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Morning Briefing for pub, restaurant and food wervice operators

Tue 9th Jun 2015 - Tea pub chain, with backing from Iqbal Wahhab, launches on Crowdcube
Tea pub chain, with backing from Iqbal Wahhab, launches on Crowdcube: Brew, a new concept that is described as ‘a pub for tea’, has launched a crowdfunding drive on Crowdcube, looking to raise £180,000 in return for 27.8% of its equity. Its business plan forecasts turnover of £4,494,970 by the end of June 2019 with Ebitda of £853,740. The pitch states: “Brew treats tea like a serious drink and will have the feel of a pub but instead of offering pints of beer, serve pots of tea. Brew will also provide tea cocktails, as well as light food and cakes matched to the teas. It is backed by a team including leading food entrepreneurs Giuseppe Mascoli, founder of Franco Manca and Roast and Cinnamon Club founder Iqbal Wahhab is an investor. Albion Tea is on a mission to restore prestige to our national drink by converting (customers) to loose-leaf tea. Brew will tap into this nation’s love of a cuppa and add a twist by pairing it with alcohol and food. As well as tea, Brew will serve tea cocktails, such as Green Tea Martinis, light food and cakes, matched to the flavours of the teas. Open into the evening, Brew will combine the strengths of a great cocktail bar with the all-day trade of a cafe. Albion Tea will also aim to sell teas and the right equipment to make it through an online subscriber service. Brews plan to offer a social as well as financial return by providing work experience and job opportunities for ex-offenders through partnership with charities like Switchback and Bounceback. In December 2014, Albion Tea held a seven night pop-up. The positive response was overwhelming: 98 email addresses from customers ready to champion Brew and seven articles including ones in Time Out and Shortlist magazine. With successful completion of crowdfunding we should be ready to launch the first Brew in South London, opening this autumn. We aim to build on the first outlet by opening another Brew in East London a year later. Building on the experience of two successful outlets, we plan to raise further finance in 2017 and expand rapidly with directly-owned and franchised outlets across London and other major centres in the UK. To restore prestige to our national drink, Brew needs to scale rapidly across our country and beyond. To help achieve this, Albion Tea will act as the parent company to Brew. In Phases One and Two, Brew aims to establish a presence with two Tea Pubs in London, and then in Phase Three move to franchising and rapid growth. Once Brew reaches Phase Three, it will seek to raise a further large round of investment to enable its rapid expansion. At this point existing shareholders may be able to exit at a multiple in line with the scale of the expansion, or remain in the company as it grows across London and beyond.” So far, three investors have pledged £5,560. Those investing £10,000 or more will get bespoke tea blend named after them among other rewards.

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