Sourced Market accelerates expansion plans
London retailer Sourced Market has beaten its crowdfunding target and raised more than £750,000 to accelerate its expansion plans in the Capital.
The store operator is set to boost the size of its St Pancras site after Christmas by around 30% and has secured leases on two further stores. A new shop in Marylebone, north of Bond Street, is set to open in March 2016, followed by a third store near Victoria station in September.
The expansion comes on the back of a successful crowdfunding campaign launched in April 2013 which attracted more than 100 investors and resulted in it exceeding its £700k target.
However, it subsequently accepted a single investment bid of £830k from venture capital trust Pembroke, (which also lists the Dilly & Wolf and Plenish brands in its investment portfolio) in exchange for a 20% stake in the business.
The St Pancras International station site was opened in August 2009 and currently serves around 12,000 customers per week, generating around £2.9m in net revenue in its last financial year, an increase of 14% on the same period last year.
The enlarged 2,500 sq ft shop floor will allow it to increase the number of products it carries and will allow for a dedicated ‘meet the producer’ spot, which will host a rota of suppliers meeting and selling to consumers
“Everything we do is based on human relationships,” said founder Ben O’Brien. “ And when people are passionate about their products, it rubs off.”