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Morning Briefing for pub, restaurant and food wervice operators

Mon 1st Jun 2015 - Filmore & Union launch crowd-funding push to raise £500,000
Filmore & Union launch crowd-funding push to raise £500,000: Healthy eating brand Filmore & Union has launched a crowd-funding drive on Crowdcube to raise £500,000 in return for 10% of its equity, valuing the company at £5m. Established in 2011 after identifying a gap in the health food market within the north of England, Filmore & Union is now operating at seven locations serving pure, natural and wholesome food both to eat in and take out – and wants to add more sites. With a Central Production Unit (CPU) to maintain consistent quality, it had turnover in 2014 of £3,145,000, which produced a negative ebitda of £44,111. For the year to March 2026 it is forecasting turnover of £3,810,546 and ebitda of £398,472. The pitch states: “Within our five year forecast we anticipate to have 30 sites with a group turnover of £20 million and would target an exit multiple in excess of 2x brand revenue. The Filmore & Union concept is built upon the ever-growing health conscious consumer. Currently located across the north of England, Filmore & Union provides pure, natural and wholesome food. Here at Filmore & Union we believe in using whole foods that are packed with nutritional value, as opposed to sugar-laden, processed products. Filmore & Union was founded on the idea that true health means making the best decisions for your body so you can live a healthier, happier lifestyle full of nutrient dense food to help your body support you. Filmore & Union was founded in 2011 by Adele Carnell a former wellness clinic owner and Will Pugh, a Michelin-trained executive chef. Born out of frustration at the lack of high-end healthy eating choices on the high street, the pair set out to create a chain of restaurants, cafes and a health-to-go range that provide a menu full of choices for intolerances whilst been free of preservatives and additives. During a visit to San Francisco in 2010, Carnell visited a number of inspiring restaurants, cafes and delis particularly on Union Street and Fillmore Street which is where the vision for Filmore & Union began. After many months of research and product development the first Filmore & Union restaurant opened in March 2012 in York City Centre. Since then six more sites have followed and Filmore has continued to grow in strength as a business. They are striving to be the ‘go to’ destination catering for all dietary intolerances without compromising on choice or quality. All food products are made in house using locally sourced, natural ingredients. This, along with buying in centrally enables Filmore to have complete control over product purchasing and costs.” In 2014 Filmore & Union founder Carnell invested £807,000 into the company for a new CPU, warehouse and head office to brig total shareholders investment to £907,000 – the company also has a bank loan of £130,000. So far, 21 investors have pledged £86,590.

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