Independent grocer Melrose & Morgan is reaching out to the crowd for a £250k investment to double its store portfolio.
The London-based premium grocer and food-to-go specialist has launched the crowdfunding campaign to fund two store openings in 2019.
Potential investors have been offered the opportunity to take a stake in the business, which is offering 12.2% equity based on a £1.8m pre-money valuation.
Melrose & Morgan has plans to expand its store portfolio to a total of 10 locations within five years.
The grocer, which was founded by Ian James and Nick Selby in 2004, also produces a range of own-brand products, stocked by Ocado, Selfridges and other independent stores.
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It is looking to secure its next two sites in north London “village-style neighbourhoods”, similar to its current locations in Hampstead and Primrose Hill. “We believe we have the right capacity in our existing business structure and with our central production unit to get to the next stage of growth,” said James.
“Very simply, funding will go towards opening two new stores in the following year and then we will look to follow that with more brick and mortar store openings.”
Sales in December 2018 rose 6% compared with the previous year, the retailer said, as it was also boosted by the relaunch of its online store.
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