BUSINESSES and individuals across the north are being invited to take an ownership stake of a smartphone platform designed to enhance the high street experience.
Roam Local Ltd, set up in Durham by former professional jump jockey Andrew Bartlett, and which has already rolled out in parts of England and Northern Ireland, has launched an offer for subscription to raise up to £600,000 under the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS).
The company says the offer will be for an equity stake of 20 per cent and will give a £4 million valuation for the company pre-raise.
Roam has received EIS/SEIS status and can provide investors with tax relief from HMRC to operate as a holistic digital high street solution for local businesses.
The business offers marketing and engagement services designed to “empower businesses” and “reinvent” the high street experience.
Roam said the first £250,000, on a “first come first served” basis, will offer the full range of SEIS tax reliefs, including income tax relief of 50 per cent, capital gains tax exemption, and inheritance tax relief.
The remaining £350,000 will offer the full range of EIS tax reliefs, including income tax relief of up to 30 per cent, capital gains tax deferral, and inheritance tax relief.
Managing director Andrew Bartlett said: “Roam for business is not only designed to attract new customers, but to build loyalty and repeat business, providing a dramatic increase in profits.
“I developed the app to help strengthen local communities and support Northern Ireland’s local businesses bounce back from lockdown, so it’s great to see the success enjoyed by those which have started using it.
“We already have 150,000 active users, over 1,000 local business subscribers, over 1,000,000 impressions and over 100 strategic partners with sector influence.”
He added: “It’s not only a great way for local business to connect directly with customers, it’s also the ultimate travel guide for consumers, displaying everything you could possibly need when away from home, with over one million restaurants, shops, nightclubs, local attractions and places of interest such as museums and historical buildings, as well as useful information on hospitals, parks, libraries and even places to leave your car.”
He said the money raised now will “help fund our national and international roll-out”
“As Roam is all about involving people in their local communities, we feel it only right to allow them the chance to participate in our success by offering everyone in Northern Ireland the opportunity to invest in our growth,” Mr Bartlett said.
“Roam for business is not only designed to attract new customers, but to build loyalty and repeat business, providing a dramatic increase of profits.”
Retail NI chief executive Glyn Roberts, said: “The pandemic showed us that there is a new appreciation for thriving local neighbourhoods, high streets and town and city centres and the role that ‘bricks and mortar’ businesses play in making a destination worth living in or visiting.
“I’m confident that digital technology such as this exciting Roam Local app will be the way forward to help connect businesses looking to market themselves with existing and new customers keen to find out more about what their community has to offer.”
Potential investors can take a stake via www.crowdcube.com/early-access/invest-in-roam
