A bar company based in Leeds has smashed a £7m target to fund ambitious expansion plans just three months after launching a crowdfunding campaign.
BurningNight Group, generated more than £4m through an initial Crowdstacker appeal, reaching the first million within days.
Then the unique Bierkeller, Shooters and Around the World three-venues-in-one concept set itself a new investment target of £7m in April.
Now, after just three months, massive support from backers has seen that achieved and the company is keen to invest the capital in to creating new venues.
Allan Harper, CEO of BurningNight Group, said they were thrilled to hit the landmark £7m, meaning exciting plans for the future could be given the green light.
“To reach that kind of sum, especially in the current economic climate, shows a fantastic response to our campaign and the faith that investors have in us as a company,” he added.
“We are committed to expanding our brands, creating new opportunities and jobs, and building on the tremendous success we’ve already achieved. This huge investment can allow us to do that, and for many of our customers to be a part of it.”
The Crowdstacker Peer to Peer loan was chosen as a way to involve customers in the business’s future growth with a potentially inflation-beating return of seven per cent gross per annum, for a minimum investment of £500 over a three-year term. Funds were put to work straight away to earn interest and show a potential return after a maximum of four weeks.
BurningNight Group employs more than 500 people and had a turnover in 2016 in excess of £17m.