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Fri 15th Jul 2016 - Meatcure cancels crowdfunding blaming Brexit uncertainty in part

Meatcure cancels crowdfunding blaming Brexit uncertainty in part: Meatcure has postponed its Seedrs crowdfunding campaign, blaming uncertainty caused by Brexit in part. The company told investors:  "We write to advise you of our decision to postpone our crowdfunding campaign that is currently live with Seedrs. It’s by no means a decision we’ve taken lightly. We have seen a nationwide industry change with the current economic market being somewhat uncertain after Brexit , this along with the uncontrollable delays in opening our Bedford site superseded by the wider economic circumstance we’re not going to hit the numbers we predicted. Therefore taking money off of people when the story has changed doesn’t sit well with us. We're not going anywhere though; we feel that a considered growth plan inline with our original ambitions is realistic and sensible. We’re still on target to self-fund our growth organically at a rate that ensures successful, efficient and profitable delivery of great restaurants to impressive market towns. This way we stay true to our staff, our customers and us. We have Bedford opening shortly and Hinckley in the autumn. Ultimately we want to do what we do and ensure that we deliver the best of Meatcure and tailored experiences in each of the locations. We would like to thank everyone one for their support and continue to look forward to sharing our story with everyone, please do keep in touch with us.  At least this way we now have the time to have a beer or a burger face to face with you." At the start of July, Meatcure passed the 50% mark in its £350,000 fund-raise as it looked to open five new sites in the next two years. The company, led by Paul Rigby and Rob Martyniak, was offering an 8.56% equity stake in return for the investment. Meatcure has three sites in the East Midlands – in Market Harborough, Leicester and Leamington Spa. The pitch stated: “Meatcure’s first three restaurants have already demonstrated there is a sizeable and profitable market in the East Midlands. This investment is designed to enable Meatcure to accelerate our expansion into nearby locations and market niches, ahead of potential pursuers, to establish Meatcure as the go-to brand in this space across the region, the country and the island. Meatcure did not invent the burger, but we do feel we do it in a particularly good way. This Seedrs investment will help fund five new restaurant openings in 2017/2018. So far, Meatcure has proved it can build a restaurant for £100,000 or less, sometimes a lot less. Our first unit in Market Harborough was launched for £82,000. Our current fit-out in Bedford is currently on track to match previous set-up costs and we feel likely to come in under £100,000 too. All of the Seedrs funding will be put towards opening new units, targeting less than £100,000 per fit-out, and accelerating our growth. All profits from new units will be reinvested.”

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