Three Joes, a UK-based sourdough pizza restaurant chain, has successfully secured its initial £400,000 funding target on equity crowdfunding platform Crowdcube. The company reported it opened a pilot Three Joes sourdough pizzeria in Farnham, Hampshire in August 2017 and then approved the concept of its second restaurant, located in Winchester, in July 2018. Three Joes is on a mission to serve the best pizzas in the world and loves sourdough.
“We think sourdough pizza is the next big thing with Franco Manca now operating 44 restaurants. We install a wood-fired oven in every restaurant and make sourdough freshly every morning. Customers love this authenticity and Three Joes enjoys a 95% ‘excellent’ and ‘very good’ rating on TripAdvisor. We believe authentic, sourdough pizza will replace pizza chain pizzas made from white flour dough and cooked in electric ovens. Just like barista-made coffee has replaced instant coffee.”
Three Joes also reported that its founders have previously opened 78 restaurants between them and plan to open three more restaurants within 12 months.
“We believe this creates amazing property opportunities for brands like Three Joes and we have three fantastic new sites under review in high footfall locations.”
Funds from the Crowdcube round will be used to continue the growth and development of the Three Joes restaurant chain. Three Joes revealed it has been offered a potentially fantastic new restaurant site in the South East with the landlord offering to contribute 80% of the cost of fit-out, which will be circa £420,000.
“We represent the ideal proposition for landlords at the moment. Three Joes is a trendy, new brand in the restaurant space but with a management team that has opened over 85 restaurants. Landlords want new brands in their developments but they can’t justify contributing large capitals sums to inexperienced management so we find ourselves in a unique spot.”
The campaign is set to close at the beginning of February.
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