Barrel and Stone Limited (2018)

Barrel & Stone Limited is seeking to raise £1,000,000 in return for 5.8% equity. The fundraise has been underwritten by two existing investors.

Barrel & Stone is an artisan pizza company founded in 2015 to provide a quick, simple and cost-effective food offering to hospitality venues. By using it's partners' premises and staff to sell pizza, set-up costs are kept to a minimum. This minimal cost of set up enables rapid expansion and roll-out of the business, thus increasing coverage and brand awareness.

Highlights:

• Opened 100+ sites in three years
• Growth is ahead of plan and investment is required to increase this further
• Proceeds from the fundraise will be used to hire sales staff, invest in marketing and branding, create a franchising model and invest in manufacturing to reduce the cost of the bases by c. 20%
• Targeting three key markets - pubs, hotel and further education sites
• Average revenue per standard site is £11.4k pa, and the average gross margin for Barrel & Stone is 50%

Further information can be found in the Investor Presentation.

Deal structure

The Company is seeking to raise a total of £1,000,000 in return for 5.8% equity in the Company i.e. a pre-money valuation of £16,250,000 and a subscription price of £15.275 per share. The total raise is expected to be EIS eligible. Please visit the HMRC website for further information on EIS tax relief.

The fundraise has been underwritten in full by two existing shareholders in the Company. Other existing shareholders, and new investors, can participate in this fundraise up to an aggregate amount of c. £400,000 (leaving the underwriting investors a minimum combined investment of c. £600,000). Participation of existing shareholders and new investors, and final allocations, is at the discretion of the underwriting investors, the Company and Asset Match.

The minimum subscription amount is £5,000 or such other minimum subscription as the directors and Asset Match may determine from time to time.

The Company has a single share class and investors will be issued shares that rank pari passu with the existing share capital.

This summary should be read in conjunction with all documentation made available on this site. Please read the supporting documentation carefully before making any investment decision.