Grind looks to Crowdcube for £1.5m crowdfunding coffee fix
Coffee chain Grind is looking to tap up latte and espresso lovers through crowdfunding service Crowdcube for its next phase of expansion, after launching a £1.5m bond issue today.
Grind was founded four years ago by Australian DJ and musician Kaz James and entrepreneur David Abrahamovitch, who were unsatisfied with the quality of the espressos on offer in London.
The group, has four coffee shops – which also double up as cocktail bars – in Shoreditch, Holborn, Soho and London Bridge, with a fifth site set to open in Covent Garden this summer.
It is raising the funds to open a sixth site as well as a new roastery and kitchen in east London to service its shops.
Grind, which counts Links of London founder John Ayton among its backers, said the the four-year bond will pay an annual interest rate of eight per cent paid every quarter.
Investors will also receive a so-called Investor Card loaded with free coffees and cocktails, which increases for those investing over £5,000.