AngelBerry, a frozen yogurt business in Bristol, is aiming to raise a minimum of £150,000 via crowdfunding platform Crowdcube. The said amount will be used to fund its plans to expand to 100 branches worldwide by 2016, according to Insider Media Ltd.
Founded in 2011, AngelBerry currently has six outlets at Borad Quay, Imperial Retail Park, and Mauritius. The firm makes, packages, and distributes its own yogurt products. The company also sells hot beverages, smoothies, and shakes, the report detailed.
Based on co-founder Ryan Pasco's pitch on Crowdcube, AngelBerry is trying to raise at least £150,000 in exchange for a 9% stake in the business. The money gathered will be used for trade show exhibitions, stock increase, and infrastructure improvement, the report explained.
AngelBerry has secured contracts with an unnamed big firm to open 50 more outlets in the next three years. More store openings are also in the works in the near future, Insider Media Ltd reported.
Pasco revealed: "If we hit our target of 100 stores worldwide by October 2016 the business could be sold for approximately 8x EBITDA. The valuation of the company would be approximately £13.8m. Possible exit routes include food groups such as Yum Foods or global franchise operators. Other options include a sale to private equity groups. We are looking to sell the company in the first quarter of 2017."
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