We’re Abby and Naomi, and we created East of Eden as a Walthamstow yoga and Pilates studio with a friendly, local feel, and we’re now seeking funding via Seedrs equity crowdfunding to expand what we do.
In March 2015, we launched our 25-mat space in a cobbled mews a few minutes walk from Walthamstow Central station and the new 9-screen Empire cinema.
E17 is an area experiencing huge change and, as the only yoga studio in the area at a time when wellness is very much a topic of the moment, we’re confident we’ll continue to grow and succeed. We have been in profit every month, we’ve had numbers increase in class week on week and we’ve had loads of positive press and customer feedback. We did all this on our own small investment and lots of hard work.
This funding would help us expand our offering – phase 1 will include a dedicated reformer Pilates studio, a 40 mat yoga/Pilates studio and changing rooms/showers. Eventually we would love to add a juice bar, creche and art space and we also have big plans around music and events.
We’ve tried to make East of Eden a brand that is truly a part of the Walthamstow community, as well as being a credible yoga brand, so by using the Seedrs platform to raise money, if people like what we are doing, they can own a piece of the company.
You can invest anything from £10 upwards, and there are tax benefits to investing: The Seed Enterprise Investment Scheme gives you back 50% of your investment via tax relief and then you earn money as we grow and make profits.
We are proud of what we’ve done so far but to really grow from here, we’d love your help. Our campaign is in private launch now and you can see it here. Before it goes live on the Seedrs platform, we need to show that we have a lot of people interested in our idea, even if it’s just small investments of a tenner.
If you like what you see and you believe in us and want to be a part of East of Eden, we would love it if you pledge to invest, even if just the smallest amount. Then when we go live next week, it means we have a much better chance of success with their bigger investors if we’ve been able to show we already have a lot of support. For anyone who does invest a tenner, we’ll give you a free class so you can come check us out.
It’s worth pointing out that as this is actually buying a bit of the company, it’s not as easy as just clicking a button. There are a few hoops to jump through, so please just drop us a line if anything isn’t clear. Also, right now, you aren’t actually paying us any money. You will only be asked to pay the money IF we hit our target of £40k. So if we don’t, then you don’t pay anything at all. For anyone who came to our free filmed class a few months ago, you might spot yourselves in the video!
Investing Via Seedrs Equity Crowdfunding
As you are purchasing shares in a private company there is no open secondary market in which to sell your shareholding. If you wish to withdraw your capital, you may be able to privately sell your shares if you could find a buyer and in which case it would be at your discretion the value you would place on your shareholding. However this is not an action Seedrs recommends you rely on being able to undertake.
The most likely way that you will receive your money back (plus a return hopefully) will be via either; a trade sale, dividend or an IPO but this is by no means guaranteed. However our plan is to pay dividends monthly and these would be paid out and kept in your Seedrs investment account to either be withdrawn or reinvested.
Consequently, should you wish to invest you must recognise the possibility that you may not get your money back at all and should you decide to invest your money will be tied up for a fairly long period of time without the possibility of easily taking your money out.
In respect of the accountability to shareholders; there are many ways that Seedrs manage the accountability and governance of a funded company but broadly the main two ways are as follows:
1. All funded companies are obliged to issue quarterly updates through the Seedrs platform to keep their shareholders regularly updated. Furthermore, investors can also direct questions to the entrepreneurs through the question and answer section of the platform.
2. Seedrs Nominees Limited will hold the shares in East of Eden on behalf of the investors. Seedrs enters into shareholder arrangements with the company which govern the investment. These arrangements grant certain rights and protections to Seedrs as legal shareholder (such as pre-emption rights) and restrict the Company from taking certain actions without the consent of Seedrs.
You can read more in the Seedrs FAQs.