Latin American street food “Cubana” raising £200k crowdfund loan to scale up business
Cubana Waterloo Ltd are raising a £200,000 loan on leading crowdfunding platform Crowd2Fund, in order to expand their Latin American street food and exotic Cuban cocktails concept.
The restaurant chain initially raised over £100,000 in July and returned to the platform in November due to unprecedented demand from a loyal and eager crowd.
The restaurant group was started in 1998 by Phillip Oppenheim, who was inspired to create his own Cuban themed restaurant after visiting the country in the early nineties and discovering mojitos, the magic of the people and the beauty of the island. Back then the Latin American culture was much lesser known in the UK, and Oppenheim realised that the food, drink, culture and history of the country would make for a compelling st ory.
Cubana serves up freshly prepared free-range street food dishes, Cuban mountain coffee and a range of refreshing cocktails. The group is credited as first having introduced mojitos to the UK in the 90s, and has since sold close to one million of them .
Oppenheimer’s family are farmers, and prior to going to university he helped out by working on the farm. This experience resulted in him becoming a lifelong campaigner against factory farming, which now extends to Cubana’s ethos of having a procurement policy focussed on ethical sourcing and a 100% free range policy.
The original Cubana site is in Waterloo, with the second site in Smithfield having opened in 2014. The company now turns over more than £2 million pounds per year, a close to double digi t percentage increase year on year.
The crowdfunds will be used to ramp up the activity of Cubana by investing them into new operational software and doubling down on marketing efforts to take advantage of the predicted increased footfall of the Smithfie ld site when Crossrail and the relocated Museum of London open.
Philip Oppenheim says: “We are spending some funds on developing the Cubana bakery and coffee roaster at Smithfield, which we anticipate will have substantially more passing trade due to new economic activity in the area. We are also completely revamping all of our financial systems and EPOS to make sure we are robustly managed and ready to cautiously look for new sites next year.”
Additional associated planned activity includes the launch of a new website, alongside enhancing the company’s digital marketing efforts.
Over the longer term Cubana plan to steadily increase their number of sites, alongside maintaining their firm ethical stance on only sourcing free range produce.
“In five years I would like a small chain of Cubana bar restaurants which keep to our core principles of providing freshly prepared, authentic Cuban and Latin American food and fresh tropical cocktails and smoothies at reasonable prices. I would not want to be invo lved in a large corporate chain which prepares all of its food in large factories. A lot of once good places have retracted from their sustainability roots. The day someone says to me that we can save £1 a portion by not going for free range chicken is the day we have grown too large,” said Oppenheim.
The company sought Crowd2Fund’s loan product as a financing solution due to not wanting to sell equity in the business and wanting to utilise a more creative solution than traditional banks which are not lend ing to banks at the moment. The loan will be payable at an estimated APR of 10%.
Oppenheim said: “We dipped a toe in the water in July during the first campaign and were hugely impressed with the results and interest from investors. We now see Crowd2Fund as a great platform for the future”.
Burningnight Group expanding pub portfolio with ‘SportsKeller’
The owners of The Bierkeller Entertainment Complex are planning to team up two of their most successful bars to create a new sports-themed venue … Sportskeller.
BurningNight Group already has six complexes in cities across the country, which all house three venues under one roof – Bierkeller Bavarian bar, sports bar Shooters and Around the World.
It is also unveiling its latest concept, American-style barbecue restaurant Smokin’ Bar & Kitchen, in Leeds this month.
Now the company has revealed it intends to create its first chameleon bar – bringing together many of the most popular elements of the Bierkeller and Shooters.
Sportskeller will keep the long Bavarian bench seating and famous Bavarian stompers show which make Bierkeller’s lively atmosphere so unique at weekend nights, and it will add in midweek highlights from Shooters including Champions League football nights, and student specials like Sportskeller’s Got Talent.
With four potential Sportskeller sites already identified, it has launched a crowdfunding campaign to attract investment for a roll-out into cities and towns smaller than those chosen for full Bierkeller Entertainment Complexes.
BurningNight Group CEO Allan Harper explained: “Our bars are thriving so we are ambitious to expand further and we already have several sites in excellent locations earmarked for development.
“Our existing bars are consistently busy, and we know our customers love what the Bierkeller Entertainment Complex has to offer. That’s why we want to give them, and potential new customers, the chance to get involved at the beginning of our newest brand.”
Allan added that the Sportskeller bars would focus on an area of the market where the company has a proven track record.
“Our sports bars Shooters are already hugely popular with fans wanting to watch big matches or title fights live on a giant screen.
