Coffee specialist Grind exceeds crowdfunding target after signing deal with travel caterer SSP

Industry
24/11/2017 - 07:00
Grind, a chain of coffee and cocktail focused cafes and restaurants around London, has passed its crowdfunding target of £750,000 within a day of launching it.

The company set up a page on Crowdcube offering 4.15% equity in the business in order to fund its plans for ten new restaurants in the next five years. As of yesterday (23 November) it had raised £779,610 from 370 different investors- 103% of its original target.

The launch came shortly after the announcement that Grind had agreed a contract with travel catering specialist, SSP, to bring its concepts to airports and train stations.

Grind is hoping to open 15 café-bars in travel hubs across the UK & Europe as part of the deal.

David Abrahamovitch, chief executive of Grind, said: “We have always been about serving high quality coffee and cocktails to busy Londoners who demand the best – and we’re incredibly excited to be partnering with SSP to bring Grind into airports and train stations nationally for the first time.”

SSP UK & Ireland chief, Simon Smith, added: “Grind is an outstanding brand and we are delighted to be able to include it in our brand portfolio.

“The concept is great for the travelling consumer looking for excellent coffee and food, as well as for locals who want to grab a drink or a bite to eat. It is the ideal complement to our other coffee brands.”

Grind’s Crowdcube campaign is the company’s second venture on the platform after its first, in 2015, raised £1.3 million, helping enable it to grow its estate from one to ten.

Established in 2011 by Abrahamovitch Grind, reports that its like-for-like sales are up 31% for FY2018, with run rate sales of £8.5m.

With its its 'trademark' espresso martini, a roastery and a recording studio in the trendy Hackney district of Shoreditch and a late night club/bar in Clerkenwell, Grind has quickly built up a strong following from celebrities fans and business.

Leading fashion magazine Vogue commented on its website that Grind was “rapidly taking over London”, while the main image on the company’s website is a picture of one of its store fronts accompanied by a quote from singer/songwriter Sam Smith, saying “I f******g love this place".

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