We founded London Union to transform London’s food landscape, turning underused and derelict corners of the city into vibrant street food markets.
On 01 May, we acquired Street Feast, London’s nomadic street food circus, which creates buzzing night markets in the city’s neglected spaces. Beautifully designed and lit, each market is like a miniature town made up of independent street food traders. With a great crowd, rooftop bars and music festival vibes, this is a new way to enjoy some of the best food that London has to offer.
Over five months this spring and summer we ran three markets: in Dalston Yard E8, at Model Market in Lewisham and at Dinerama in Shoreditch. This summer these were visited by over 300,000 people and were highly profitable – generating over £3.5 million of revenue and the markets generate £1.5 million of EBITDA (excluding group overheads and costs) in just five months.* We believe this profitability enables us to open commercially-sustainable markets that will bring communities together, create employment and provide opportunities for new food entrepreneurs to establish themselves without requiring large amounts of capital. We estimate that in 2016 as many as 1.5 million people will visit our markets.
*source: unaudited management accounts
By 2020 we plan to have opened at least a dozen new local markets in London. Each one will be different—reflecting the community it serves and the architecture of the site it occupies. Alongside these local markets, we plan to build at least one huge flagship street food market: the world-class market that London deserves.
Finally, once we have firmly established ourselves in London, we plan to open markets in North America and Europe.
When we launched the business in May, thirty of our traders and some of Britain’s most successful restaurateurs, food writers, broadcasters and entrepreneurs invested in the business.
We hope that you will join them.
JONATHAN AND HENRY
SUBSTANTIAL ACCOMPLISHMENTS TO DATE
Since May this year London Union has bought Street Feast, run three hugely profitable markets and established an advisory board of founder investors to support us in realising our ambition. This board includes some of Britain’s most successful restauranteurs, food writers, broadcasters and entrepreneurs.
This month, we’ve launched our autumn/winter indoor markets with Hawker House in Canada Water expecting 5,000 guests each week and a refurbished Dinerama, with a newly built Alpine Lodge and rooftop cocktail lounge rooftop cocktail lounge, expecting 9,000 guests each weekend.
“It’s only 6pm on a Friday night but Dinerama is buzzing with the young and the beautiful, music is thumping and the air is thick with rich aromas… ladies and gentlemen, welcome to the future of food.”
“The people behind Street Feast have once again turned a back alley in deepest Dalston into a twinkling path toward street food nirvana.”
“As Street Feast comes to Lewisham with Model Market, there’s a surge of new interest in the area.”
Model Market was voted best local venue in Time Out.
USE OF PROCEEDS
Although we are a start-up, we are already generating significants amount of cash.
The purpose of this fundraising is to deliver our five year plan and above all to enable us to move quickly to secure, design and build our first flagship market in central London.
Please note that the board have approved Growth Shares for the Chairman Stef Calcraft which entitle him to 6% of value created over £30m. If these are issued, then there would be a dilutive effect on investors in line with the valuation.