Manchester’s hospitality sector is set to receive a significant boost. A start-up investment platform, Shuffle, is injecting £2.5m into the local industry. This move aims to support the growth of some of the city’s most successful businesses.
However, what sets Shuffle apart is its unique funding model. It offers upfront capital to partner venues without requiring them to relinquish company equity. This innovative approach is designed to foster commercial growth in various areas, including new site openings and interior updates.
Investment in Manchester’s Hospitality Sector
A new investment platform, Shuffle, is injecting £2.5m into Manchester’s hospitality industry. This move aims to support the growth of the city’s most successful businesses.
Shuffle offers upfront capital to partner venues without requiring them to give up company equity, unlike traditional models such as crowdfunding.
Unique Funding Model
Shuffle’s funding model stands out by offering immediate investment. This is repaid through the company’s consumer-facing smartphone app.
The app, set to launch later this year, rewards customers for spending at Shuffle-partnered venues. With randomised cashback amounts ranging from 2% to 100% of their bill, it aims to drive footfall and foster customer loyalty.
Founders and Their Vision
Shuffle was co-founded by Ollie Purdue and Enzo Ottens. Purdue previously founded the digital banking service Loot, while Ottens founded Earnr, a finance and accounting tool for creators and the self-employed.
The founders have ambitious nationwide growth plans but have chosen Manchester as the first UK destination for their model.
Partnerships in Manchester
Shuffle has already secured partnerships with some of Manchester’s most successful businesses, including Madre, Medlock Canteen, Trof, and Bold Street Coffee. This will help in leveraging the existing popularity of these establishments.
These partnerships aim to unlock opportunities for commercial growth, such as new site openings, updated interiors, and kitchen renovations. By doing so, Shuffle hopes to support the city’s hospitality sector in reaching new heights of success.
Addressing Challenges in Hospitality
Ollie Purdue highlighted the entrepreneurial spirit of hospitality owners who often struggle to access capital needed for growth. He stated, “Hospitality owners are incredibly entrepreneurial but often struggle to access the capital needed for growth despite having a proven business model.”
The Shuffle platform was designed to address this issue by providing funding that doesn’t devalue businesses. “We saw a huge opportunity to invest in and partner with the best hospitality businesses while rewarding customers for spending there,” added Purdue.
The goal is to build the biggest hospitality investment platform in the UK over the next three years.
Customer Engagement
Shuffle aims to build a better rewards platform. Many existing ones are tied to uninspiring brands, devalue the businesses they aim to support, or are quickly forgotten by users.
By offering randomised rewards, Shuffle seeks to create a more engaging and rewarding experience for customers. This method is expected to drive customer retention and increase spending at partner venues.
Future Prospects
The founders have set their sights on expanding Shuffle nationwide. However, their immediate focus remains on Manchester and ensuring the platform’s success in its initial phase.
With its innovative approach, Shuffle hopes to revolutionise the way hospitality businesses access funding and engage with customers.
Conclusion and Vision
Shuffle is poised to make a significant impact on Manchester’s hospitality sector. By offering a unique funding model and engaging rewards system, the platform aims to drive growth and success for its partner venues.
In conclusion, Shuffle’s innovative approach is a promising development for Manchester’s hospitality sector. By providing upfront funding without equity loss and using unique customer rewards, it aims to foster growth and loyalty. The founders’ ambition to expand nationwide underscores the platform’s potential impact on the industry.
