Sourced Market, the hybrid London-based concept, has raised 85% of its £750,000 Crowdcube campaign within the first 24 hours.
As first revealed by MCA in May, the fundraise will support plans for a fifth site, in Eurostar Departures Lounge and a store at Citadines Apart’Hotel in Holborn – developing a partnership which started with the Citadines Barbican. The money raised will also allow the group to further its franchise ambitions, increase kitchen production capacity and make key hires. The group recently appointed Melissa Tomsett, previously of the Charlotte’s Group, as head of people.
The hybrid artisan deli and dining concept was launched by Ben O’Brien and Dan O’Neill in 2009 and has since raised £1m through a Crowdcube mini-bond and £700,000 from Pembroke VCT.
The group, which has four sites across London and a central kitchen, reported £6.4m turnover in the year to the end of April 2018, with a £888,000 EBITDA loss.
Speaking to MCA in May that London would remain the main focus for growth, but that he hoped to launch a regional site in a travel hub in the next two years.
On further expansion he added: “We are potentially looking at a site outside London in the next couple of years, most likely a transport hub, like a St Pancras format in an Airport location.
“Our ambition is to be nationwide, but the bulk will be in London until we are a bit bigger
On the forthcoming sites he said: “We did a small coffee+ format at the Eurostar departures lounge, and we’re looking to take it back later in the year on a more permanent basis. It will be an iteration of St Pancras, serving great coffee quickly, but it’s slimmed down to fit into a small space, with pastries, toasted sandwiches, and quality food and drink from the fridge take on the train.
“In Holborn they want us to do what we’ve done at the Barbican on a slightly bigger scale. We are currently working on the layout, but it will have twice the size of space available.
“We are working out the right format. Being flexible has worked in our favour. Each element we can expand or reduce to suit each location we go in.”
O’Brien said the group’s move into casual dining, the restaurant and bar concept Taproom in the basement Marylebone, could be replicated depending on finding the right site.
Precis
Sourced Market, the hybrid London-based concept, has raised 85% of its £750,000 Crowdcube campaign within the first 24 hours. As first revealed by MCA in May, the fundraise will support plans for a fifth site, in Eurostar Departures Lounge and a store at Citadines Apart’Hotel in Holborn – developing a partnership which started with the Citadines Barbican. The money raised will also allow the group to further its franchise ambitions, increase kitchen production capacity and make key hires. The group recently appointed Melissa Tomsett, previously of the Charlotte’s Group, as head of people. The group, which has four sites across London and a central kitchen, reported £6.4m turnover in the year to the end of April 2018, with a £888,000 EBITDA loss.
