Sourced Market set to smash latest crowdfund bid
The company is crowdfunding for finance to open a fifth site, in Eurostar Departures Lounge, as well as a sixth site in Holborn with its hotel partner. The funds will also help it develop an airport model, working with a franchise partner, increase kitchen production capacity and enable it to make key personnel hires, it says.
It has so far raised just over £648,000 through 98 investors with 28 days left on the crowdfund.
The concept, which was initially launched by Ben O’Brien and Dan O’Neill in 2007 as a music festival pop-up at events such as Lovebox and The Big Chill, previously raised £1m through a Crowdcube mini-bond as well as £700,000 from Pembroke VCT.
It opened its first site proper in 2009 in St Pancras.
Sourced Market currently operates four sites, in Marylebone, St Pancras Station, Victoria and Barbican and says that an average of 11,000 customers a week are served at its flagship St Pancras store.
Speaking to BigHospitality’s sister title MCA in May, O’Brien said that London would remain the main focus for growth, but that he hoped to launch a regional site in a travel hub in the next two years.
“We are potentially looking at a site outside London in the next couple of years, most likely a transport hub, like a St Pancras format in an airport location."
“Our ambition is to be nationwide, but the bulk will be in London until we are a bit bigger.”
Sourced Market reported a turnover of £6.4m in the year to the end of April 2018, with a £888,000 EBITDA loss.
