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AfricaMoney | October 18, 2017

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AngelBerry makes crowdfunding pitch to support 100-store expansion

AngelBerry makes crowdfunding pitch to support 100-store expansion

The UK-based frozen yoghurt retailer has franchises across Mauritius malls – Riche Terre, Bagatelle, Jumbo and La Croisette. (Image: Company)

UK-based frozen yoghurt retailer AngelBerry, which has franchises across Mauritius malls (Riche Terre, Bagatelle, Jumbo and La Croisette), is looking at raising a minimum of £150,000 (around Rs 7.50 million) through crowdfunding in exchange for 9 per cent of the business.

According to a Crowdcube pitch by AngelBerry co-founder Ryan Pasco, the company will use the funds raised to exhibit at trade shows, increase stock and improve company infrastructure.

Investors that pledge at least £100 (around Rs 5,000) will receive a 10 per cent discount card for three months, while those that pledge more than £50,000 (around Rs 2.5 million) will get unlimited frozen yoghurt for the duration of their shareholding, along with AngelBerry merchandise, a tasting course and a portable AngelBerry store at an event of their choice.

AngelBerry has contracts signed with an unnamed ‘large organisation’ to open 50 AngelBerry stores over the next three years. Further store openings are also planned in the near future.

Pasco explained that if the company hit its target of 100 stores worldwide by October 2016 the business could be sold for approximately 8x EBITDA. The valuation of the company would be approximately £13.8 million (around Rs 690 million).

In that case, possible exit routes include sale to food groups such as Yum Foods, global franchise operators or private equity groups. AngelBerry promoters are looking to sell the company in the first quarter of 2017, Pasco concluded.

AngelBerry was founded in 2011 and currently has six stores. These comprise a branch at Broad Quay in Bristol city centre, a store at Imperial Retail Park in Bristol, and four franchises in Mauritius.

The company produces, packages and distributes all of its own yoghurts. Each store has ten rotating flavours and 35 toppings. It also sells smoothies, shakes and hot drinks at certain locations.

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