Tue 14th Oct 2014 - Breaking News: Apostrophe losses climb, Eden launches mini-bond Apostrophe reports increased losses: Apostrophe, the London-based operator of deli cafes founded by Amir Chen but now owned by CH&Co, has reported losses of  £666,000 in the year to 31 March 2014 after opening three new sites, one of which has traded below expectations. Turnover for the period was £7.24m. Operating losses were £622,000, almost three times the level of the previous seven-month trading period, which saw losses of £223,000. Turnover was around £500,000 higher than the previous year, reflecting the portfolio changes and marginal changes in individual unit performance, due to increased competition in a number of locations. The company said: “The cost of sales has seen some year-on-year increases where the business has absorbed the net impact of some cost inflation and sales mix changes along with higher labour costs relative to sales, reflecting the proportionately higher spend in the new openings. This has resulted in a 2.4% reduction in percentage gross profit, to 42.4%, compared to the 44.7% achieved in the seven months ended 31 March 2013.” During the period, Apostrophe invested £750,000 in the three new openings, a small number of refurbishments and replacement equipment. The company, which saw Richard Franks become managing director in July, this year, said of future developments: “A trial of selected changes to part of the product range in three stores commenced in May 2014 and will be subject to ongoing evaluation of product efficiencies, customer response and impact on volumes and margins. CH&Co will be looking to capitalise on the opportunities that Apostrophe presents in the premium speciality coffee market, where it already has a strong presence.” CH&Co took full control of Apostrophe on 1 April, when it acquired the remaining 50% of the business owned by Chen, Daniel Peltz and other shareholders. Apostrophe had 18 company-owned sites and four franchises at the end of its financial year. It opened three sites in London, in Brewer Street, Soho, Austin Friars in the City and Jubilee place, Canary Wharf, during the year. It exited two more sites in the capital, a concession site at Alfred place, Tottenham Court Road and a kiosk at Broadgate Circle in the City. Eden Project to raise £1.5m in mini-bond to create cookery and food production centre: The Eden Project is aiming to raise up to £1.5m through a mini-bond to create a ground-breaking new learning village at its home in Cornwall. The Eden Project is teaming up with the UK’s largest investment crowdfunding platform, Crowdcube, to give investors the opportunity to grow what it says is one of the UK’s best education centres. The Eden Project is projected to turn over £22m this year. It raised £150,000 in the first 45 minutes of the bond going live at midday today. Since fully opening in 2001, Eden has attracted more than 16 million visitors and generated £1.4bn for the regional economy. For the past three years running it has won Best UK Leisure Attraction at the British Travel Awards. Eden says it wants to purchase and restore two farmhouses, Restineas and Vounder, and their outbuildings on the edge of its site in a former clay quarry near St Austell. The plan is to turn the collection of old buildings into a venue for teaching quality horticulture, cookery and food production. The learning village would be surrounded by a new market garden. The Eden Project Bond aims to raise up to £1.5m towards the project. The total cost of the restoration of the properties is expected to be around £3m and the mini-bond will allow the first phase to begin. Investors can put in a minimum of £500 and in return get 6% per annum over the four-year term of the bond. Investments are in multiples of £500 and there is no upper limit. The investment opportunity will be available on Crowdcube for 60 days or when it reaches its target, whichever is sooner.