Daisy Green smashes Crowdcube goal in under two hours
The restaurant, which is known for its Australian brunches and artisan coffee, has raised £887,000 from 105 investors, making it 177% overfunded. The funding drive will end in 30 days.
Founders Prue Freeman and Tom Onions plan to use the equity raised to accelerate growth of the nine-strong group, targeting in particular sites near Liverpool, Tower Bridge and Canary Wharf.
In addition to the funds secured though Crowdcube, the group will fund its expansion having secured a debt finance deal worth £3.4m secured through UK bank OakNorth.
Its business plan predicts the company will grow to comprise 17 or more sits with revenues in excess of £25m within four years.
Founded in 2012, the restaurant group previously funded an expansion drive using a bond (the ‘Bondi Bond’) raised through a Crowdcube campaign, which it has now paid back.
It invested the money in technology systems; a 1,500 sq ft central kitchen in Paddington; and head office personnel in order to support its expansion drive.
Daisy Green currently operates sites in Soho; Paddington; Victoria Nova; central London; Little Venice; Broadgate Circle; the Royal Festival Hall; Regent’s Place; and Broadgate.
Late last year, the group launched two barge restaurants - Darcie and May Green - at the Grand Union Canal at Paddington Centra, painted with designs by British pop artist Peter Blake. Its largest site to date, Scarlett Green, launched in Soho in May.
