Veeninvest Ltd, trading as Veeno, is a chain of premium Italian wine bars offering family-produced Sicilian wines and Spuntini – Italian appetisers for sharing.
The two young business management graduates who started the company back in 2013 are well on the way to creating the UK’s first recognised Italian Wine Café brand, with three profitable wine bars spanning across the North of England already to their name.
The chain is uniquely positioned in the food and drink market: neither restaurants nor wine bars, the cafés offer a balanced mix of premium quality Sicilian food and drink.
There is growing confidence in the company’s brand and its new take on Italian dining; a recent equity raise of £200,000 will pave the way for the opening of new sites to develop the chain’s national presence.
To support the growth strategy and the opening of the new cafés, owners Andrea Zecchino and Nino Caruso are now seeking to supplement the £200,000 equity investment with a £150,000 loan investment. This will help fund seven new outlets due to open within the next 12 months.
The duo have a track record of choosing prime locations and turning new sites into exciting, profitable venues: the current sites are bringing in monthly sales of £50,000 and £5,000 profit.
In 2014 Veeno achieved more than £325k of sales across three outlets.
The management team will use on their valuable experience of finding the right premises and making the cafés work to pick and develop all future locations, turning them into profitable outlets.
With the addition of the new locations, the company’s total number of cafés will rise to 10 in 2015. The business’slong-term goal is to have 80 stores UK-wide by 2018 with operating revenue in excess of £13 million – a goal that affirms the owner’s determination to become the first recognised major Italian Wine Café brand in the UK.
Help this enterprising duo continue building their empire off the back of a successful equity fundraise. This pitch is secured by a Company Debenture.
Purpose of Loan
The funds (£350,000 in total) will be allocated across the seven new sites in the following ways:
– Refurbishment (builders work, plumbing works, decorations and painting, flooring and ceilings, contractor management fees) 30%
– Fit out (design features, counter works, signage) 30%
– Equipment and furniture (includes chairs and tables, shelf units, catering equipment and ventilation equipment) 30%
– Other (solicitor costs, recruitment fees and marketing)10%
The company is managed by two directors, Andrea & Nino. Andrea has a master’s in business management (LUISS Rome) and experience with Ernst&Young and Kerry Foods. Nino has a master’s in business management (Norbert Dentressangle) and experience with the family wine business and with Norbert Dentressangle, global logistics company. Gavin, the general manager, has 10 years of experience with established brands in the food&drink retail sector.
Why lend to us?
Veeno is an exciting & successful project. The company’s intention is to grow quickly into a large company operating in the retail food&drink industry. The management team have solid business experience and a successful track record to support expansion plans. They believe this is an interesting opportunity for lenders to support a successful young company with a solid business plan and outstanding financial performance.
In 2014 Veeno achieved more than £325k of sales across three outlets. In 2015, based on the actual performance of the first three months of the year, the company projects an organic growth that will generate revenue in excess of £650k. On top of this figure, there will be the additional revenue of the new outlets that will be opened along the year. Thanks to the growth plan, the Company expects to generate total of approx. £95k of EBITDA during 2015 and keep growing in the following years.