Independent Australian coffee shop concept Beany Green has launched an £800k ‘Bondi Bond’ on Crowdcube to help fund its expansion to two additional prime central London locations.
Beany was founded three years ago by Aussie Prue Freeman and Tom Onions to provide City professionals with perfectly executed flat whites and bold healthy food. The chain now operates five individual central London locations including Broadgate Circle, Paddington, Marylebone, Regent’s Place and the Southbank.
The business has achieved solid top line growth over the last three years and currently boasts run rate revenue of circa £3m, with its founders insisting the operation been expanded carefully to achieve early profitability.
Beany is currently achieving run rate EBITDA (post central costs) of around £400,000 and expects to increase this to £1.1m by full-year 2018, with £600,000 coming from £700,000 existing locations.
The Bondi Bond is the first opportunity for investors to get involved with the group, which to date had been 100% funded by the founders and an “insignificant” bank loan.
In the first 24 hours since the bond’s launch, Beany has already raised in excess of its £300k minimum target.
The four year Bondi Bond, which carries an attractive interest rate of 11% per annum (paid semi-annually) also offers Beany enthusiasts impressive rewards ranging from artisan coffee and bottomless brunch to full blown cocktail parties for 40 guests, depending on the level of investment.
Beany founder, Prue Freeman, said: “As we have grown we have always sought ways to engage with our loyal and supportive customers and build a business with them at the heart of it. For us, it’s really special to now be able to connect directly through the Bond – to share the future and fun together whilst providing a return which we believe is attractive.”