Keep-fit owner of food bars is on a mission to get rid of paper
Vincent McKevitt, the founder of salad bar chain Tossed, has built up the business into an £8.3m turnover company since launching his first site in 2005, and last year delivered 9% like-for-like sales growth, although this was alongside a £389,000 pre-tax loss.
The loss was largely due to the cost of setting up two cafes in Dubai, taking the Tossed portfolio to 24. A recent £1.4m crowdfunding campaign, which gave up 5.5% equity, has helped fuel McKevitt's ambition to add 48 new locations over the next four years, the majority of which will be paperless, including banknotes.
The first of the next wave of shops will be in Dubai's Golden Mile shopping district this week, but most of the new openings will be around the UK.
McKevitt sold a minority stake in Tossed to Beringea in 2010, before he and management, backed by Santander and a £1.5m financing package, bought the venture capital firm out in 2013.
Note: News bulletin content has been provided by a third-party and is not the opinion of Santander.
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