Gary Usher launches first-ever equity crowdfund

By Joe Lutrario contact

- Last updated on GMT

Gary Usher launches first ever equity crowdfund

Related tags: Gary usher, Elite Bistros

Chef restaurateur Gary Usher’s first-ever equity crowdfund has raised 17% of its £750,000 target in under 24 hours.

Usher is a pioneer of the crowdfunding model in restaurants but has until now offered users rewards rather than equity, with most of his finance coming from supporters effectively buying their meals in advance. 

At the time of writing, Usher has raised £133,940 from 327 investors. 

According to information on crowdfunding platform Seedrs,​Usher’s Elite Bistros company will use the cash to continue to diversify the business. 

This will include the launch of the group’s first pub - The White Horse pub in Churton, Cheshire​; development of a new concept called Joya Tapas; and further development of its first product line for retail and commercial sales.

Elite Bistros centralised production kitchen already produces and supplies large quantities of red wine jus and gravy to the bistros but Usher hopes to introduce the product into the B2B commercial retail sector and ultimately into the B2C domestic retail sector.

Usher says that his business had enjoyed many successful years running six award-winning restaurants and has achieved growth almost year on year since inception with yearly revenue last clocked at £5.3m. 

Elite Bistros sites are concentrated in the North West and include Sticky Walnut in Hoole, Burnt Truffle in Heswell, Wreckfish in Liverpool and Kala in Manchester.

The group also continues to run a successful meals kits business, Elite Bistro at Home, which generated £200,000 over the 2021 Christmas and New Year period alongside an event catering business.

Related topics: Business & Legislation, Casual Dining

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