Retail pie brand Square Pie is crowdfunding investors to grow its business across the UK.
The London-based company has set up a CrowdCube campaign, where it hopes to raise £750,000 by issuing the world’s first ‘Pie Bonds’.
The crowdfunded money will be used to fund the opening of new restaurants across the country over the next four years, as the pie brand announced it would push out of London for the first time in September - by opening in Birmingham Grand Central.
The company is aiming to open more than 25 restaurants by the end of 2019, and reach sales of £22m in the same year.
The ‘Pie Bonds’ will also be used to expand its wholesale offering in supermarkets and drive a push on its ‘canapies’ product - a small pie.
Martin Dewey, founder and chairman of the business, said: “They are the leading branded mini pie in the UK and are going down a storm - we have very ambitious plans for the future for them.”
The mini-bonds will pay 8% interest per annum and be repaid in four years’ time. At the time of writing, 47 investors had purchased the Pie Bonds.
According to the firm, it is on track to reach sales of £5m for 2015. It has six pie restaurants, which grew like-for-like sales 16% last year.
Last year the brand launched into supermarkets for the first time, with its products now available from Ocado and in 80 London Tesco stores.
The company was founded by duo Martin and Lucy Dewey, starting out in Spitalfields Market before moving to a permanent site.
Watch Dewey’s video about the plans below.
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