Burning Night Group, the Leeds based bar operator, has raised more than £4m in a peer to peer lending campaign due to close tonight.
The group, which owns the unique Bierkeller, Shooters and Around the World three-venues-in-one concept, launched a CrowdstackerPeer to Peer loan (P2P)-based fundraiser towards the end of 2016.
The fund, which closes at 11pm tonight, offers investors a 7% interest return, with a minimum investment of £500 and a choice of rewards perks packages for those putting in £2,500 or more.
Loans are over a period of three years, and money can be invested via the tax efficient Innovative Finance ISA – introduced by the Government in April 2016 – or Personal Savings Allowance, allowing up to £1,000 in interest to be earned tax free.
The campaign allows the company to push ahead with plans for expansion into further city centre locations.
Allan Harper, chief executive of Burning Night, said: “With interest rates so low at the moment, P2P investments are a great option for people wanting better returns and so it made sense for us to use that route because it allowed us to directly involve current loyal customers, and potential ones, in our future plans.”
Early this month MCA reported Burning Night Group was eyeing 1520 new openings over the next 12 months, which could involve different combinations of its various bar concepts.
Chief executive Allan Harper told MCA that the group’s fivestrong Bierkeller Entertainment Complex, which include a threeinone Bierkeller, Shooters and Around the World bars, could be split up and opened in smaller towns where larger sites are not available.
Also included in the 15-20 site target is sister concept Potting Shed Bar and Garden, the rural gastropub brand the group manages and owns shares in with Downing LLP, with around seven planned over the next 12 months, including two forthcoming in Yorkshire.
The group also recently unveiled another venture with Downing, FirePit Smokehouse & Sports Bar, which will open in Bingley, with plans to take the bradn nationwide.
Harper added: “The FirePit concept is new for us, but it’s a look and a style which we believe works very well and offers customers something a bit different which they’ll really enjoy.”