With 25 days still left on Crowdcube, Ben’s Canteen has already surpassed its target goal by 48 percent and continues to show incredible promise on the crowdfunding website.
With two London restaurants located in Wandsworth and Earlsfield, Ben’s Canteen offers an alternative option to the pub; with the informal spirit of a great bar, but instead of tap beer and Sky Sports there are delicious burgers and exciting wines to target their primarily female client base.
The canteen has proved to be as popular as it appears on Crowdcube – they serve an average of 2,000 customers a week, were voted Best Restaurant in Wandsworth in the Time Out Love London Awards 2015 and 2016, and have a social media following in excess of 21,000 and an email database of 8,000.
Already hoping to open another restaurant this year in Battersea, Ben’s Canteen are aiming for sales in excess of £2 million in the next financial year and maintain their position as one of the Top Brunches in the capital, “with top-notch coffee and what we know to be some of the best Bloody Marys in London.”
Having raised previous funds from friends, families and existing shareholders, the Ben’s Canteen team will use this round of shares to fit-out and buy equipment for the Battersea Power Station restaurant and for working capital.
In regards to the exit plan, founder and MD Ben Walton hopes to have ten restaurants open before considering an exit.
“Whilst we would consider further equity investment to fund this expansion if appropriate, we anticipate a mix of free cash flow and debt to be the main vehicle for further expansion.”
Ben’s Canteen has raised over £370,000 from 224 investors and still has 25 days left on the crowdfunding website. They have a pre-money evaluation of £800,000 and offer an equity of 31.66 percent.