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WRAP

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WRAP is a coworking space with a difference. A hub for families at work, rest and play.

103%
 - 
Funded 21 Nov 2020
£300,004 target
£328,062 from 137 investors
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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
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Investment summary

Type Equity
Valuation (pre-money) £2M
Equity offered 13.77%
Tax relief

EIS

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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
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Key features

  • Secondary Market
  • Seedrs nominee min. £10.62 +
  • Pay by Bank payments not accepted
  • Idea
  • Key Information
  • Team
  • Updates
  • Investors 137
  • Discussion
  • Documents

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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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.

Buy shares

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 £1,950,883

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.

Seedrs nominee

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Seedrs nominee.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Seedrs Nominee). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

Learn more here

Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

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