Tue 4th Oct 2016 - M Restaurants hits £1.35m crowdfunding target, to launch M Social concept, within 48 hours M Restaurants hits £1.35m crowdfunding target, to launch M Social concept, within 48 hours: M Restaurants has hit its £1.35m target on crowdfunding platform Seedrs to launch its M Social concept and further expansion plans within 48 hours of the campaign starting. The company, founded by Martin Williams, is operating a different share structure to the standard “pre-money valuation” and “equity offered”, with all Seedrs investors receiving B shares. The shares include a “double capital protection” mechanism, which means that until shareholders have received two times their capital back, their payout will be based on the amount invested rather than the number of shares held. So far, the campaign has raised £1,356,200 from 114 investors and is now “overfunding”. The largest investment to date is £220,000. The pitch states: “In November 2014, we opened M Threadneedle Street – our award-winning, multi-faceted venue, which houses two 100-cover restaurants, a destination cocktail bar, a wine-tasting room and private dining. M Victoria Street, our second venue, opened in early 2016. Again multi-faceted (and with the addition of a very cool wine store and a private members’ bar). Now it’s time for M Social. These are local venues designed to accommodate a modern cocktail and wine bar and offer casual all-day ‘social bar food’. The time of day will dictate the demand for each of these elements, which have been designed to maximise sales opportunities and accommodate demand. Our first ‘M Social’ venue is expected to be a new 100-cover ‘Butlers Wharf-style’ building, complete with a riverside view and outside terrace. The proposed venue sits directly opposite a mainline station, is ideally positioned to serve daily commuters and become a genuine ‘home from home’ for residents, visitors and local businesses. The proceeds will be used to accelerate growth and ‘ring-fence’ £1.1m to fund the capex of restaurant three – M Social; build and open a 50-cover M Den private members’ lounge in the basement of M Threadneedle Street; and build working capital to support the business in both the short and long term.”