Clause 12 and shall discharge
the Guarantor from its liability
under this Clause 12 to the extent
of the payment, and the Guarantor
shall not be concerned to see to the
application of any such payment.
12.9 In relation to any demand made
by a Bondholder for payment by the
Guarantor pursuant to this Clause 12,
such demand shall be in writing and
shall state:
(a) the full name and registered
address of such Bondholder and the
Aggregate Nominal Value which is
claimed;
(b) that none of the Burrito Bonds
in respect of which such demand is
made has been cancelled, redeemed
or repurchased by the Issuer;
(c) that the sum demanded is due
and payable by the Issuer, that all
conditions and demands prerequisite
to the Issuers obligations in relation
to those Burrito Bonds have been
fulflled and made, that any grace
period relating to those obligations
has elapsed and that the Issuer has
failed to pay the sum demanded;
(d) the date on which payment of
the Aggregate Nominal Amount (or
part thereof) in respect of which the
demand is made should have been
made to the Bondholder by the
Issuer; and
(e) the bank account details of a
bank in the United Kingdom to which
payment by the Guarantor is to be
credited or the address to which
payment by cheque or bank payment
is to be sent at the Bondholders risk.
12.10 The Guarantor may rely on
any demand or other document or
information appearing on its face
to be genuine and correct, and to
have been signed or communicated
by the person by whom it purports
to be signed or communicated. The
Guarantor shall not be liable for the
consequences of such reliance and
shall have no obligation to verify
that the facts or matters stated in
any such demand, document or
information are true and correct.
12.11 All payments, including
payments of principal and interest,
in respect of the Burrito Bonds by
or on behalf of the Guarantor shall
be made free and clear of, and
without withholding or deduction
for, any taxes, duties, assessments or
governmental charges of whatsoever
nature imposed, levied, collected,
withheld or assessed, unless such
withholding or deduction is required
by law. In that event, the Guarantor
shall make such withholding or
deduction and shall, where required,
account to the relevant tax authority
for such withholding or deduction.
For the avoidance of doubt, in such
circumstances, the Guarantor shall
not be required to increase or gross-
up any payment made hereunder.
13. Warranties and
Undertakings
13.1 The Issuer undertakes to the
Bondholder that:
(a) it will perform and observe the
obligations imposed on it by this
Instrument;
(b) it will comply with the provisions
of the Certifcates; and
(c) the Burrito Bonds are held
Bond Instrument
This Invitation, and/or your partici-
pation in the subscription of Burrito
Bonds is conditional upon and subject
to:
1. your successful completion of Crowd-
cubes registration requirements and
the online investment process through
Crowdcube prior to the investment
opportunity hitting its maximum target,
being closed by the Issuer or expiring
on the Crowdcube website; and
2. the Issuer having accepted your ap-
plication to subscribe for Burrito Bonds
(Application) in whole or in part.
3. All Applications are strictly made
based on the terms and conditions con-
tained in this Invitation and the Bond
Instrument. Investors have the right to
cancel their investment at any point up
until 14 days after the Issuers pitch is
closed, following which point funds will
be taken from investors accounts. In-
vestors will be notifed and forewarned
of these events by email.
In particular, by making your Applica-
tion, you will be deemed to acknowl-
edge and confrm:
(a) that you are not relying on any infor-
mation given or any representations,
warranties, agreements or undertak-
ings (express or implied), written or
oral, or statements made at any time
by the Issuer or Crowdcube Ventures
Ltd or Crowdcube Ltd in relation to the
Issuer or any Group entity other than
as contained in this Invitation and the
Bond Instrument and that, accordingly,
none of the Issuer or Crowdcube Ven-
tures Ltd any Group entity, its directors,
ofcers, agents, employees or advisers
or any person acting on behalf of any of
them shall have any responsibility for
any such information, representations,
warranties, agreements or undertak-
ings (express or implied).
(b) you are either (i) an individual who
is 18 years old or more at the date of
making your Application and who is
resident in the UK, or (ii) a company or
trust resident in the UK for corporation
tax purposes and which is not prevent-
ed by the laws of its governing juris-
diction or place of incorporation from
applying for or holding Burrito Bonds;
(c) you are either (i), certifed as a high
net worth investor, (ii) certifed as a so-
phisticated investor, (iii) self-certifed as
a sophisticated investor or (iv) certifed
as a restricted investor, in each case in
accordance with the FCAs Conduct of
Business Sourcebook Chapter 4.7;
(d) you are entitled to make your Ap-
plication and to be issued with Burrito
Bonds in respect thereof under the
laws of and rules of any governmen-
tal bodies located in any jurisdictions
which apply to you;
(e) you are aware that it is open to you
to seek advice from someone who spe-
cialises in advising on investments;
(f) you are not entitled to be paid any
commission in relation to your Applica-
tion;
(g) any monies invested in connection
with an Application will not be taken
unless the Issuer reaches its minimum
target and will not bear interest until
the Bond issuance;
(h) you acknowledge that the Issuer
may, in its absolute discretion, reject
in whole or in part or scale down your
Application;
(i) all certifcates, documents, and mon-
ies sent or transferred to you by or on
behalf of the Issuer or any documents
and monies you send or transfer to the
Issuer are sent or transferred at your
risk;
(j) you and any funds under your man-
agement are not engaged in money
laundering;
(k) you are making your Application
on your own behalf and for no other
person;
(l) the Issuer, its directors, employees,
agents and advisers will rely upon the
truth and accuracy of the confrma-
tions, acknowledgements and rep-
resentations contained in this Invitation
and our Application Form; and
(m) the Issuer accepts no liability for
