Simple Health Kitchen, a UK-based restaurant with a mission to make London a healthier place, has successfully raised over £1 million in funding through its equity crowdfunding campaign on Crowdcube. The restaurant launched the funding round last month, originally seeking £750,000.
According to its founders, SIMPLE was “born” from the frustration of not being able to get high quality, affordable healthy food on the go.
“In 2016, we launched our first quick-service restaurant in St Paul’s and it was an instant success with queues outside the door and then we got the message; people don’t always want sandwiches, they want simple, healthy & delicious food at affordable prices.”
The company further noted that since opening, it has been growing revenues at 50% per year and it now has over £240,000 average monthly revenues and a 12% EBITDA margin, group revenue for the last 12 months (Nov 19-Nov 20) was £2.9 million (EBITDA £357,000).
“SIMPLE benefits from the growing trend of healthy eating & lifestyle, supported by plant-based diets and recognition of food intolerances and allergies. Our dedicated central kitchen allows us to begin our recipes from scratch, ensuring we know exactly what goes into our food. We are also predominantly dairy and gluten-free, and we don’t use refined sugars.”
Funds from the Crowdcube round will be used to continue the growth and expansion of the SIMPLE restaurants. The company is now offering 9.17% in equity at a £10 million pre-money valuation. The SIMPLE team added:
“We plan to open 8-10 delivery hubs around London allowing almost anyone to order food from SIMPLE within 30 minutes. We are also increasing our healthcare focus, and are in the process of launching an innovative meal subscription plan which will be directed primarily to nutritionists, doctors & personal trainers.”
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