Budding pizzeria chain Pi has announced its plans to expand its UK presence after it surpassed its fundraising target with time still left on the clock to secure more funds.
Winchester-based pizzeria Pi has raised 116% of its £500,000 target on its Growthdeck private investor platform and is still open for further investment, offering a 30% equity stake in return for the investment. To date, 34 investors have pledged £582,016.
In the year to 30 April 2017 the business, which opened its second site, in Battersea, last month, achieved sales of £415,000 and an operating profit of more than £27,000. It is targeting two more London sites by 2020, opening at the rate of one a year.
The company is targeting sites of 50 to 70 covers that require £100,000 to fit-out in addition to lease premiums.
The company, which was founded by first time restaurateur Rosie Whaley in 2014, has also secured a £200,000 loan from a Chinese backer.
Gary Robins, head of investment at Growthdeck, commented: “The new Battersea site is such a great launch pad for the planned London expansion. The fact that a Chinese investor has committed funding to the company, and will play a role in it, is a very significant development.”