“The atmosphere is always fantastic, it’s the next best thing to being at a stadium, so we wanted to recreate that but in a new and different way. Sportskeller will have a lot of features that people love about Bierkeller and Shooters combined, so it’s the best of both worlds.”
Burningnight Group are crowdfunding on Crowdcube now, you can find out more information here.
BITCOIN: Had you invested $100 in 2010, today you would have more than $200 million
In April 2010, the price of one Bitcoin was 0.003 dollars, while the price of one Bitcoin today is more than 7000 dollars. If you had invested $100 seven years ago, today you would have more than 200 million dollars.
Just as Wall Street started paying more attention to Bitcoin, new rivals emerged in the world of cryptocurrencies, threatening to push the current leader aside. One of them is Ethereum. Today, Ethereum represents 32% of the total value of all cryptocurrencies (Bitcoin represents 38%). There is also Litecoin whose total value has exceeded 1 billion dollars for the first time.
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Meanwhile, many countries legalized Bitcoin as means of payment which had a strong positive effect on its price. In Japan, many retail outlets allowed shopping with Bitcoin, making Japan the biggest Bitcoin market in the world. Investors expect that many other countries will soon allow this form of trade.
One of the reasons for the rise in the price of Bitcoin this year is that it can’t be manipulated by state governments. Bitcoin uses a public online record known as a “block chain”. The total number of Bitcoins are produced through a process called “mining” that involves solving series of complex mathematical problems.
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Trading CFDs and other leveraged products carries a high level of risk to your capital as prices may move rapidly against you. Be Aware: You can lose all, but not more than the balance of your Trading Account. These products may not be suitable for all clients therefore ensure you understand the risks and seek independent advice. This material does not constitute an offer of, or solicitation for, a transaction in any financial instrument. Fortrade accepts no responsibility for any use that may be made of the information and for any consequences that result. We offer no guarantee or warranty that this information is correct or complete. Consequently, any person that acts according to it, is doing so at its own risk.
Incoming CEO of GKN to leave company in surprise announcement
Shares in engineering firm GKN fell over 6 percent on Thursday, after it was announced that incoming chief executive Kevin Cummings would leave the board and company immediately.
Cummings, who was set to take over from current CEO Nigel Stein in January, will leave his position at GKN today. No further information on the decision was given, but it came alongside the news of a writedown at its North American aerospace division, which was run by Cummings, prompting speculation over his ability to head the company.
“The GKN board has concluded that the next stage of GKN’s development is best delivered under alternative leadership,” the company said. Non-executive director Anne Stevens will become interim chief executive from January.
The company has been facing difficulties at its Alabama factory, taking a £15 million charge after revising down the value of inventory which led to the issuance of a profit warning last month.
GKN shares fell 9 percent at market open, before recovering slightly to trade down 5.63 percent at 294.20 (1443GMT).
Royal Mail share price drops as decline in letters and pension battle continues
Royal Mail (LON:RMG) shares surged at market open on Thursday, before falling into negative trading after reporting a 30 percent fall in profits.
The company is struggling to deal with increasing competition from other carriers, undergoing a cost-cutting plan to designed to stabilise its finances. The company saw some improvement over the period, with revenues rising 5.4pc to £4.8 billion in the 26, but were dogged by a fall in pre-tax profits to £77 million.
Royal Mail are also facing a battle over its pension scheme, with the company hoping to transfer workers onto a new defined-benefit scheme against strong union opposition.
Terry Pullinger, deputy general secretary of the Communication Workers Union, saying he would rather “smash Royal Mail to bits” than accept the changes. Royal Mail are hoping to instigate the new plan from March 2018, after it was found that without the changes pension costs would triple. The High Court have already blocked plans for a worker strike in response to the changes.
Over Christmas the group announced that it would open six temporary parcel sort centres and recruit over 20,000 staff to handle the surge in letters and parcels.
However, throughout the rest of the year Royal Mail have been hit by a steady decline in the number of letters being posted, having a negative effect on revenue. Operating profit is set to fall by 26 percent to £183 million after a 6 percent decline in revenue.
Shares in Royal Mail are currently trading down 0.21 percent at 388.20 (1415GMT).
Manchester United posts strong Q1 figures, boosted by 17pc rise
Football club Manchester United posted strong results on Thursday, boosted by a 17pc revenue rise after a US pre-season tour.
The club recorded an income of £141 million for the three months to the end of September, and said it year-end revenues were on track for between £575 million and £585 million. Last year annual earnings totalled £581 million.
Operating profit for the first quarter stood at £15.1 million, up on £6.2 million for the same period in 2016, as the team played to a cumulative stadium audience of 250,000 across the US in a pre-season tour.
