Beany was founded in 2012 by Aussie Prue Freeman and Tom Onions to improve the 9-5 by providing City professionals with perfectly executed flat whites, bold healthy food and real Aussie personality. Beginning life in a 1985 Ford Transit as part of the KERB street food collective, Beany now operates five very individual central London locations including Broadgate Circle, Little Venice (Paddington), Marylebone, Regent’s Place and the Southbank.
The business has achieved solid top line growth over the last three years (current run rate revenue of c. £3.0m) and has been expanded carefully to achieve early profitability. Beany is currently achieving run rate EBITDA (postcentral costs) of c.£400k and expects to increase this to £1.1m by FY18, with c.£600k coming from £700k existing locations.
The Bondi Bond is the first opportunity for investors to get involved with the group, which to date had been 100% funded by the founders and an insignificant bank loan. In the first 24 hours since the bond’s launch, Beany raised more than their £300k minimum target.
The four-year Bondi Bond, which carries an attractive interest rate of 11% per annum (paid semi-annually), also offers Beany enthusiasts impressive rewards ranging from artisan coffee and bottomless brunch to full blown cocktail parties for 40 guests, depending on the level of investment.
Beany founder Prue Freeman said:
“As we have grown we have always sought ways to engage with our loyal and supportive customers and build a business with them at the heart of it. For us, it’s really special to now be able to connect directly through the Bond – to share the future and fun together whilst providing a return which we believe is attractive.”
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