Less than three years after securing £253,540 from its first equity crowdfunding campaign on Crowdcube, The Good Egg has returned to the funding platform to raise £500,000 as it prepares to open second restaurant site.
As previously reported, The Good Egg was inspired by Californian deli Wise Sons and has not only drawn the attention of London brunch lovers, it has been noticed by various UK media outlets such as London Evening Standard, Huffington Post and Time Out London. The restaurant now serves an average of 1,200 customers a weekThe restaurant’s staff revealed:
“We serve up colourful Jewish deli and Israeli-inspired brunches, bagels, pitas and small plates, with a dinner menu designed to get guests sharing, all alongside a drinks menu of classic American cocktails, craft beers and natural wines. We carefully source ingredients from sustainable producers whose ethos is in line with our own. From serving our brunch favourite Shakshuka (voted London’s best in 2014) at sell out markets, pop-ups and residencies all over London, we felt that London was crying out for an all-day neighbourhood Montreal-deli-meets-Israeli street-food offer.”
While sharing details about where the funds from the campaign are going towards, the crew stated:
“Our next restaurant business model is based on a location in the heart of Soho in London’s West End, with all-day traffic and consistent industry margins. There are economies of scale to benefit from with a single floor operation, with industry consistent and static overheads in the new site. Funds raised will be used for Capex and pre-opening costs for our second restaurant site, a full breakdown of which is included in our finance model. This represents the realisation of a dream, fulfilling many aspects of the business that we have had on hold in site one, such as our extended bakery offer. Commercial finance facilities are also in place.”
Since its launch, the campaign has secured more than £200,000 from nearly 100 investors. It is set to close at the end of October.
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