Sourced Market reaches 61% of £750k crowdfunding target in 10 days

18 November 2015 by
Sourced Market reaches 61% of £750k crowdfunding target in 10 days

Sourced Market, the artisan produce shop, delicatessen and café in London's St Pancras station, has raised 61% of its £750,000 crowdfunding target in just 10 days.

The brand, which was founded by Ben O'Brien and Dan O'Neill in 2007, launched the bond on online investment crowdfunding platform CrowdCube, to help raise between £750,000 and £1.5m in a bid to open already-secured sites in London's Victoria and Marylebone next year, and more into 2017.

Having only launched on 9 November, at the time of writing the bond has already raised £458,000 across 84 investors, and has 31 days left before hitting its deadline on 19 December.

The company is offering a minimum investment option of £500 per investor, offering an 8% interest rate across a four-year term. Other "thank you" rewards will include luxury hampers, invitations to events, and branded discount "Blue Cards" to its shops.

Sourced Market originally began as a musical festival stall selling produce from independent food producers across events such as Lovebox and Secret Garden Party. It opened its permanent St Pancras location in August 2009, and in 2014 received a £700,000 investment from Pembroke venture capitalist trust (VCT) to help fund the site's expansion, which is expected to begin in early 2016. Post-refit, the site is expected to have 95 covers, with the delicatessen, craft beer and wine offer representing around a third of the company's business.

The new expansion drive will also see the group enhancing its menu across breakfast, lunch and dinner, with a wider range of grab-and-go options and a dine-in, 49-cover area to the right of the market. The menu will have an ever-increasing focus on local ingredients, including Cobble Lane Cured charcuterie and Wildes Cheese.

Co-founder O'Brien commented on the new bond, saying: "This is a fantastic opportunity for our growing and loyal customer base, and members of the public, to participate in our growth story and in turn, the growth of the small suppliers we stock. Having secured truly prime locations in Marylebone and Victoria, the proceeds of this investment will bring high quality, locally sourced artisanal produce to a much wider audience."

Luke Lang, co-founder of Crowdcube, added: "On Crowdcube, over £30m has been invested in businesses from the food and beverage sector, so we're pleased to be able to offer our crowd of over 220,000 the opportunity to invest in Sourced Market."

The group is appearing to thrive; in its most recent financial results to September this year, its sales were 14% higher than the same time last year, with an EBITDA (earnings before interest, tax, depreciation and amortisation) of £372,000 in 2014-15.

Sourced Market to open its first fixed site at St Pancras >>

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