London Cocktail Club pulls crowdfunding campaign

James Hopkins JJ Goodman

The owners of London Cocktail Club have abandoned their plan to raise £750,000 through crowdfunding over halfway through the campaign.

They embarked on the month-long #RaiseTheBar campaign through crowdfunding platform on March 1.

However, less than three weeks into the campaign, after hitting over £230,000 from around 155 investors, they decided to call a halt on Friday.

“We are going to be pulling out of the campaign early,” they said in a statement. “This is because we’ve received a number of exciting offers which are too attractive to ignore.”

On Facebook, director JJ Goodman added: “We have officially pulled it down, with a private debt offer pending that’s too good to turn down. I think that we were a little too far off our target to say no to it either.

“I really want to thank everyone for their support for our Crowdcube campaign. It’s going to be a big year for LCC and every ounce of support will continue to be cherished.”

With fellow director James Hopkins, the pair (pictured) originally launched the crowdfunding to raise money to more than treble the size of the company in the next three years.

After opening their first bar in 2010 in Covent Garden, the award-winning group now operates five venues well-known for their cocktails and party atmosphere.

They set up the business after winning the BBC’s The Restaurant in 2009. The TV show’s judges, chef Raymond Blanc and entrepreneur Sarah Wilingham, continue to be investors of the group and sit on the board.

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