Pizzaluxe Hits £300,000 Crowdfunding Target
Better pizza concept, PizzaLuxe has hit its crowdfunding target of £300,000
The crowdfunding campaign has hit investment of £373,580 from 129 investors so far. The target is £300,000 for 24.25% of equity offered.
The campaign was extended until 5th April to coincide with the end of the tax year and the target was lowered from £500,000 to £300,000.
The company hopes to use the investment to fund the expansion of PizzaLuxe and the refurbishment of existing sites. A third flagship store in Shoreditch is scheduled to open in Spring 2015.
PizzaLuxe believes it is ideally suited to non-traditional travel-hub and retail environments, due to the small footprint (c. 100-150 sq ft) and low capital intensity. It estimates that a significant Take & Bake/Heat & Serve business with up to 50 openings per year over 3 years 2015-2017.
The crowdfunding page on CrowdCube suggests £500,000 of investment will provide for two new openings during 2015, which will be targeted in Shoreditch (opening Spring 15) and a Central London food destination. Further core store openings are shown in the financial projections to take the estate to 12 units in 5 years.
PizzaLuxe was founded by the previous director of restaurants at Harrods, Paul Goodale.