Australian-inspired slow cooked meat concept Pull’d has launched a second crowdfunding campaign to invest in a new site and roll the concept out across the UK.
The restaurant raised more than £100k last year to open its first London store on Cannon Street.
The latest campaign, also being hosted on crowdfunding platform Crowdcube, is targeting £350,000 in exchange for 36.42% equity.
Pull’d founder, former investment manager Sam Plumptre, said they want to build on their presence in the City of London and open the second site just outside of their current catchment area.
“We would also consider areas on the fringes of the City such as Farringdon, Clerkenwell, Old Street, London Bridge, Tower Hill and Canary Wharf; our key aim is to open in the vicinity of offices and benefit from high footfall,” he said in the pitch.
“As we would use the kitchen in our current site to service the new site (and as such only a small prep area would be required) we would are looking for a site that is relatively smaller and therefore likely cheaper.
“Our focus for 2016 is to launch our second site as quickly as possible. We have a large fixed overhead due our central kitchen which, if we are able to spread over another site, allows our first site to become instantly more profitable.
“A second site will also drive economies of scale across the business which will help gross margins and further increase the footprint of the brand.”
Plumptre said his vision for Pull’d was to “build a high quality, distinctive and scalable brand for roll out across London and the UK”.
“We have a proven concept and the past year has given us confidence that Pull’d has the potential to become an established high street brand.”
