The London Cocktail Club (LCC), which comprises of five London cocktail bars, has launched an equity crowdfunding campaign on Crowdcube to raise £750,000 to help continue its expansion.
Founded in 2008 by JJ Goodman, a winner of the world cocktail championship and James Hopkins founded LCC after winning BBC’s The Restaurant, the Club’s bars reportedly have their own distinctive identity, atmosphere and spirit speciality. The company was founded on these ideas:
- Take empty basements that nobody else wants and we turn them into destinations
- Take recipes that nobody else dares to imagine and we turn them into legendary drinks
- Take outrageous personalities and we turn them into world-class bartenders
- Take unemployed youngsters who were never given a chance and we bring them into the heart of our team.
It was revealed:
“Each bar typically has a capital cost of £260,000 (excluding any lease premium) and reaches maturity in under two years. At that point a typical bar would have sales of £600,000 with a typical profit of 25%. Some bars (e.g. Oxford Circus) are larger and cost more but offer higher cash profits. After this fundraising and with three new mature bars, annual cash generation is forecast to be around £1.1m which would be available to finance further expansion.”
Goodman stated:
“Those insane, unbelievably awesome nights out with your mates you’ll never forget, the tunes, the banter, the incredible drinks… the electric atmosphere… To recreate that was my dream and that is what The London Cocktail Club is built upon.”
He also shared:
“It’s an incredible opportunity to make our family bigger and give our actual fans the chance to be a part of it. Our core values are all about serving everybody so we loved the idea that our customers can become our investors – what better way to grow our family than to allow everyone to get involved? It was a no brainer.”
Funds from the campaign will be used to open three new bars. The campaign is set to close at the beginning of April.
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