Grind to put overfunding towards extra site

Grind has said it will put the extra money raised from its crowdfunding towards an additional site should it hit £3.5m.

The coffee and cocktail club launched a £1.35m crowdfunding campaign earlier this month to help fund its six confirmed new sites, new coffee roastery and retail range Grind at Home. The crowdfund has gone into overfunding, raising more than £3.1m, close to its cap of £3.5m, with four days still to go.

David Abrahamovitch, founder and chief executive of Grind, posted on the Crowdcube page: "If we're able to reach £3.5m, we'll use these funds to build a bigger business than planned by opening one additional large format restaurant-bar (company operated, not franchised).

Grind reported annual sales of £9.4m in 2018, 19% like-for-like sales growth, and earnings before interest, tax, depreciation and amortisation of £300,000.

Founded in London's Shoreditch in 2011 by David Abrahamovitch and Kaz James, Grind now has 11 sites across central London. The group hopes to hit 17 sites by next April, with confirmed openings next month at Broadway Circle near Liverpool Street, later this year in Southbank Place and early next year in Canary Wharf.

Grind also has three franchise sites set to open this year with partner SSP in Victoria, Waterloo and London Bridge stations and is targeting 21 operated sites by 2022, 36 including franchised sites.

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