London Cocktail Club cancels crowdfunding bid

London Cocktail Club (LCC) has abandoned its £750,000 crowdfunding campaign after receiving a number of private investment offers.

Earlier this month, the company launched its #RaiseTheBar campaign on Crowdcube to more than treble the size of its business over three years.

Founded by JJ Goodman and James Hopkins in 2009 after the pair won the BBC’s The Restaurant, LCC said it hoped to use funds to open three additional bars before the end of the year, with a view of building the chain to 19 bars by 2019.

Investors had the option to pledge between £150 and £10,000. The fund was closed with £231,000 pledged – about 30% of the total goal.

“We did not take this decision lightly but have decided to officially end the campaign with a number of offers of funding that are too good to turn down and are not compatible with continuing the crowdfunding path,” the group said in a statement.

“It’s going to be a big year for LCC, and we can’t wait to grow and expand to new sites this year.

“Although we’re sad not to bring our Crowdcube investors on this journey with us, we hope they’ll keep following our progress, who knows what the future might hold. Every ounce of support will continue to be cherished.”

Judges of The Restaurant, Michelin-starred restaurateur Raymond Blanc and Dragon’s Den entrepreneur Sarah Willingham, sit on LCC’s board of directors.

LCC currently owns five London sites; in Goodge Street, Shaftesbury Avenue, Oxford Circus, Covent Garden, Shoreditch and Islington.