IN FOCUS: Wrap it Up! on the Move
It has been a busy 2015 for the healthy fast food chain Wrap it Up! From a recently launched crowd funding deal, to their first store outside of London, and the announcement of their purhcase of Mexican outlet Adobo, it is clear they are on the move, with ambitious plans for the year ahead.
QSR sat down with the group to find out more:
QSR:You recently bought Mexican chain Adobo? What made this business a good fit for you?
It's a formula we have used before as in 2013 we purchased Flying Burrito and it's 3 stores. The deal works because the stores are in good locations, their customers already buy wraps and the shop fit-out is easier as their operations are very similar.
QSR: Are you looking for further acquisition targets?
Yes we are.
QSR: You've also recently launched a crowd sourcing deal via Crowdcube. Why did you opt for crowd sourced funding over other financing options?
We had confidence in Crowdcube's platform otherwise we may have gone down more conventional routes. This is a great way to engage with our customers and being in the public eye already it made sense to use a very public platform like Crowdcube's.
The reason for our fundraising is to part-fund our new kitchen and to accelerate expansion. We've raised more than our target. We're raising £400k in exchange for £6.25% of the company. This values the company at £6m pre-investment.
QSR: How many stores do you plan to open by the end of the year?
We are targeting 5.
QSR: Will your stores offer a regionally based menu as you expand across the country?
No, we will offer the same menu.
QSR: You are now growing quite rapidly. Why do you think customers are becoming increasingly drawn to your brand?
Yes our brand is definitely growing in prominence. Having a greater presence helps. But ultimately it's down to the food and the service, that's the bottom line for the customer.
QSR: Who do you see as your main competitors in the healthy QSR space?
There are many. Certainly the burrito chains are competitors.
QSR: The Labour Party has said that if they form the next government that they will scrap zero hours contracts. Would this affect your business model at all?
No we don't use zero hour contracts.
QSR: What is your top selling wrap?
It depends when and where you visit. The new Turkish Lamb shish is very popular.
