Porky’s, a five-strong London-based operation owned by restaurateurs Simon and Joy Brigg, is seeking to expand, and launched its campaign on online funding website Crowdcube.com on 1 June. To date it has already secured pledges up to £102,020, with the largest so far at £88,000.
All backers will receive equity in the business and prize incentives if the business succeeds in its campaign – including A shares for those offering over £10,000 investment ‒ although in line with all online crowdfunding, Porky’s will receive no money if it doesn’t reach its target before the 30 June deadline.
A Memphis-inspired group with sites in Camden, Shoreditch, Bankside, Crouch End, and Chelsea, the company is looking to open two more locations this year, forecasting an average turnover of £100,000 per site.
With a focus on ‘low and slow’ cooked BBQ pork and other meat dishes, Porky’s BBQ also serves sandwiches, burgers, and a range of sides such as BBQ beans, jalapeno corn bread, sweet potato fries and green chilli slaw.
Commenting on the online campaign, Simon Brigg said: “This is a really great confidence boost for us and other potential investors. This is a really exciting process and we are confident about meeting the business targets that we’ve set for our investors. It’s great to open up the opportunity to involve more people at this stage.”
Crowdcube is an online funding platform that invites investors to pledge amounts in return for equity, shares, and other significant prizes. It differs from other sites such as Kickstarter, which instead invite donations of any size from any members of the public and usually offer smaller rewards such as merchandise or vouchers rather than shares.
Crowdcube in particular gained fame within hospitality after it helped craft beer company Brewdog set up its Equity for Punks investment scheme.