StickBug

About StickBug

Also known as Seoul in a Bowl, StickBug is a Canada-based Korean cuisine concept founded in Vancouver by former Esquires Coffee managing director, Doug Williamson. The company is looking to expand to the UK, aiming grow to 100 UK stores by 2032. It projects more than a third of these to be in Greater London, but also to expand to all areas of the UK. Co-founder Jung Moon leads fellow Canadian brand Pokerrito, a 15-strong poke concept, while its head of food is Seoul Bird co-owner Judy Joo, who is also a mentor chef on ITV’s Cooking with the Stars. The company said: “The unique offering of Korean food is riding high in this cultural shift to ethnic foods, with menus that reflects Korea’s rich and distinct style and flavour. These standout flavours and the utmost attention to food presentation form the nucleus of Stickbug. Stickbug is an affectionate term that describes our customer’s partiality for eating their food with chopsticks. Our trading statement, Seoul in a Bowl’ connects strongly with our intended customer, precisely describing our offering.”

Why franchise with StickBug

• ✓Total fit out costs are £205,000, which covers store design and renderings (£7,500); site preparation, shop fit construction and project management (£140,000); signage (£5,000); equipment, supplies and epos system (£45,000); furniture (£5,000); and permits/licenses (£2,5000). Other costs totalling £45,000 include a £15,000 franchise fee; £5,000 training fees; £5,000 property agent fees; £3,500 lease legals; £4,000 stamp duties; £2,500 advertising launch budget; and £10,000 opening stock and working capital. Its operating model estimates 150 transactions a day at an average of £12, making for £1,800 in daily sales and £12,600 in weekly sales. Net sales would be £655,2000, with £196,560 cost sales (30%) and £458,640 gross profit (70%). People costs would be £184,023 (31%); occupancy costs £75,800 (12%); operating costs £54,458 (8%); royalties £39,312 (6%); marketing £13,104 (2%) and total franchise costs £52,416 (5%). Total expenses under the model would be £375,003 (57%), meaning Ebitda of £87,637 (13%). The company said: “In the past few years there has been a global explosion of ethnic restaurants, both dine-in and quick service, offering an expanse of menu choices. This evolution has been in response to not only a change in urban lifestyle and a shift in consumer demand of healthier food options, but also a distinct change in people’s economic behaviour. The UK is not isolated from these influences, and quick service restaurants are predicting substantial growth for several years to come. Consumers are welcoming casual dining brands like Stickbug that provide an immersive experience, innovative offering and exhibit a seamless customer experience. Stickbug is a rich and bold brand that has been built on experience and maturity, and an entrenched understanding of the vast opportunities within England and the UK. This knowledge provides the ability to leverage our growth with vigorous and detailed planning. Our plan is to launch StickBug in Greater London, then expand into other UK cities and provincial towns as the demand for alternative food offers continue to gain momentum. The inherent knowledge and combined experience of the management team provides a strong platform to meet the comprehensive opportunities that exists. Stickbug is planning to go places, and quickly. A visionary growth plan is in place and this energetic development will continue through mutual relationships as the trust and respect of the brand matures.”