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Bonnie Gull

Food & Drink
UK - Scotland
Date Rated:
Valuation (Pre Money):
Industry: Food & Drink
Location: UK - Scotland
Platform: Crowdcube
£200,000 Expansion
Valuation: £1,800,180
Date Rated: 07/11/17



Tax Status: EIS

Business Summary

Bonnie Gull is a British seafood restaurant group offering daily fresh British fish and shellfish. Bonnie Gull started as a pop-up concept in Hackney before launching permanently in Fitzrovia in 2012, it has achieved £157k profit this year and has recently opened a Soho restaurant. This round of investment will be mainly used to fund the roll-out of a new "Salt & Sauce" Fish & Chip led chain, commencing with a site in Oxford.

Financial Overview

Date (y/e) Dec-18 Dec-19 Dec-20
Sales Dec-18£1,579,052 Dec-19£3,275,200 Dec-20£5,598,480
Gross Profit Dec-18- Dec-19- Dec-20-
GP as % sales Dec-18- Dec-19- Dec-20-
Overheads Dec-18£1,563,743 Dec-19£2,817,784 Dec-20£4,632,394
Operating Profit Dec-18£15,309 Dec-19£457,416 Dec-20£966,086
OP as % sales Dec-181% Dec-1914% Dec-2017%
Closing Cash Dec-18- Dec-19- Dec-20-

Note: This financial information has been sourced from the company on 07/11/2017. Financial data is NOT verified by Wheatfromchaff Ltd.
There is a complete team with significant management expertise gained in the industry but currently a lack of marketing skills.
The team has successfully grown Fitzrovia but the site in Exmouth failed. No doubt the team has learned lots from this, however the proposed S&S rollout is still a major challenge.
The Founders have made personal contributions and invested significant time into the business. If successful, the Founders could expect a substantial financial reward.
The Seafood Restaurant segment is worth over £11bn and on average, consumers spend more on seafood dishes although younger consumers continue to find seafood less appealing.
The main site has many positive testimonials and the intended roll-out in affluent university towns with significant levels of tourism could increase brand awareness rapidly.
The market is extremely competitive, however the company intends to engage young consumers and is targeting strategic location that could help them gain market share rapidly.
Given the limited financial projections provided, it is difficult to analyse the forecast but given the low expected profit margins any overspend on the roll-out could have a major impact.
There is insufficient information available to fairly rate this aspect of the business
Given the rollout plan, investors in this round should be patient as an exit could take some time, and further funding likely so they should not expect more than a five-fold return.


The Founders have gained significant experience building its first profitable site in Fitzrovia, and also one that failed in Exmouth St. Building and rolling out the new chain of "Salt & Sauce" could therefore prove a major challenge without additional help. That said the company has already secured its first location in Oxford with attractive terms including a capital contribution from the landlord, and if the team is able to engage younger consumers making the offering more attractive than traditional fish and chips restaurants, the concept could gain rapid traction.

Investors should note that further funds will be needed to roll out the Salt and Sauce chain and if these are raised as equity, a further investment will be required to avoid dilution.

Those investors who like Seafood could benefit from an attractive card offering a 15% discount on food and drink at any Bonnie Gull restaurant if they invest at least £1k. Rewards with a value in excess of £1,000 could affect EIS eligibility.

Related Links

Crowdcube Pitch


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