Spice 2 Go, the quick service Indian takeaway group, has ceased trading at its four outlets and is seeking equity investment to move the company forward with an improved food offering with a focus on authenticity.
Abigail Moses marketing director at Spice2Go told M&C Report that the stores in Cardiff, Swansea and Bristol were trial sites that have now ceased trading; while a fourth site in Sidcup that was operating under franchise has also closed.
The business is now seeking equity investment and is hoping CEO Tej Randeva’s upcoming appearance on BBC’s Dragon’s Den will bring exposure to the fledgling company.
Randeva pitched for a £75k equity investment in exchange for a 10% stake in the company. He was unsuccessful but is continuing to attract outside investment to focus on food development and building the brand.
“We hoped to get investment from the Dragons to expand further but we will now use the platform of the BBC to get exposure. We are revising the whole business model but remaining as an Indian food franchise company. Ideally we would work with the investors who come on board,” Moses said.
Moses said developing recipes and harnessing buying power would aid the next development of the business. “Ideally we would like to have our own central kitchen and have more control over the food.”
Once the company has attracted equity investment it will seek franchisees to open Spice 2 Go outlets.
Spice 2 Go will appear on Dragon’s Den on BBC2 on 27 July.
