HMRC approved £2m Enterprise Investment Scheme (EIS) for ChefOnline to Expedite Business and Company has now become a PLC
We are seeking to raise funds via crowdfunding to enable us to expand our services to our clients and their customers. The proposal has received the Enterprise Investment Scheme (EIS) approval from the HMRC for £2 million.
We currently provide our unique service to over 500 restaurants and, as our clients know, unlike similar providers, we host individual websites for our clients. So when customers want to order a meal or book a table, they can do so through the chefonline.co.uk national portal or an individual caterer’s website which is hosted by ChefOnline’s portal.
Our clients are able to update the content on their individual websites and add a range of marketing and analysis tools to help them attract and keep track of existing and potential customers.
Chief Executive of ChefOnline, Mohammed Munim said: “Most small businesses cannot afford to develop their own ecommerce ordering system and thus rely on web based organisations to act as an intermediary. However, that does not allow them to promote their services on an individual basis”.
“Therefore often the only way they can grow their business is by word of mouth. We are offering a value for money alternative to others in the market which allows restaurants to have a direct route to customers via an individual website”.
He said many outlets are paying up to 14 per cent commission on each takeaway meal ordered which on a turnover of £5,000 equates to £700, whereas ChefOnline charge a fixed monthly fee of £62.83. It also offers a no obligation six month trial.
The company is initially targeting the UK’s 18,000 or so Indian restaurants and takeaway outlets. “But our business model can be applied to any restaurant or takeaway business so there is a £10 billion a year market for us to aim at”, added Mr Munim.
We are going to raise the funds via crowdfunding which will enable our partner restaurants to become a part of ChefOnline as a stakeholder.
Mohammed Munim, Chief Executive
Paul Quade/Allan Noel-Baker
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