Beany Green launches £800k Bondi Bond for London expansion

Independent Aussie coffee and food group Beany Green has launched an £800k Bondi Bond on Crowdcube to garner funds for its expansion to two additional prime central London locations.

Founded in 2012 by Prue Freeman and Tom Onions, Beany now operates five central London locations including Broadgate Circle, Little Venice (Paddington), Marylebone, Regent’s Place and the Southbank.

The business has achieved significant growth over the last three years (current run rate revenue of approximately £3.0m) and has expanded to achieve early profitability.

Beany is currently achieving run rate EBITDA (post central costs) of around £400k and expects to increase this to £1.1m by FY18, with £600k coming from £700k existing locations.

The Bondi Bond is the first opportunity for investors to get involved with the business, which to date had been 100% funded by the founders and an insignificant bank loan. In the first 24 hours since the bond’s launch, Beany raised in excess of its £300k minimum target.

The four year Bondi Bond, which carries an interest rate of 11% per annum (paid semi-annually) also offers rewards ranging from artisan coffee and bottomless brunch to full blown cocktail parties for 40 guests, depending on the level of investment.

Beany founder Prue Freeman said: “As we have grown we have always sought ways to engage with our loyal and supportive customers and build a business with them at the heart of it. For us, it’s really special to now be able to connect directly through the Bond - to share the future and fun together whilst providing a return which we believe is attractive.”