M Restaurants raises £1.3m crowdfund in just 24 hours
The group – headed up by chief executive Martin Williams ‒ launched its bid to raise £1.5m on the investor website Seedrs, for which there are now 144 investors listed. The crowdfund is set to close at the end of December.
The money raised will go to support the group’s goal of expanding the M Social concept, which Williams calls a ‘micro version’ of the main brand, and which is set to spread to smaller, outer London locations by 2017.
The rest of the funds will be used to add a private members’ lounge – named M Den ‒ to the group’s Threadneedle Street venue (the Victoria street site already has an M Den), and in supporting the business long term.
M currently has two sites – at Victoria Street and Threadneedle Street. Each site has a cocktail bar, wine bar, private dining spaces, while Victoria Street also has a wine store.
Williams said: “We have been overwhelmed by the response, with former Manchester United striker Andy Cole; Racing UK CEO Richard Fitzgerald and polo player/Merchant Hub President Thomas Kato just some of the others who have signed up.
“Our success has been built on making fine wines and world class steaks accessible; I wanted to reflect that in our fundraising and to invite our fantastic regular guests the opportunity to be a shareholder in their favourite restaurant.”
Investments to the crowdfund are being taken via the Seedrs website, which allows investments from £200 upwards, with the M opportunity offering a ‘double your money’ return deal, which is expected to mature in 2019.
