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Thu 25th Jan 2018 - Starbucks franchise co-founded by Ei Group director launches £1.1m fund-raise to support 20-site roll-out
Starbucks franchise co-founded by Ei Group director launches £1.1m fund-raise to support 20-site roll-out: Starbucks franchise Elite Coffee has launched a £1.1m fund-raise on crowdfunding platform Growthdeck to support the roll-out of 20 sites in east London in the next five years. The company is offering 24% equity in return for the investment. Elite Coffee, which was founded by Paul Harbottle, group commercial director at Ei Group, and Steve Evans, currently operates two Starbucks franchises in London, at the Excel Centre and the Royal Wharf development. The pitch states: “Elite has been granted franchisee status for the next ten years within the territory of east London and Essex and includes the key Docklands area. Six proposed new sites identified by Elite have been notified to Starbucks UK. The first new site, a full store at the new Royal Wharf riverside development, comprises 1,750 square feet and a 20-year lease has been signed that includes an exclusivity clause excluding the four major coffee brands from the site. This store opened in early November 2017. Heads of terms have been signed for the second new site for a five-year lease. The developers of four further sites have been approached and preferred units confirmed. Management has scheduled a roll-out plan to comprise four to five sites per annum over the next five years. The territory granted to Elite will provide opportunities for new sites in prime locations across east London. In addition to sites identified by Elite, Starbucks UK will provide opportunities for new franchises across the territory. The set-up costs for each store will depend on the style and model of the store and vary between £100,000 and £600,000. The most appropriate model for each site will be determined in co-operation with Starbucks UK.” Elite Coffee has forecast it will have five sites by the end of 2018, 13 by 2020 and 21 by 2022. Turnover for the year ending 30 April 2017 was £502,000 with Ebitda of £34,000. Elite Coffee forecasts turnover of £4,968,000 by 2020 with Ebitda of £1,003,000 growing to turnover of £9,109,000 with Ebitda of £1,843,000 by 2022.


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