Pi Pizzeria raises investment through Growthdeck
The Pi investment is expected to be completed in July.
The Pi format is based on 20” inch sharing pizzas. Founder and MD, Rosie Whaley, and her team of pizza chefs, have created a unique menu allowing customers to choose up to three flavour combinations on the sharing pizza.
The £500k is offered to investors in two strips - £250k of EIS-qualifying equity and a secured loan of £250k paying interest of 8% per annum. The equity strip offers investors the prospect of 8.3x money return after the benefit of 30% initial income tax relief.
Kevin Bacon (co-founder of Frankie & Benny’s, former MD of Jamie Oliver International, and former Group MD & board member of The Restaurant Group) and Kim Hayward (senior partner at BDO, the leading advisory firm, and previously a partner with Ernst & Young) have also announced they will be joining and advising the board.
Pi has grown strongly and attracted a loyal customer base after its launching at late 2014. In the year to 30 April 2017, the business achieved sales of £415k and posted an operating profit of over £27k.
Photo credit: Pi Pizzeria Facebook page
