Sri Lankan restaurant group The Coconut Tree has launched an equity-based crowdfunding campaign to help take the brand to London.
The group, which operates nine restaurants and bars across the UK is expected to launch two restaurants in the capital in the coming months.
The business was founded by five Sri Lankan friends living in Cheltenham with the aim of making the authentic Sri Lankan eating experience mainstream in the UK.
Praveen Thanginah, Dan Fernando and Shamil Fernando are the head chefs, while the board of directors is made up of Mithra Fernando, Anna Garrod and Rodrigo Rashinthe.
The Coconut Tree offers small plates and ‘Cocotails’, served in a relaxed ‘island vibe’ interior.
As well as opening sites in Reading and Bath in 2021, the group runs restaurants in Cardiff, Bristol, Oxford, Cheltenham,Birmingham, Bournemouth.
The openings will mark the start of an accelerated expansion drive by the business, which will see it aim to grow its estate to an ambitious 50 sites and push its annual revenue from £6.7m to £70m by 2028 as it targets a valuation of £100m.
According to its crowdfund page, hosted by SeedLegals, the business has a pre-money valuation of £10m.
“This is just the beginning,” says Mithra Fernando in a video announcing the crowdfund. “We’ve got big plans and we want to invite our biggest fans to be a big part of it.”
As well as owning shares, those who invest in the business will be offered perks including discounts, free meals, merchandise and invitations to future restaurant openings.
