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som saa

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5 star reviews and voted restaurant of the year. Join som saa now as they open their second restaurant.

125%
 - 
Funded 4 Dec 2019
£200,001 target
£253,633 from 143 investors
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Business overview

Location London, United Kingdom
Social media
Website www.somsaa.com
Sectors Food & Beverage Non-Digital B2C
Company number 09016359
Incorporation date 29 Apr 2014
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Investment summary

Type Equity
Valuation (pre-money) £2.7M
Equity offered 8.49%
Tax relief

EIS

  • Idea
  • Team
  • Updates
  • Investors 143
  • Discussion
  • Documents

Idea

Introduction

som saa is the name of a rare and fragrant lime found in Thailand. It's also the name of our restaurant...

We are a unique restaurant and cocktail bar located in a former fabric warehouse in Spitalfields. We serve high quality regional Thai dishes with uncompromising flavours. We pride ourselves on combining the best of British and Thai produce; regularly travelling to Thailand and meticulously researching recipes.

We have a beautiful bar space where we serve creative cocktails and carefully sourced wines alongside Thai bar snacks.

We are now ready to open a second restaurant in Central London.

Intended impact

som saa began life as a popup back in 2015. We wanted to serve fantastic regional Thai food and lesser known recipes in an exciting, buzzy atmosphere. At the time, this kind of food was seldom seen in London and our hunch proved right - we were quickly inundated with excited customers and glowing reviews.

Thousands of guests and several months later, we led a successful crowdfunding campaign and raised the funds to turn the concept into our fully fledged permanent restaurant site.

With our second site, we want to bring the som saa experience to a wider audience and at an even better price point. The menu will be focused on street food classics and Thai drinking snacks and will showcase whole coconut smoked ducks for groups to share. The food will be just as good as som saa, but in a more informal, communal environment. In line with its name, the bar will focus on a varied selection of British and International beers alongside tap wine and cocktails.

Substantial accomplishments to date

We are a well established restaurant serving more than 60,000 guests a year and we are very proud to have received a number of national awards and exceptional reviews, for example:

- 10/10 for food by Marina O’loughlin in The Guardian.

- 9/10 from Keith Miller in The Telegraph.

- 5 stars from Tom Parker Bowles in The Daily Mail.

- 8.33/10 “freaking awesome” from Giles Coren in The Times.

- Restaurant of the year 2016 by The London Restaurant Festival.

- Best new restaurant at the National Restaurant Awards 2016.

- 4th best restaurant at the The National Restaurant Awards 2017.

Other key measures:

- £273k EBITDA at our Commercial Street site - in the trailing 12 months to the end of October 2019

- Consistent annual turnover - £1.95m in 2018/2019.

- We are free of any long term debts and have over £500,000 cash in bank.

- We have a loyal customer following and over 27,000 followers on Instagram.

Monetisation strategy

Our new concept will be innovative and exciting with a unique street food focused menu, but it will also be strongly value led. We want the food, the drinks and the experience to remain at the highest quality but have designed the menu to be more efficient to prepare and serve at a fantastic price point.

In order to maximise the number of guests we can serve, we are looking at central London locations, with a minimum of 80 seats, and open 7 days per week.

By taking our experience and track record of offering exceptional quality Thai food, and then applying it to a more efficient and scalable menu we intend to stand alongside industry friends like Bao, Padella and Flat Iron. Ultimately we believe this will feed through to healthy margin, establish a model for further growth and build a platform from which to explore future concepts - food halls, grab and go sites and takeaway brands are amongst a number of formats which are of interest.

Use of proceeds

The money raised through the campaign will be used, alongside cash from our existing reserves, to fit out and ultimately open our second restaurant. Precise figures will change according to the specifics of the site acquired, but the following is a representative guide:

Building and direct works - construction, seating, lighting etc - 32.5%.

Kitchen design, build and extraction - 20%.

Professional fees - legal, property, architectural - 14%.

Bar fabrication and installation - 5%.

Other opening costs - office equipment, POS units, stock, staff pre-opening, furniture, rent deposit - 28.5%.

In addition we are planning to launch with a minimum cash buffer of 150k in the som saa bank account.

Investor Perks

INVEST £1k +

- 10% off your bill with up to 4 guests
- invite with a +1 to our soft opening
- a thank you in our first cookbook
- access to our ‘rare + vintage’ wine lists

INVEST £5k +

- all the previous rewards with...
- 25% off your bill with up to 4 guests
- invite with a +3 to our soft opening
- access to our investors’ direct booking line

INVEST £10k +

- all the previous rewards with...
- 50% off your bill with up to 4 guests
- invite to our annual Investors Club Lunch with chef’s tasting menu and wine pairings

For terms and conditions of these benefits please see the pitch deck in the documents section

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If you successfully purchase a share lot of this business, you will be granted access.

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Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

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Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This webpage has been approved as a financial promotion by Seedrs Limited ("Seedrs"), which is authorised and regulated by the Financial Conduct Authority. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Seedrs platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Seedrs platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

Seedrs does not make investment recommendations to you. No communications from Seedrs, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Seedrs does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Seedrs, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £2,694,628

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

Pitch type

There are 5 types of investment pitch available on Seedrs.

  • Equity
  • Convertible
  • Fund
  • Cohort
  • Secondary

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

Learn more about pitch type on Seedrs

Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

Learn more about investing and pre-emption rights.

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