Square Pie smashes crowdfunding target
The bond closed 51.4 per cent over its target of £450k with more than 300 people investing.
Square Pie will use the funds to ramp up restaurant openings, with four planned in 2016, and to increase its presence in supermarkets and through wholesale.
Founder Martin Dewey told M&C he was 'really pleased' with the result, which coincided with the successful opening of Square Pie at Birmingham Grand Central as its first site outside of London.
The group launched the mini bond in July and later lowered the minimum investment target to £450k to ensure all the investors who had bought into the bond would have a chance to invest.
Dewey admitted the original target of £750k may have been too ambitious but remained confident the group will be able to achieve its openings targets.
He said: “We are delighted with the strong interest in our first ever Pie Bond which will not only support our business as it grows but enable Square Pie fans to get involved and get a slice of our success in future years.
“We’re excited for the future of the business, which has grown hugely since starting on a market stall in Old Spitalfields Market. We can’t wait to bring our quality British food to more places around the country.”
Square Pie serves hot pies with mash and other British classics such as macaroni cheese, sausage & mash and jacket potatoes.
To celebrate the Rugby World Cup the group created pies for each participating country and encouraged diners to vote for their favourite flavour, which will be kept on the menu at the end of the tournament.
