Bancone smashes £700,000 crowdfunding target
The group, which currently has sites in Covent Garden and Soho, launched the crowdfund on Crowdcube earlier this month with an aim to raise funds in return for equity to help kickstart the group's 'ambitious' plans for growth.
At the time of writing, the campaign has raised £729,865 from 652 investors.
Bancone (which means ‘counter’ in Italian) was founded by Will Ellner and David Ramsay in 2018 and was part of London's new wave pasta movement that also saw the emergence of brands including Padella and Lina Stores.
Having successfully survived the pandemic, the group says it now serves c. 4,500 customers weekly and regularly takes between £110,000 and £120,000 in turnover per week. It has recorded year-to-date sales of £3.8m with earnings before interest, taxes, depreciation and amortisation (EBITDA) of £53,000.
BigHospitality previously reported that Bancone was aiming to open 'a few' restaurants in 2023, with the group saying it is lining up potential sites in Borough, Battersea, Notting Hill, Shoreditch and The City.
"At Bancone we have a great, passionate, loyal community," Ellner previously told BigHospitality.
"What better way to help expand than to involve them. By owning part of the business they get to share in it's success. This will also inspire loyalty and increase the loyalty and advocacy of our customers.
"We are a profitable business - still in organic growth - and we are loved across the board, by media and diners alike. Due to Covid however, we’ve not been able to build up our cash reserves, and we have ambitious growth plans. Through the Crowdcube venture we have a chance to kickstart our growth plans."
