WRAP is a coworking space with a difference. A hub for families at work, rest and play.
Business overview
| Location | Hove, United Kingdom |
|---|---|
| Social media | |
| Website | wrap.space |
| Sectors | Property Mixed Digital/Non-Digital Mixed B2B/B2C |
| Company number | 12007546 |
| Incorporation date | 21 May 2019 |
Business highlights
- Family Friendly Coworkspace, dedicated desks & private offices
- Onsite nursery and playcentre
- Versatile meeting rooms and event space
- Wellness offering for members and the public
Key features
Idea
Please note that whilst the campaign is labelled as EIS eligible, as of the 3rd January, with £275,865 raised, the company has £15k SEIS allowance remaining. Any investments above this amount will be eligible for EIS. Any tax relief is dependent on personal circumstances and may be subject to change in the future.
Introduction
2020 has taught us two things. The days of commuting to the office five times a week could be over. But people don’t want to spend all their time at home either.
Demand is soaring for a new type of workspace; a ‘third space’ that wraps up the best bits of working from home with the best bits of the office.
WRAP is a workspace with a difference.
Upstairs - beautiful shared and private offices with meeting and event space, perfect for contractors, freelancers and flexi-workers. Downstairs - a stylish café, nursery and play centre. Thoughtfully designed. Meticulously planned. All under one roof.
Located in the heart of Brighton, seconds from the station, minutes from the beach.
Sustainability runs through everything we do, from reusable nappies in the nursery to our plan for 100% renewable energy throughout the building, and energy-efficient design features that will put us on track towards our goal of zero waste and zero carbon footprint.
We’re on course to open our doors in the spring of 2021.
Substantial accomplishments to date
1. 22 individuals and businesses have paid deposits or confirmed intended use of WRAP facilities putting us at 119% of our opening target. Breakdown as follows;
🎉 Flexible cowork membership: 11 members.
🎉 Dedicated desks, offices, treatment room: 5 desks and 1 treatment room.
🎉 Event rooms: Pre-booked for regular out-of-hours yoga / Pilates classes.
🎉 Children's events: Pre-booked by 3 companies for regular events.
🎉 Nursery: 10 places reserved.
2. 70% of target equity investment raised. Cornerstone investors with a
wealth of experience in property and co-working facilities, including:
🎉 Penny Jones. Director – Fuse Project Consultants.
🎉 Dave Stewart. Ops Director, Commercial fit-out.
🎉 Ian Wood. Chartered management accountant.
3. Landlord contribution and all other finance in place to allow us to proceed.
4. Heads of terms agreed. Lease signing expected in December.
5. Established & recognisable branding.
6. 80 website signups expressing interest in membership, including 50 nursery places (93 desks and 28 nursery places available)
7. Experienced Non-Executive Directors providing counsel in finance, HR, operations and design.
8. Building transformation is fully designed and ready to go.
Monetisation strategy
WRAP will be a hub for family friendly work, rest and play activities, 7 days a week. The location and set up of the building, with complementary facilities and services, will allow us to maximize revenues and produce healthy operating margins.
Work:
💻 Flexible membership packages, dedicated desks, private offices, with or without child care.
💻 Meeting and event space for corporate use 9-5 and for events and classes evenings and weekends.
💻 Flexible Nursery for the children of members and non-members
💻 After school clubs and weekend creche.
Rest:
💆🏼♀️ Two Yoga / Pilates studios, allowing us to generate revenue ‘off peak’, evenings and weekends.
💆🏼♀️ A treatment room providing beauty treatments, massage, physiotherapy, etc.
Play:
🪁 Inspiring playcentre with imaginative soft play downstairs and immersive role play upstairs.
🪁 Family events, including music sessions, workshops, physical play, theatre workshops.
🪁 Café serving quality refreshments, making it equally as popular with parents and children.
Use of proceeds
As we start our crowd funding campaign, we have a fully financed plan in place (including contingency loans) to ensure WRAP can proceed whatever the outcome. We currently anticipate a 2 phase building transformation, as follows:
Phase 1: Complete and open half of the business centre, the nursery and the playcentre. Target open for business in May 2021. Funding requirement - £850k
Phase 2: Complete the fit out of the business centre. Target – within 6 months of opening. Funding requirement - an additional £80k
Our crowdfunding target is £300k - to reduce our borrowing and allow the wider community to get involved.
We are looking to accept over-funding up to £450k - to allow all areas of the building to complete together.
Budget breakdown as follows:
• Building refurb (incl design and consultancy). 94% (£800k)
• Marketing & Branding (Pre-revenue) 2.3% (£20k)
• Digital setup (CRM, IT, etc) 1% (£8.5k)
• Legals. 2% (£17k)
• Pre-revenue HR & regulatory process such as Ofsted. 1% (£8.5k)
Key Information
Outstanding and future debt
The company has agreed in principle the following Director and personal loans to enable the fit out of the Wrap building. Please note, as mentioned in the campaign, Wrap plan to reduce the size of these loans depending on the amount of investment raised.
1. £125,000 directors loan with no interest rate or set repayment date.
2. £20,000 loan from a company owned by one of the Founders, at 0% interest for the first 12 months, followed by 2% per annum for a 5 or 10 year term.
3. £40,000 loan from a company owned by one of the Founders, at 0% interest for the first 12 months, followed by 2% per annum for a 5 or 10 year term.
4. Two £25,000 loans at an interest rate of 2% per annum and no set repayment date.
The company has agreed in principle the following commercial loans to enable the fit out of the Wrap building:
1. £50,000 Covid Bounceback Loan with 0% interest for the first 12 months from October 2020, followed by 2% per annum for 5 or 10 years.
2. Three £25,000 Start Up Loans (one to each Founder) with 6% interest for 5 years.
3. £150,000 loan from Nationwide Corporate Finance at 11% interest for 5 years.
4. £170k of Landlord Contribution. The draw down to be paid retrospectively by way of 3 incremental payments, and at the point at which Wrap has completed approximately a third of the agreed specification of works, and to the satisfaction of the landlord’s surveyor whilst acting reasonably.
The terms and final amounts of each loan will be finalised prior to completion and funds raised will not be used to repay these loans.
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