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Smoke & Salt

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Just Voted London's 4th Best Restaurant by TimeOut Magazine - Modern Dining, Ancient Techniques

109%
 - 
Funded 6 Jan 2020
£140,002 target
£154,225 from 199 investors
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Business overview

Location London, United Kingdom
Social media
Website www.smokeandsalt.com/
Sectors Food & Beverage Non-Digital B2C
Company number 10163379
Incorporation date 5 May 2016
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Investment summary

Type Equity
Valuation (pre-money) £736K
Equity offered 17.23%
UK tax relief

EIS

  • Idea
  • Key Information
  • Team
  • Updates
  • Investors 199
  • Discussion
  • Documents

Idea

Introduction

Smoke & Salt is the first restaurant from Smoke & Salt Hospitality Group Ltd. In the current guise, it is an award-winning restaurant with plaudits from some of the most well-known critics and hospitality bodies in the UK. It combines our vision for modern dining with ancient food preservation techniques.

We are looking to capitalise on our success in our shipping container restaurant by starting our own journey towards making Smoke & Salt Hospitality Group Ltd the edgiest and best hospitality group in London. Headed up by chefs and co-owners Aaron Webster & Remi Williams, they have many years of combined hospitality experience between them, and so the focus will be to create an incomparable work environment. Smoke & Salt Hospitality Group Ltd seeks to build a group of restaurants which will be the envy of peers and the favourite of guests. The first step in this process will be to rehome their current restaurant into a fully-fledged brick and mortar restaurant.

Intended impact

Smoke & Salt Hospitality Group LTD came about through a passion to develop and create a brand that represented more than just food and beverage. Through personal experiences, hospitality as a concept needed to be reimagined in such a way that would better serve its customer base while maintaining sustainable financial success.

These are the core values of what we do:

· Innovative but approachable food blending the modern with the traditional

· Friendly, casual and intelligent service

Smoke & Salt has delivered these things consistently up to this point, and we believe a new space will only allow us to enhance and build upon our offering. The kitchen team will have more space and freedom to be creative and to put into motion projects which have not been feasible in the current space. The front of house team will be able to deliver a more comfortable dining experience and will be able to cater to the needs of our guests even better.

Substantial accomplishments to date

The core management team is comprised of the two founding directors Remi Williams and Aaron Webster. These two are currently responsible for all business management and day-to-day restaurant operations at the current site in POP Brixton.

Aaron Webster is a chef with 10 years experience working in the Hospitality Industry. Having cooked at restaurants such as The Latymer at Pennyhill Park, Dinner by Heston and The Shed. Having come up with the name Smoke & Salt in 2013, he teamed up with Remi to start Smoke & Salt.

Remi Williams is a chef who completed a degree in Chemistry from Imperial College, before studying culinary basics, before taking up chef positions at restaurants including Deuxave, in Boston's Back Bay

Smoke & Salt is a casual fine-dining restaurant located in Brixton, London. It has won numerous accolades including The Cateys ‘Best Newcomer’ restaurant (sitting along some other iconic winners such as Gordon Ramsay, Andrew Fairlie at Gleneagles, Restaurant Tom Aikens, The Hand & Flowers, Simon Rogan and Ollie Dabbous to name but a handful), a 5 star review from Time Out and placed 6th on their ‘Top 100 restaurants in London that you have to try’ list. Other national press pieces include great reviews from the likes of Marina O’Loughlin at the Times, Bill Knott at the Financial Times and Keith Miller of The Telegraph.

Monetisation strategy

Smoke & Salt was tested directly with guests through a series of pop-ups, supperclubs and residencies before launching their Pop Brixton Site. In 2017, the concept was adapted to meet the demands of a new site, with Smoke & Salt Pop Brixton opening to the public in mid-June 2017. This site was established as a first major venture after several years of the afore-mentioned smaller pop-ups and residencies. The previous test-runs were designed to test individual food products and a chance to achieve target food costs.

Now, Smoke & Salt generates sales in several ways:

1. Restaurant Sales - guests sitting down at the restaurant to dine

2. Catering/Events - private catering on and off the main restaurant site

3. Gift Card/Retail Sales - includes tote bags purchased through the website

Use of proceeds

The funds will be used for the following:

1. To secure the restaurant site

2. Purchase the equipment required to operate

3. Fund the fit-out for the restaurant

4. As initial working capital for the business

Key Information

The company has the following outstanding loans:

£6,251.47 loan from The Enterprise Fund Ltd, a Government Startup Loan at an interest rate of 6% per annum. The loan is to be repaid on 01/12/2020
£6,271.03 loan from Iwoca at an interest rate of 2.9% per 3 days on any credit balance between £0.00 and £3000. Which has no fixed duration.
£18,495 Directors loan from Oluremi Williams at an interest rate of 2.75% per annum. The loan currently has no repayment date scheduled.

The funds raised from this investment round will not be used to repay these loans.

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If you successfully purchase a share lot of this business, you will be granted access.

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Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

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This campaign for Smoke & Salt has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 17 October 2019 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 £736,000

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 Republic Europe.

Pitch type

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Equity Offered

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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 Republic Europe 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).

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