any inaccuracies in your Application.
Money Laundering
It is also a term of your Application
that, to ensure compliance with the
Money Laundering Regulations 2007
(as amended), the Issuer or Crowdcube
may, in our / their absolute discretion,
require verifcation of your identity to
the extent that you have not already
provided the same. Pending the pro-
vision of evidence of identity, Burrito
Bonds applied for by you may not be
issued at the absolute discretion of the
Issuer or Crowdcube. If within a reason-
able time after a request for verifcation
of identity, satisfactory evidence has
not been supplied, the Issuer may, at
its absolute discretion, terminate your
Application in which event no monies
will be taken from your account and no
interest will be payable.
If you decide to make an Application,
you undertake to the Issuer that you
will pay for such Burrito Bonds on ac-
ceptance of your Application.
Jurisdiction
The making of Applications, accept-
ances of Applications and contracts re-
sulting therefrom under this Invitation
shall be governed by and construed in
accordance with English law and the
parties submit to the exclusive jurisdic-
tion of the English courts.
Share the Love
A Share the Love voucher entitles
bondholders to redeem two free
burritos at any Chilango restaurant.
You must present your voucher before
ordering to receive your free burritos.
Drinks and extras are not included. The
voucher is not exchangeable for cash
and cannot be transferred. This ofer
expires on December 31st 2014 and
Chilango reserves the right to change
this ofer at any time.
Quickdraw
The frst 100 investors in the Burrito
Bond will be invited to a bondholder
party. Details of the party will be sent
by email to the address registered
with Crowdcube. Please present your
invitation when arriving at the event.
Chilango reserves the right to change
party details at any time
Black Card
The Black Card is issued to bondhold-
ers owning 10,000 or more of the Bur-
rito Bonds. This card entitles you to one
free burrito per week for a maximum
period of 4 years. You must present the
card at purchase to receive your free
meal. The meal does not include drinks
or extras. Only you, the bondholder,
may use this card. Please keep it safe
as we cant issue a replacement card.
The staf at Chilango have the right to
ask for identifcation. We reserve the
right to change this deal at any time
(well email you via Crowdcube). This
card expires the earlier of 31st July
2018 or the redemption of the Bond.
Terms & Conditions
30 31
subject to and with the beneft of the
terms and conditions set out in this
Instrument and are binding on the
Issuer and the Bondholder and all
persons claiming through or under
them.
13.2 The Issuer and the Guarantor
severally warrant to the Bondholder
on the date of this Instrument, and
at all times while such Bondholder
holds Burrito Bonds, that:
(a) (in case of the Issuer only) it has
the power and authority to issue
the Burrito Bonds and to exercise
its rights and perform its obligations
under the Burrito Bonds;
(b) it has the power and authority
to enter into this Instrument and to
exercise its rights and perform its
obligations under this Instrument;
(c) it has taken all necessary
corporate, shareholder and other
action to authorise the execution,
delivery and performance of this
Instrument; and
(d) it has been duly incorporated,
constituted or amalgamated
and is validly subsisting and is
in good standing under the laws
of the jurisdiction in which it
is incorporated, constituted or
amalgamated.
14. Notice
14.1 Any notice or other
communication to be given under
this Instrument must be in writing
or communicated using the
Bondholders Crowdcube Portfolio.
Written notices will be served by
delivering it personally or sending
it by pre-paid post to the address
and for the attention of the relevant
party set out below (or as otherwise
notifed by that party). Any notice will
be deemed to have been received:
(a) if delivered personally, at the time
of delivery;
(b) in the case of pre-paid post, 48
hours from the date of posting; and
(c) in the case of registered airmail
within three (3) Business Days of the
date of posting.
(d) any notice communicated digitally
using the Crowdcube Portfolio will be
deemed to have been received at the
time when a record of such receipt
is sent digitally to Bondholder by
Crowdcube. Any notice sent by email
shall be deemed to be received at the
time of sending.
14.2 If deemed receipt occurs before
9am on a Business Day the notice
is deemed to have been received
at 9am on that day and if deemed
receipt occurs after 5pm, the notice
is deemed to have been received at
9am on the next Business Day.
14.3 The addresses of the
Bondholders for the purposes of
the Instrument are as set out in the
Register from time to time and the
address of the Issuer and Guarantor
is its Registered Ofce.
15. Costs and Expenses
Each party shall pay its own costs,
charges and expenses relating to the
execution and implementation of this
Instrument.
16. Third Party Rights
No person shall have a right under
the Contract (Rights of Third Parties)
Act 1999 to enforce any term of this
Instrument.
17. Governing Law and
Jurisdiction
17.1 This Instrument and each of the
Burrito Bonds is governed by and
shall be construed in accordance with
the law of England and Wales.
17.2 Each party irrevocably submits
to the exclusive jurisdiction of the
courts of England and Wales as
regards any claim, dispute or matter
arising out of or in connection with
this Instrument.

EXECUTED as a DEED on the day and
year set out above for and on behalf
of CHILANGO BONDS PLC acting by:

Eric D. Partaker
Director

Daniel Houghton
Director/Secretary
EXECUTED as a DEED on the day and
year set out above for and on behalf
of MUCHO MAS LIMITED acting by:

Eric D. Partaker
Director
Daniel Houghton
Director/Secretary
Certificate
BURRITO
BOND
TM
Chilango Burrito Bond
Certificate No.1 Amount: 250,000
Bond Value: 500
No. of Bonds: 500
Chilango Bonds plc
Registered in England and Wales with Registration Number 09053156
of
33 Guacamole Drive, London,

W1S 1FD
Benjamin Christine
This is to Certify that
Is the registered holder of 500 Burrito Bonds in the above named company,
subject to an instrument of the said company.
Issued 9 June 2014
we like
you best!
Enjoy your
free burritos
32 33