Less than two weeks before its equity crowdfunding campaign was set to close on Crowdcube, Pomodoro e Basilico’s CEO and Founder Sara Mittersteiner announced that advisors Emilia Leese and Kip Dorrell are no longer actively involved in the vegan restaurant’s development. At the time of the announcement, Mittersteiner stated:
“After discussion with Emi and Kip, it has been decided that they will no longer be actively involved with the governance of Pomodoro e Basilico. Both have extensive business and other interests and need to consolidate these in order to focus on their respective key priorities. This change does not alter my ambition for Pomodoro e Basilico and I will continue with our existing growth and development strategy unabated. At the right time I will further review our advisory needs and introduce new people to our board as appropriate.”
Unfortunately for the restaurant, this change up has reportedly caused some investors of the Crowdcube initiative to pull their investments, causing the campaign to no longer be surpassing its 150,000 funding target. Mittersteiner addressed this on Tuesday:
“It was very expected that some people may have concerns regarding my previous update and it is understandable that those who were closely connected to both Emi and Kip in particular have decided to remove their investment in Pomodoro E Basilico. I hope I have addressed any outstanding concerns that anyone may have had around that update however If anyone would like to discuss this further, please do get in touch and I’ll be happy to answer any questions you have and put your concerns to rest.”
She then noted:
“I want to emphasise that I remain 100% positive regarding this campaign and its success. I am a firm believer that things happen for a reason and the conversations that I’ve had with potential new advisors so far have been very encouraging. I’m committed to putting an excellent replacement advisory team in place. I’m also confident that the skills I’ve acquired over the past four years of running Pomodoro as a sole trader make me best placed to take the lead on this venture.”
As previously reported, Pomodoro e Basilico was founded in 2014 and notably has a vegan artisan food stall and has been featured by celebrity chefs and major news outlets. It now sells in food markets, retail, festivals and online. It also hosts popular support clubs by providing catering.
“At the heart of our business is a popular vegan deli-bistro, born with the aim to fill a gap in the market for great, Italian inspired, vegan delis. We have a strong and loyal customer base with some celebrity support and significant media exposure. It’s now time to open our first fixed premises in the heart of London.”
Funds from the Crowdcube campaign will be used to secure a location in central London, including refitting costs, salaries, marketing, equipment, furnishings, insurance, accounting services and 6 months working capital. The campaign is currently set to close on Saturday.
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