Healthy eating company, Filmore & Union, are celebrating a successful crowdfunding campaign, which will enable them to accelerate their expansion plans.
Filmore & Union launched their campaign with Europe’s largest online crowdfunding platform, Crowdcube, in May this year with a target of £500,000. The company have now successfully raised a total of £931,960 from 317 investors in return for 22.28% equity. The total figure was more than £430,000 over their original target goal. The company’s success continues to prove the legitimacy of crowdfunding as a viable and valuable business resource.
The extra funding means that Filmore & Union is able to open more sites in a shorter space of time than initially planned, with a new site in Ilkley scheduled to open next week, followed by restaurants in Harrogate at the end of August, Beverley in September, and an extension of the company’s Wetherby based restaurant.
The company are also going to invest some of the capital raised on a brand new cold press machine, which is relatively new arrival to the UK from America, and retains more of the nutrients, fibre and protein from fruit and vegetables.
Filmore & Union’s director, Adele Carnell, comments: “We can’t believe we’ve managed to overfund by such a large amount, the response from customers and investors from across the country has been overwhelming and we want to thank everyone for their support during our journey so far. The majority of our investment has come from our customers which we are so honoured by and can’t wait to open up more Filmore & Unions across the region to meet their requests. Overfunding has meant we are able to speed up our growth which hopefully means investors will see a return quicker than planned.”
The company was founded in 2011 by Adele Carnell, a former wellness clinic owner, and nephew Will Pugh, a Michelin trained chef, who were both 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 a group turnover of £3.2million in 2014. Over the next three years, Filmore & Union’s turnover is expected to increase by £3.8million with their profit set to rise by 207%.