Grind, the Hip London coffee and cocktail chain, has revealed a new round of equity crowdfunding, on the same day as it revealed a deal with SSP Group, the travel food operators, to open new branches in stations and airports around the United Kingdom.
SSP, which has a market value of more than £3bn, has benefitted from a rise in air passengers, increasing sales at its brands such as Upper Crust.
“Grind has always been about serving high-quality coffee and cocktails to busy Londoners who demand the best,” David Abrahamovitch, Grind founder and chief executive, said. “We’re incredibly excited to be partnering with SSP to bring Grind into airports and train stations nationally for the first time.”
Grind also launched the company’s second crowdfunding campaign, after collecting £1.3m with its “Grind bond” in 2015. This time, investors will be able to acquire some shares in Grind.
The campaign has already fulfilled the company’s target of £750,000 and is currently overfunding, with £827,000 raised at the time of writing. The fundraising provides the company with a value of £18m.
Rob Murray Brown of ECF Solutions, the Crowdfunding consultant, said: “Grind appeared on Crowdcube in 2015 with a successful £1.3m bond. Whilst the projections then have not quite come to fruition now, they have certainly made progress. And the signing this week of SSP, the transport hub specialists, to help role out their branded coffee bars in railway stations and airports, puts them in a good position for the next few years.”