Over the period the team acquired three new players, Victor Lindelof, Romelu Lukaku and Nemanja Matic, with employee benefit expenses increasing by £7.6 million over the quarter to £69.9 million. This was due to player salary uplifts as the participation in the UEFA Champions League.
Ed Woodward, Executive Vice Chairman, commented:
“We are just over a quarter of the way through what promises to be another exciting season. In the Champions League we have won all four games played to-date; we are through to the Quarter Final of the Carabao Cup; and are looking forward to the next few months as the number of matches ramps up.”
Your Comprehensive Guide to Cryptocurrencies
Cryptocurrencies, Bitcoin, Bitcoin Cash, Ethereum, LiteCoin: all terms that have been swirling around in the media over the past few years. 2017 has seen coverage of the cryptocurrency phenomena reach new heights on the back of the combined value of the different formats in circulation hitting almost 800% growth in August and a combined value of $158.5 billion.
Bitcoin itself, the ‘original’ and still most widely adopted cryptocurrency, is currently changing hands at just shy of $4000 as of late September (it almost reached $5,000 earlier in the month), a year-on-year increase of almost 550%.
Guide Includes:
Origins of Cryptocurrencies
How do Cryptocurrencies Work?
Most Popular Cryptocurrencies
Buying and Using Cryptocurrencies
Investing in cryptocurrencies
Cryptocurrency Price Drivers
Cryptocurrency Investment Options
Conclusion
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Barratt Developments share price falls despite “strong” start to financial year
Barratt Developments (LON:BDEV) said it had a “strong” start to the new financial year on Wednesday, but its share price fell as investors failed to be impressed by the figures.
Total forward sales in the first quarter rose 8.4 per cent on last year to £2.87 billion, with “affordable” home forward sales rose 12.1 per cent to £759.2 million. The company were also boosted by an increase in house prices, taking the average selling price of Barratt homes up by 6 per cent to £275,200, from £259,700 last year.
Chief executive David Thomas said of the results: “We have started the financial year strongly with a good sales rate, driven by customer demand for new homes, and supported by an attractive lending environment.
“We remain committed to quality, build excellence and market leading customer service and are working hard to increase the supply of houses across the UK.
“We remain focused on driving operational improvements through the business and we continue to be confident in delivering a good performance in the 2018 financial year.”
Despite the strong figures shares in Barratt Developments plunged at market open, before recovering to trade down just 0.85 percent at 623.63 (1217GMT).
Bovis Homes shares drop for second day running after 31pc profit plunge
Bovis Homes (LON:BVS) said the company was on track to meet full-year expectations on Tuesday, after saying that it had “fully sold” its targeted completions for the 2017 year.
An increase in both demand and property prices mean the company is on track to meet its expectations for FY2017 and to deliver “significant improvements” in profits for FY18.
However, Bovis reported a six percent fall in first-half results home completions, which saw pre-tax profits fall 31 per cent on the prior year to £42.7 million.
In a trading update for July to November quarter, the company said it is fully sold for its targeted FY17 completions, with an average sales rate of 0.52 versus 0.48.
Chief executive officer Greg Fitzgerald said:
“We are making encouraging progress towards all of our medium term performance targets with continued improvement in customer satisfaction and excellent progress in optimising the balance sheet and bringing additional cash into the business.
“We expect to have a net cash position of at least £100 million as at 31 December 2017. Trading is in line with expectations, the market remains strong, and we are on track to deliver another disciplined period end.”
Shares in Bovis Homes fell another 1.06 percent on Wednesday, currently trading down 1,123.00 (1153GMT).
TalkTalk share price dives after reporting £75m loss
TalkTalk (LON:TALK) shares sunk nearly 20 percent in early morning trade on Wednesday, after reporting a £75 million loss and warning on full-year trading figures.
Operating losses for the six months to September stood at £42 million, a significant fall from the £44 million profit generated in the same period last year. Consumer was faith took a hit after the company’s security was breached by a cyber attack in 2015, causing profits and share price to fall.
TalkTalk’s CEO Dido Harding left the company after seven years at the helm in May to be replaced by Tristia Harrison, with the company also bringing back the company’s creator Charles Dunstone to renew faith in the group.
Figures released on Wednesday showed that the company added 46,000 customers in the first six months of its financial year, compared with a drop of 29,000 in the same period last year, but said that full-year earnings would be at the lower end of its £270 million to £300 million range.
“We expect to step up our planned investment in growth in the second half, as we take advantage of the strong demand,” Harrison said.
“Our revised strategy of focusing the business on fewer, clearer priorities is re-establishing TalkTalk as the value provider of choice in the UK fixed connectivity market.”
TalkTalk shares are currently trading down 9.26 percent at 171.95 (1103GMT).