Cambridge pub and restaurant operator Cambscuisine has launched a £550,000 equity raise on the SyndicateRoom platform as it looks to expand its Smokeworks concept.
It is looking to open two or three new Smokeworks sites, in regional towns, over the next year, and is considering the possibility of franchising the concept further down the line.
The group has also appointed Casual Dining Group chief operating officer, James Spragg, who is the group’s lead investor, to the board to help drive growth. Dominic Anthony, of accountancy firm BKL, has also joined the board as lead financial advisor.
The business currently has nine sites – four country-dining restaurants in villages surrounding Cambridgeshire, and five restaurants in the town: two Chophouses, two Smokeworks and modern brasserie called Millworks.
“We have built a central kitchen specifically to grow this unique brand [Smokeworks],” said managing director Oliver Thain. “We have already found sites in town and regional towns and we are doing due diligence already – so we are ready to go with Smokeworks.”
In addition, Thain said it wants to become “the sole operator of pub restaurants within, at present, three towns and small villages that are developing around Cambridge”. He said Cambscuisine had developed relationships with developers Urban & Civic in Alconbury Weald and Waterbeach, and with the university at Eddington.
Thain said the £8.5m revenue business had a nimble and consolidated workforce and knew the local area really well which gave it a competitive advantage.
“We have traditionally grown the business upon raising capital against our two major assets – The Cock (Hemingford Grey) and The Crown & Punchbowl,” said Thain. “This equity raise should enable us to develop the opportunities that are coming are way and enable us to accelerate our growth.”
In preparation for growth, Cambscuisine has also strengthened its board with two new appointments. James Spragg, chief operating officer at the Casual Dining Group has joined as a non-executive director, and lead investor, and Dominic Anthony, a partner at chartered accountant and tax adviser BKL, has been appointed board financial advisor.
He added that it would be great to add another freehold or two to its portfolio in the next four to five years, “as they add really good long-term value to the business”, and that the development of a “smoked pub concept” could give the business the opportunity to develop a freehold site in a country location.
Cambscuisine is also just about to add another four rooms to The Crown & Punchbowl, taking its total to nine.
