Oh You Pretty Things signs agreement to open 11 sites within John Lewis stores

Oh You Pretty Things signs agreement to open 11 sites within John Lewis stores

Oh You Pretty Things confirmed a partnership with John Lewis following the opening of the first of the venues at John Lewis in Oxford Street, London.

It is the fifth site in total for the company, which is aiming to raise £750,000 on crowdfunding platform Growthdeck to continue expansion. The concept is designed specifically for regional shopping centres and department stores, aiming to offer shoppers a “taste of the high life” with champagne, cocktails, coffee and indulgent treats served at the bar “with a sense of theatre, flair and personality”.

It already has bars at the Trafford Centre in Manchester, Metrocentre in Gateshead, Trinity Kitchen in Leeds and Intu Lakeside in Essex, with these locations generating circa £250,000 Ebitda in the preceding 12 months.

The company, founded by Craig Ince and Norris Panton, is offering a 20% equity stake in return for the £750,000 investment. So far, 18 investors have pledged £416,000. The company reported revenue of £1,782,000 in 2016 and forecast it would grow to £2,499,000 this year and £13,275,000 by 2020.

The pitch states: “We anticipate a trade sale in three to five years’ time. The buyer is assumed to pay six times profit before tax, which could be achievable given a scalable business model and predictability of earnings. Investors could generate a 60%-plus internal rate of return should the business develop as anticipated and the exit assumptions prove reasonable.”