London Cocktail Club has abandoned its crowdfunding campaign, saying it had received several approaches from outside investors.
The currently five-strong group was aiming to raise £750,000 through Crowdcube to treble in size by 2020.
It had raised £231,010 with 14 days to go, with backing from 155 investors.
In a message to investors the group said: “We are going to be pulling out of the campaign early. This is because we’ve received a number of exciting offers of finance outside of the site which are too attractive to ignore (keep your eyes peeled for some exciting new openings coming this year!! :)”
It comes days after Pact Coffee, a London startup, cancelled its campaign saying the crowdfunding community “couldn’t support our future plans and finance strategy in enough numbers to close the round”.
London Cocktail Club had offered 7.5% equity in its Crowdcube campaign.
The company said it aimed to acquire new sites in “areas of London where millennials tend to work and where dead spaces and old buildings are rapidly being converted to new uses”.
Targets include the City, Old Street, Soho, Covent Garden, Farringdon, and King’s Cross. Further afield, it said it would be “targeting the high streets in areas where millennials tend to live, and where older pubs and bars are giving way to new experiences that better suit their tastes” – such as Kentish Town, Camden, Stoke Newington, Bethnal Green, London Bridge, Brixton, Clapham and the SW, Shepherds Bush and Ladbroke Grove.
