Two of these opened last month in Nottingham, one good and one bad from what I've heard.
Going to try the good one in the next couple of weeks and will report back.
What is going to make yours different to the rest?
How does the the EIS scheme work both in terms of tax relief for the investor and valuing the business?
Obv don't have to respond if you feel it's sensation info!
Well in terms of "Rest" in our area there actually isnt a bit of direct competition in the town with the closest being one restaurant that offers somewhere between a midscale restaurant and ala carte offering either a full rack or half rack of ribs and two versions of a big burger with the other chain efforts ie Frankie and Benny's not even coming close to what these true traditional smokehouses offer. In terms of burger joints, Henry Burgers is 150 yds away but in a small venue and they dont offer Rib's, Briskets or pulled pork.
The venue is pretty key to this operation in terms of being located at the bottom of the high street and where anyone who has come to Southend on the train (2 stations) having to walk past the premises either on the way to the seafront or on the way back so from spring to summer we will have a very captive audience (6 million visitors contributing £200 million) to aim at and the venue is directly opposite The Royals Shopping Centre and 50 yards from where the new G Casino has opened plus the council are regenerating the seafront hence the grants available.
For a pretty big town there are not that many other venues this would work in as the size of venue is key to get the number of covers needed to make the figures sexy enough and we are at the other end of high street that Nando's are who are a touch under the pricepoint we are looking at and a completely different experience, plus you would be so surprised how poor locally businesses are at promoting themselves via Social Media etc and we as a group have databases of clients ready to be targetted who fit our demographic perfectly.
If EdGas is reading I am sure he could explain the EIS stuff better or if you pm me your email address I will forward you what he initially sent me but my understanding is that we can invest as founders under the SEIS scheme and still get the tax benefits with other investors able to invest under EIS which is a slightly worse deal than SEIS but I think investors need to keep their ££ locked in with you for x amount of time or retrospectively lose the tax benefit gained. Our plans are geared around opening up more venues due to a) the people behind it and b) the SEIS schemes and we already have pledges of pretty much the full investment required based on our early business plan and the fact that with the exception of Dubai all the people are connected in the business world and running their businesses in terms of development in a similar way.
Please let me know what you thought when you visit the venues Bopkin.