Meat Chef in Old Town
100% Funded

100%
100%
Need:0.00€
Min.:0.00€
Interest rate:14%
Period:18 months
This loan comes with a Crowdestor buyback guarantee.
Target: 125 000€
Min. target: 50 000€
Opens: 2020/01/20
Expires: 2020/02/15
Type: Real Estate
Location: Riga, Latvia
Investors: 722

Summary

Current investment opportunity offers CROWDESTOR investors to make a business loan in amount of EUR 125 000 to the owners and operators of restaurant brand Meat Chef. Instagram @meatchef.lv 

Meat Chef - its a trendy restaurant brand for meat lovers and others, offering best quality dishes cooked on a charcoal grill in a light and relaxed atmosphere for a reasonable price.

This brand was developed in response to a rapidly growing trend - fine quality meals served in more casual restaurants allowing customers to enjoy the best on a daily basis, not having to wait for special occasions. 

In the day of publishing this fundraising campaign, on January 20, 2020, a long awaited moment has come and a memorandum of understanding has been signed between Ministry of Finance and Latvian Restaurant Association for decreasing VAT for restaurants from 21% to 12% which would allow to create more sustainable and transparent business environment in the industry. VAT reduction for restaurant industry has been carried out by 18 other EU member states. 

Meat Chef is seeking the financing of minimum target EUR 125’000 for 18 months period. The loan will carry a 14% annual interest rate paid monthly.

Loan

Max. target: EUR 125 000,00
Min. target: EUR 50 000,00
Loan term: 18 months
Interest rate: 14% per annum
Interest payments: paid monthly
Loan repayment: In full at the end of the Loan Term
Security: Personal guarantee of shareholders of the Borrower and prohibition to make profit distributions to the Borrower’s shareholders until Crowdestor loan is fully paid back
Crowdestor BuyBack fund: Yes
Collateral Agent: Crowdestor Security Agent OÜ

Team

The two owners of this restaurant have been in the hospitality industry in Riga for over fifteen years. They are also shareholders of one of the oldest restaurant chains in Latvia operating under brand "Steiku Haoss", and founders of Latvian Restaurant Association aiming to organize the hospitality industry and it’s applicable legislation.

Currently the most important objective of Latvian Restaurant Association is decreasing VAT for restaurants. In the day of publishing this fundraising campaign, on January 20, 2020, a long awaited moment has come and a memorandum of understanding has been signed between Ministry of Finance and Latvian Restaurant Association for decreasing VAT for restaurants from 21% to 12% which would allow to create more sustainable and transparent business environment in the industry. 

The Meat Chef head chef has been with the team for years spending the last year in Monaco developing and fine-tuning his skills. He is dedicated to meat and his passion is letting products speak for themselves, bringing out the best taste of each ingredient by choosing the most appropriate cooking means and product combinations, however, keeping it simple, understandable and unforgettably delicious.

Meat Chef # 1

The first Meat Chef restaurant was opened in Riga on December 17, 2019. As a result of professional plannig construction period and staff training took only 22 days which is twice faster as expected.

It is located in the city center, Tērbatas street 41/43 – a corner location with large windows. The restaurant offers 47 seats in different seating areas – at a large shared dining table at the open bar and charcoal grill and private tables in a more quiet seating area.

Funds for opening of first Meat Chef # 1 was raised in Crowdestor. 

Meat Chef restaurant has received an immense amount of great reviews and comments from its customers. In the three weeks since the opening it already has loyal frequent guests. It has quickly turned into the must-visit place in Riga.

       

 

Meat Chef # 2

Meat Chef # 2 is the second restaurant of a chain that will be developed in the closest future. The first Meat Chef is in the city center of Riga, the second in Old Riga and the next to come will be in Berlin, Germany.

Meat Chef # 2 will be opened end of May 2020 – just in time for the summer season.

Location for Meat Chef # 2

Corner location in one of the best restaurant premises on Old Riga – on the intersection of two main tourist streets.

  • 350 square meters
  • 120 seats
  • 2 floors
  • Summer terrace 40 seats
  • Large floor to ceiling windows
  • Lease agreement for 15 years

Layout and interior design

Meat Chef # 1 will be continued in the new restaurant both layout and interior design wise. The centrepiece – an open charcoal grill will be located in the entrance room, together with a large shared high dining table and an open bar. This will be the place for those in a hurry or those interested in the making of their meal.

Also, chef’s masterclasses will be held at the large dining table with a good view on the grill. The second-floor room will host those who wish for more privacy and calmness. Also, the second floor will be able to host larger groups.

The interior is designed once again by Kirson Design Group keeping the focus on such materials as dark metal, stainless steel, glass, burnt wood, leather and velvet.

Menu

The menu of Meat Chef # 2 will be based on the first restaurant’s menu, with an addition of lighter dishes in the summer season. Still, the main focus is on meats, steaks and burgers, however, being ready to please the customers’ wishes for salads, soups, appetizers and desserts. Take-away will also be available.

Financials

Total investment raised in Crowdestor: 550 000 EUR
Loan term: 18 months
Interest rate: 14%
Crowdestor campaigns:
   - January - 125 000 EUR
   - February - 175 000 EUR
   - March - 250 000 EUR

Yearly EBITDA 170 000 – 190 000 EUR before reduction of VAT
Yearly EBITDA 250 000 – 280 000 EUR after VAT reduction

Meat Chef has letter of intent in place for refinancing the outstanding loan amount of Crowdestor loan 12 months since comissioning of Meat Chef #2 with an interest of 8% per year. 

Restaurant development steps

January – sketches, blueprints, legal work, ordering of kitchen and bar equipment.

February / March – construction – ventilation and heating instalment, flooring, wall finishes. Ordering of interior objects.

April – kitchen, grill and bar instalment. Staff training, menu testing.

May - opening

 

Interior

The centerpiece of each Meat Chef restaurant is a custom manufactured charcoal grill with several cooking options, located in the entrance room together with a large high dining table seating up to 14 customers and the bar. This room is perfect for enjoying the view of one’s meal being prepared, master classes with the chef, a quick meal or drink. Another room is a little more slow and comfortable seating customers at both high and low tables with a view at the meat aging lockers and a large glass wine cooler.

 

The main materials used are wood, metal, glass, leather and velvet. Special attention is paid to lighting in order to create the right atmosphere both during day and nighttime in combination with unique neon decorations, meat aging locker lighting and light boxes.

 

Designers of the first and also the following Meat Chef restaurants are Kirson Design Group, local professionals that have taken part in development of some of Riga’s trendiest restaurants and bars.

 

Menu

The Meat Chef restaurant is the first steak & meat bar in the city cooking most of its dishes on an open fire grill in the restaurant’s dining room visible to it’s customers.

The menu has appetizers, salads, soups, steaks, burgers, fish and desserts featuring both classics with a Meat Chef twist, and best quality rare finds. Most of the dishes are totally or partially grilled to give them the special taste. Furthermore, there is a take-away option for the growing segment eating on the go. The price level at Meat Chef is at market average, offering a wide range of products from lower priced to more valuable options.

The restaurant offers a well-selected wine list, a short, but exquisite cocktail list, local craft beers and great coffee.

Meat Chef has custom fabricated spices and sauces to guarantee consistent taste for each dish. These spices, sauces, together with frozen Meat Chef signature beef burger sets will be offered for sale in the restaurants, as well as, in the finest grocery stores from summer 2020.

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