HOP is an exciting, quick service Vietnamese fresh food concept showcasing a passion for Vietnam’s colourful food, culture and street atmosphere. With 5 sites in London, sales of c.£3.8m in 2018 and serving an average of 12k customers per week, HOP is raising funds to expand the brand across London.
HOP is an exciting, quick service Vietnamese fresh food concept with 5 multi-format sites across the city of London ranging from 700sqft “mini-HOPs” to a 3,000sqft “HOP Café”. Our flagship unit is based at the bottom of the Leadenhall Building (aka The Cheesegrater), we operate in all 3-day parts and have also established a strong delivery business catering for home/office/corporate orders.
The Food To Go (FTG) market has experienced strong growth in recent years and now accounts for c.24% of the total Eating Out Market. This growth is expected to continue and by 2022, the FTG market is set to reach a value of £23.3bn. There is a gap in the FTG market for a scalable, everyday Vietnamese chain and we intend to fill that gap.
With FY 18/19 revenue at £3.8m (EBITDA -£0.7m), we have enjoyed a stable sales pattern on a daily, weekly and monthly basis which is also relatively unaffected by seasonality. We've strengthened the team this year, bringing in industry veteran Josh Wyse as co-MD and are in negotiations with one of the leading concessions operators about opening a number of HOPs in transport hubs across the UK. We're are also in early-stage discussions with a “dark kitchens” operator to expand our delivery capabilities.
We're raising investment to fund the roll-out of the HOP concept across London.