Yorkshire based healthy eating company, Filmore & Union, have announced growth plans to expand the business in to the North of England with the launch of their first crowdfunding investment campaign this week.
Filmore & Union, an independent chain of healthy eating cafes and restaurants, is hoping to raise £500,000 for a 10 per cent equity share through Europe’s largest crowdfunding investment platform, Crowdcube, to enable the company to continue to expand and open further sites across the North of England.
The family run company, which had a turnover of £3.2million in 2014, is the first Yorkshire business to pitch on Crowdcube and has already raised £86,590 from 21 investors.
Filmore & Union have anticipated to have 30 sites with a group turnover of £20million in their five year forecast and would target an exit multiple in excess of 2x brand revenue.
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.
The healthy eating brand was founded in 2011 by Adele Carnell, a former wellness clinic owner, and Will Pugh, a Michelin trained chef, who were frustrated at the lack of healthy, unprocessed food on the high street.
The duo went on to open their first café and restaurant on Low Petergate, York, in March 2012 and now operate from 7 sites across Yorkshire, with three more planned to open in the next 3 months in Harrogate, Ilkley and Beverley.
Filmore & Union founder, Adele Carnell, also invested £807,000 into the company in 2014 for a new CPU (Central Production Unit), warehouse and head office in Wetherby to facilitate the expansion and plan to use the £500,000 Crowdcube investment to continue their growth.
Mrs Carnell, said: “This is such an exciting time for us and will be a pivotal turning point for the company. We’ve grown Filmore & Union from scratch but we now need help funding the growth of the business which is why we’ve launched a crowdfunding campaign.
“We can’t thank everyone enough for their continued support over the years and we hope that customers, friends and members of the public will share our vision and join us on our journey to become the leading healthy eatery in the North of England.”
Craig McKenna, Crowdcube’s investment manager for Scotland and the North of England, said: “We’re delighted to have Filmore & Union on board and are looking forward to working with such an interesting and dynamic business.
“Yorkshire is an important area of growth for us at Crowdcube so Filmore & Union will set the standard for what’s to come. We wish them all the best in achieving their campaign goals.”