BII chief executive Tim Hulme to depart: The British Institute of Innkeeping (BII) has announced chief executive Tim Hulme is to leave the organisation. A statement from the BII trustees said: “The trustees are sorry to announce the departure of Tim Hulme as chief executive of the BII from 31 March 2016. Having led the organisation for the past three years, he has decided that he now wishes to explore other opportunities. Tim’s vision and commitment over the years have driven reform of the organisation, making fundamental changes that have both stabilised the business and helped to get it in the solid position it is today. His departure will follow the completion of several major projects designed to ensure the awarding body continues to grow, and the membership organisation will continue to add value for individuals and help to raise professional standards. It’s an exciting time for the BII and we have ambitious plans for further growth and development. As always, our members remain at the heart of the association. In the meantime, chairman Anthony Pender will be working with Tim on an effective handover prior to his departure to ensure the business continues its growth and future development. The trustees would like to take this opportunity to thank Tim and wish him every success in his future endeavours.”
Sourced Market extends crowdfunding offer as it aims to hit £1.5m mark: Sourced Market, which serves 12,000 customers a week in St Pancras producing net annual revenue of £2.9m and Ebitda of £372,000, has extended its fund-raise on crowdfunding platform Crowdcube as it looks to hit its £1.5 maximum target. The company, led by Ben O’Brien and Dan O’Niell, is offering an 8% interest bearing mini-bond as it looks to expand with more sites and has achieved its initial target of £750,000. It has now extended the offer for another two weeks as it aims for the £1.5m mark. So far 214 investors have pledged £883,500. The pitch states: “We are seeking to raise £750,000 to open our second site at 12-15 Marylebone Lane, which is currently at the design stage and is scheduled to open on 1 March 2016. In the event we raise our maximum £1.5m target, we intend to use the proceeds to also open sites three and four. Site three is in the Nova Victoria development, the lease has been exchanged and the site opening date is September 2016. If we fall short raising the full £1.5m, we intend to raise additional equity and/or debt from alternative sources to open sites three and four and continue our expansion plans. The cost of opening each site is circa £400,000 and circa £100,000 is required for pre-opening costs and working capital for the first 12 months until the sites become profitable.” The Sourced Market business plan shows sales of £12,317,000 from four sites in 2020, producing site Ebitda of £1,860,000.
