Hospitality group Daisy Green launches first equity raise after surpassing £500k target

Daisy Green, the Aussie-inspired hospitality group, is announcing its first ever equity raise, which has already raised more than its £500k target since launching publicly on Crowdcube.

The funds raised will be used to accelerate expansion, with the business having grown from street food beginnings in 2012 to nine chic cafes across Central London.

Investors will qualify for Enterprise Investment Scheme (EIS) tax relief and the offering is expected to be heavily oversubscribed. In addition, investors will receive in store rewards including free coffee and brunches, cocktail parties and for top investors, business class flights to Bondi (Sydney).

Founded in 2012 by Australian entrepreneur Prue Freeman and her husband Tom Onions, the independent business has grown revenues at 85% per annum over the last four years with the fundraising set to enable them to open in areas such as Canary Wharf and London Bridge.

The business, currently 100% owned by the founders, raised a £775k bond through Crowdcube in 2015 which was oversubscribed within 24 hours. In 2017, the business’ ‘Bondi Bond’ became the first ever to be repaid as part of a £3.25m refinancing by Oaknorth.

Daisy Green’s nine sites across London range from two Sir Peter Blake designed floating barges in Paddington, to its latest venue opening in Scarlett Green in Soho.

Each site displays works by emerging and established artists such as Louise Dear, Shuby, Paul Robinson and the ‘godfather’ of British Pop Art, Sir Peter Blake.

The combination of the group’s signature flat whites, all day brunch, healthy Pan-Asian evening dinners and cocktails has established a distinctive position in the vegan/vegetarian/paleo markets.

Targeting a £500k minimum fundraise, the group is currently achieving run rate revenues of around £10m with site EBITDA margins at around 20%. The business plan forecasts growing to 17+ sites with revenues of £25m plus within four years.

An investment of £10 will pick you up a free flat white whereas for £10k you’ll receive a coveted ‘Black Card’ entitling you to free coffee everyday as well as five brunches and four dinners.

Founder Prue Freeman said: “Following the success of the Bondi Bond, our bondholders and customers have consistently approached us to buy shares in Daisy. We’re delighted today to finally be able to say “yes” and take them with us on the next stage of our journey.”