On Friday, UK-based artisan produce market, Sourced Market announced it is extending its Crowdcube initiative after achieving its original £750,000 goal.
Sourced Market is seeking to use the capital raised to bring the best of Britain’s small, artisan producers to prime locations in Marylebone and Victoria in 2016 – sites which have already been secured. Expansion of Sourced Market will then continue well into 2017 with a further two markets planned.
The company noted that over 12,000 customers, commuters and tourists a week enjoy the very best of British produce and products at the flagship site. In 2014 it achieved £2.8M in revenue and its sales are currently 14% higher than they were for the same period last year.
Sourced Market is offering a customer bond with an annual interest rate of 8% payable in two equal instalments every six months with the principle repayable to investors after four years. The company previously secured £750,000 through Crowdbnk for the opening of a second site as well as the refit of the original St Pancras site and additional money over the original target will accelerate their expansion plans.
After surpassing the initial goal, co-founder of Sourced Market, Ben O’Brien, stated:
“We are thrilled to have secured all of the £750,000 ahead of schedule. The support that has come in from our existing network and new investors has blown us away. We’ll repay that loyalty by wasting no time in pushing ahead with our plans to set up new markets and continue to bring our high quality, locally sourced artisanal produce to even more people.”
The Sourced Market teamed shared:
“Following our recent coverage in the media in City AM and the Telegraph we have seen increased interest in the Sourced Market bond. We’re also aware that many of you are pretty busy in the run up to Christmas. Taking these two facts into account we have decided to extend the bond until the end of December.”
The campaign is now set to close on January 1st.
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