Growthdeck: Pi


Pi   |  Food & Drink   |    EIS
63%
Target £500,000 Raised £315,000
Investors 10 Watchers 15

The Opportunity

Sourfire Limited, trading as Pi, is seeking £500,000 of equity and loan to fund the roll-out of its artisan pizza format from its existing Winchester base to three additional sites in South London

Pi is an Artisan Pizzeria offering high quality pizzas with innovative flavour combinations. The real USP of the business is its sharing pizza format, which is of particular appeal to younger diners seeking a social dining experience. The concept has been proven over the past two and half years at the first site in Winchester, Hampshire. It now plans to open additional restaurants in South London.



  • The £500,000 is offered in two strips - £250,000 of EIS qualifying equity and a £250,000 secured loan paying interest at 8% per annum.
  • The equity and loan strips are each offered in units of £1,000 and £5,000 respectively. Investors can take one or more units of either the equity or the loan – or take a blended package of equity and loan units (i.e. effectively constructing your own mezzanine loan).
  • Each £1,000 unit of equity buys ‘A’ Ordinary Shares representing 0.12% of the initial equity, on a pre-money capitalisation of £583k.
  • The ‘A’ Ordinary Shares are voting shares. On an exit, the amounts subscribed for the existing Ordinary Shares in the Company and for the new ‘A’ Ordinary Shares will first be returned to holders, prior to the distribution to equity holders of any excess proceeds. This means that if the Company is sold for only c.£520k, all shareholders and loanholders would recover the full cost of their investments.

Investment in the new sites will fund fixtures and fittings, kitchen equipment, furniture etc. As the Company currently has a negligible level of bank borrowings, the terms for investors can be enhanced by raising £250,000 of the funding requirement in the form of secured term debt. This debt offers:

  • Asset-backed security*
  • 8% per annum cash yield – paid quarterly in arrears
  • Repayment over 4 years, commencing from December 2018

* Asset backing for the loan will include catering equipment, fixtures and fittings and leases (e.g. the Company is likely to be paying in the region of £80k for the lease on the first new restaurant).

The £250,000 balance of the funding is offered as ‘A’ Ordinary Shares, representing 25.3% of the fully diluted equity. 


 

The equity instrument is expected to be EIS-qualifying, giving an investor 30% initial income tax relief and potentially tax-free gains
on an exit. It is available in units of £1,000.


 

The Best from wherever is Best. Artisan Cheese and Meats from Italy, Local suppliers, fresh ingredients. Not just for flavour but for your best health. You can be certain everything from our menu is of the finest quality!



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EQUITY + LOAN    Closing date: TBC

Offer name:Pi

Website:www.piwoodfired.co.uk

Address: 4 Basepoint Andersons Road
Southampton
SO14 5FE

Company no: 08992205

Incorporated: 11/04/14

Social sites:



Companies House data



Important Information

This financial promotion is directed exclusively at and intended to be used only by those persons either categorised as a Certified or Self-certified as Sophisticated Investor or High Net Worth Investor for the purposes of FSMA 2000 or retail investors who are certified as “restricted investors” defined by the FCA as an individual who has not invested more than 10 per cent of their net assets in non-readily realisable securities. Please note that the material on this website is for general information only and should not be regarded as constituting an offer or a solicitation to buy or sell any securities, or investment advice. It is not directed to any person where (by reason of nationality, residence or otherwise) the availability of the website is prohibited. Growthdeck Limited [FRN: 731176] is an Appointed Representative of Nash & Co Capital Limited [FRN: 196124] which is authorised and regulated by the Financial Conduct Authority in the UK.

Please note

We want our investors to be fully aware of the downsides of equity investing as well as the potential benefits. It's therefore important to realise that investing in small companies always carries risks, including the loss of capital, illiquidity (the inability to sell assets quickly or without substantial loss in value), lack of dividends and share dilution. Equity investments should still be made as part of a diversified portfolio. Read our full Risk Warning