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Tue 22nd Jul 2014 - Aveqia launches crowd-sourcing fund-raising on Crowdcube
Aveqia launches crowd-sourcing fund-raising on Crowdcube: Aveqia, the Swedish interactive restaurant brand founded by Michelin-starred chef David Berggren that allows groups to cook with Michelin-starred chefs and ‘bond through a shared gastronomic journey’, is crowd-funding on Crowdcube with a view to raising £300,000 in return for 10% of its equity in the UK arm. The pitch states: “The Aveqia brand first opened in Stockholm and now have their eyes on the London market through their new company, Aveqia Farringdon with their first restaurant currently located by St Paul’s Cathedral. The Swedish proof of concept has welcomed corporate guests from Goldman Sachs, Deloitte and JP Morgan amongst many more. The flagship venue in central Stockholm houses six kitchens and a capacity of 160 guests per session, with the smaller Gothenburg site accommodating half of that. The two venues entertained approximately 12,000 guests between them in 2013. In Stockholm, revenue per person amounted to an average of £150 in 2013 and the total revenue reached £1.6 million with an EBIT margin exceeding 22%. Stockholm is a city of about 1.4 million inhabitants compared to London with 11.9 million – the London market houses great potential and could be expected to be seven to eight times larger than the Stockholm market. With the first UK flagship venue up and running at St. Paul’s, efforts for the future will be focused on reaching full capacity and maximizing profit. A successful round on Crowdcube should give Aveqia UK the financial room to wholeheartedly focus on marketing, brand-building and developing client relationships. When initial goals have been reached at the flagship venue at St. Paul’s, Aveqia’s attention will shift towards establishing additional flagship venues in new locations, first in London and then other major UK cities.” The Aveqia business plan shows turnover of £9,949,253 by June 2017 with pre-tax profit of £1,840,171 and Ebitda of £2,618,241. The pitch adds: “We believe that a likely exit strategy is either a strategic sale or an IPO. Interested strategic partners/buyers are likely to be found among hotel chains/operators, travel agents/tour operators, cruise-lines, companies in the hospitality sector or financial institutions. Most of these actors can find very interesting synergies between their own and the Aveqia business, as soon as Aveqia gets some critical mass in the market place. The management team of Aveqia fully understands the importance for investors of liquidity and would like to achieve a ready market for Aveqia shares within 5 year at the latest, but preferably after Year Three. The base-case presented in this material is based on a total of five Flagship units and 30 “Aveqia At…” units by the end of the fifth year. If the plan has been implemented with satisfactory results over the first two years, management will consider increasing the speed of new openings, based on external bank financing. This can obviously increase the speed of growth and profit. The present valuation of Aveqia is £3 million. Following the base-case and with an Ebitda multiple of ten the value of the company after year five would be about £39 million.” Founder David Berggren was formerly chef to The King and Queen of Sweden. UK general manager is Michelle Cruz Garlick, who has worked at Feng Sushi. Investors who invest £50,000 or more are invited to bring up to nine guests to an exclusive evening at Aveqia in the Krug Kitchen. The pitch adds: “Guided by top Michelin star chefs the Krug experience promises to be a true journey of the senses culminating in a four-course feast with selected Krug Champagne to every dish.” The Aveqia restaurant at St Paul’s is located on St Bride Street – it features five state-of the-art, kitchen and dining room studios accommodating up to 80 guests, as well as a private bar and lounge.
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