Eats began trading in 2017 when founders Sam Cunningham and Scott Beckman launched their food-ordering platform in their hometown of Barrow in Furness. The business specialises in the provision of a food delivery network for local takeaways and restaurants, disrupting a market traditionally dominated by multinational players such as Just Eat, Uber Eats, and Deliveroo.
In the last few years, the business has expanded rapidly under a geographically based franchise model, with 96 active franchises partnering with over 7,700 food establishments across the UK with an impressive subscriber network of more than 580k.
The Pierce Corporate Finance team led by Kevin Steven, provided information for distribution to funders, preparation of an integrated forecast model, and transaction advice throughout, alongside legal support from Debbie King at Farleys Solicitors and Financial Due Diligence carried out by BHP Corporate Finance.
Kevin Steven: Corporate Finance Director, Pierce CF: “Sam and Scott have developed a first-rate business that realises the importance of local relationships to underpin any technology platform. The Group has strong geographical and service offering ambitions and the future appears very exciting for them.“
ThinCats the leading alternative finance provider to mid-sized SMEs provided The Eats Group with a significant growth capital facility.
Ben Kimball, Director of Business Development, ThinCats: “We recognise the real growth potential within The Eats Group. Sam and Scott have built an exceptional business, and we look forward to working closely with them and their team over the coming years to deliver their vision for the future."
The funding will supercharge growth for the business, enabling a faster rollout of the regional franchise model and additional improvements to the platform. Franchisees will also benefit from further support to establish their business, tools to aid marketing, customer support and invoicing, and payment processing.
Sam Cunningham/Scott Beckman, Co-Founder, and CEO: “We believe that local takeaways deserve tech partners that don’t charge excessive fees and provide proper technical support. This funding will enable us to continually develop our proposition, better serving our franchisees and the local food businesses. Thank you to Ben and Kevin for backing our ambition.”
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