Gourmet pie-themed restaurant chain Square Pie has raised a final figure of £681,500 through the sale of its ‘Pie Bonds’, surpassing its target of £450,000 by 51.4%.
The funds, raised through crowd-funding website CrowdCube, will help Square Pie continue its expansion out of London beyond its new Birmingham restaurant and also build upon its supermarket and wholesale business.
By the end of 2019, the company hopes to have expanded its chain from six to 30 restaurants, including opening four in 2016.
Martin Dewey, founder of Square Pie, said: “We are delighted with the strong interest in our first-ever Pie Bond which will not only support our business as it grows but enable Square Pie fans to get involved and get a slice of our success in future years.”
The bonds will pay the 336 investors 8% interest per annum along with other benefits, such as free pies in the restaurants. After four years, they will have their money returned.
Square Pie originally set its funding target at £750,000 but later revised this to the more modest figure of £450,000.