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Market Halls

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The ultimate destination; blending creative food with great bars, communal dining and cultural events.

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Funded 1 Oct 2021
£600,000 target
£667,786 from 0 investors
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Business overview

Location London, United Kingdom
Social media
Website www.markethalls.co.uk
Sectors Food & Beverage Non-Digital B2C
Company number 13407113
Incorporation date 18 May 2021
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Investment summary

Type Equity
Valuation (pre-money) £20M
Equity offered 2.91%
Tax relief N/A
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Business highlights

  • 3 gold-dust London venues, with Canary Wharf launching 2022
  • £15m in revenue in FY20 revenue, up 77% on the year before.
  • We boast a customer 'best in class' retention rate of 80%
  • Our Planet first partnership: committed to positive impact
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Key features

  • Secondary Market
  • Nominee investment min. £10.00 +

Idea

Introduction

Our mission is to curate good times with flavour, joy and authenticity. Connecting our community in the beautiful spaces we passionately bring to life.

In 2017, Market Halls reformed the way that people chose to socialise, eat, work & play. With 3 venues already well established in Fulham, Victoria and the West End, coupled with a huge pent up demand, we are committed to quickly scaling the business through a finely-tuned expansion plan, fresh new identity, new gold-dust venues and an improved customer offering.

The successful venues which generated £15.2m revenue 12 months to Feb 20 and £1.5m EBITDA from Victoria alone are set to grow with pace and have an appetite bigger than ever before. Food Halls are the fastest growing restaurant category in Europe & going out for coffee, socialising and dining are 3 of the top 5 most missed social outings.

With a hall-full of new talent, partners and a re-energised team, we will take our proven business model and reawaken it with dynamite.

Substantial accomplishments to date

2015 - it all started with an idea. Market Halls was defined and the mission was a go. Andy put the wheels in motion. Here's Andy...

2018 - FULHAM & VICTORIA ARE BORN welcoming millions of customers through the doors. To put it in perspective; 1 million visitors to Victoria in its 1st year vs London Zoo 1.07m in the same year.

2019 - MH OXFORD STREET ARRIVES just off Oxford Street in a prime location, our third venue caused quite a stir of excitement in the West End. The MH success continued with an EXPONENTIAL GROWTH PATTERN - generating £15 MILLION in revenue in FY20, up 77% on the year before.

Net Promoter Score (NPS) of 62. Anything over 50 is considered excellent. Represents the likelihood of customers recommending Market Halls to a friend or colleague. We score well above the national average of 43.

We boast a ‘Best in Class’ retention rate of 80% repeat business. A testament to our mission to create amazing spaces for people to return to regularly and form part of their life routine.

We are the proud nucleus of a unique community of engaged customers with the average spend set to grow now we are returning to some freedom; with 47% of consumers intending to spend more in 2021.

Featured fondly in publications such as The Telegraph, The Guardian and Independent, Market Halls has been quoted as “the high street’s hottest place to eat”

Monetisation strategy

Then- tried, tested and proven. Now- reinforced.

Our revenue channels

FOOD & DRINK

BAR REVENUE

We run the bars in the venues

REVENUE SHARE & INCENTIVES

Revenue sharing with our traders - 25% net sales. Our traders are incentivised and guided in promotion to maximise this.

LICENSE FEES

Licence fees will be charged on floor space to non-food operators such as gym, co-working spaces and other fee generators across all sites

EVENT TAKEOVERS

Directly operated activities such as event-hosting will provide a combination of sales & sponsorship revenue. Previous brand takeovers and corporates include Niketown, Lululemon and Haig Club


PARTNERSHIPS

High value partnerships will be activated enabling dialogue with our gold dust audience

FUTURE CHANNELS

Rapid delivery partnerships utilizing 40+ kitchens

Live ticketed events

Upside from additional bars and stronger breakfast offerings

Use of proceeds

WE'RE ALREADY REOPENING: Following the recent opening of Victoria and Fulham, West End is next to open, ramping up the 3 exisiting venues to and beyond pre covid levels. Whilst we are working hard refurbishing all of the halls for their grand openings including new bar layouts, we are also planning for the next phase which the funds raised by you will help us achieve.

The full venue refurbishments will ensure the customer experience, word of mouth marketing and new customer acquisition is maximised

NEW VENUES: With a new exciting venue already secured in Canary Wharf and ready to open in 2022 (a very welcome propostion and addition to the area) alongside a thoughtful business plan with additional revenue streams, the next stage will be to secure more exciting new venues in gold dust locations, 2 by 2025

NEW INITIATIVES: We will launch new initiatives to unlock additional revenue streams including live events, home delivery, and partnerships; investing in talent to drive us forwards

Key Information

Group Structure

Market Halls Group Limited owns 100% of the share capital of Try Market Halls Victoria Limited (which operates Market Hall Victoria) and Try Market Halls Limited.

Try Market Halls Limited owns 100% of the share capital of:

- Try Market Halls Oxford St Limited (which operates Market Hall West End)
- Try Market Halls Fulham Broadway Limited (which operates Market Hall Fulham)
- Try Market Halls Canary Wharf Limited (where the agreement to lease for Canary Wharf is held)
- Try Market Bars Limited (non-trading but used to hold the bar revenue of all the venues (exc West End) until Jan 2020

Four of the entities in the group launched CVAs in June 2021 which were successfully accepted and unchallenged by creditors and are expected to conclude in the coming weeks. These entities are Try Market Halls Victoria Limited, Try Market Halls Fulham Broadway Limited, Try Market Halls Oxford Street Ltd and Try Market Halls Ltd.

Outstanding debt

Please note the business has outstanding debt obligations. Please see the documents section for a summary.

Funds raised as part of this round will not be used to repay outstanding debt.

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Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This campaign for Market Halls has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 2 August 2021 as a financial promotion. Republic Europe is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. In approving this campaign, Republic Europe has concluded that the information, taken as a whole, is "fair, clear and not misleading." This means that for factual statements we have reviewed evidence of their accuracy, and that for aspirational statements we believe they are phrased appropriately in light of their speculative nature. You should note that in the case of factual statements, the evidence we review is provided by the business, and we do not audit it, which means that we may not be able to identify forged or altered evidence. You should further note that in the case of aspirational statements, the nature of the type of businesses presented on the Republic Europe platform is such that they are likely to have high ambitions, and we may approve statements that convey those ambitions even where we do not believe, or we do not have a view on whether it is likely, that they will be fully realised. The pre-money valuation and investment sought in the campaign are those set by the business: they are not reviewed or established by us, and the valuation is not an independent view of what the business is worth. Given the nature and type of businesses presented on the Republic Europe platform, it is possible that the business has very little cash remaining prior to receiving this investment, and the investment sought may be necessary for the business's on-going existence.

Republic Europe does not make investment recommendations to you. No communications from Republic Europe, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Republic Europe does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Republic Europe, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £20,000,400

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

The investee business is responsible for setting its own valuation, it has not been prescribed by Seedrs.

Pitch type

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

Learn more about pitch type on Seedrs

Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

Learn more about investing and pre-emption rights.

Nominee investment

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Nominee investment.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

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Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Nominee investment). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

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Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

Security Token

A security token is a digital asset that represents ownership or other rights. It is a digital form of traditional investments. In the future, you may be able to trade your investment through compatible exchanges.

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