Veritas Investments, owner of The Mad Butcher chain, may ask investors to come up with more cash for its next purchase.
The firm bought the butchery chain in May, effectively achieving a back door listing of the company on the stock market.
Veritas' chairman Mark Darrow says the board wants to buy companies that would complement the Mad Butcher business but it has proved no easy task.
Mr Darrow says while nothing is imminent at this stage, the firm has a number of options if it makes an acquisition.
"We do have in excess of $5 million in the bank, we also have banking arrangements that we can draw on in need and we can always come back to shareholders for a larger investment."
Meanwhile, Mad Butcher chief executive Michael Morton, who owns 40% of the company, says it is on track to open four new stores this year.
A new store opened in Palmerston North last month, one is set to open in Invercargill next month, a store in Kapiti will open in the next six weeks and sites in Nelson and Whakatane are also being negotiated.
The new stores have ditched the traditional red colour scheme in favour of a toned-down black and white, which Mr Morton says is a return to colours traditionally associated with butcher shops.