Notes, the London-based coffee shop and wine bar concept, has said exceeding its crowdfunding target will give greater flexibility in terms of site locations and expansion, M&C has learnt.
The group, which has raised £859k of its £600k target on Crowdcube, has offers on two sites with one expected to open later this year and the other in spring 2015 according to co-founder Ed Halfon.
Exceeding the target by 43% with three more funding days remaining means Notes will be able to refinance its debt package in the coming year and invest in other areas of the business, including a marketing platform and new website.
A site is being sought to move the roastery that could happen “quite quickly,” as well as the two new coffee and wine bar sites.
Halfon said Notes was pleased with the response to the campaign and the customer support but it is not looking to raise any further equity in the coming four years.
The Crowdcube pitch outlines three additional sites in the next 12 months before ramping up expansion to five sites each year from 2016.
For the time being the group is not considering regional openings but Halfon said “there is huge potential to grow” with the dual models within London and is not limiting how big it could become.
