Investment Multiple ?
Funded on October 31, 2017
Poitín (pronounced "Put-cheen") is a new full-service bar and restaurant opening in Houston’s vibrant Washington Avenue Arts District. Founded by Ian Tucker, an experienced international restaurateur, the restaurant will leverage the best elements of his prior success while also adapting to the unique scene and culture of Poitín’s new space.
Poitín’s 9,500 square foot space includes a large, open space with floor to ceiling windows surrounding a vaulted roof. The interior will include several different sections with different configurations that seats up to 260. The back opens up to a large outdoor patio with a view of downtown Houston sparkling in close proximity, with 70 seats on the patio. Additional standing room for 50 will be available around the bar area.
The business will pull heavily from the leadership’s experience with The Exchequer (based in Dublin, Ireland), a bar and restaurant group owned by Tucker. Its award-winning cocktail program is unlike any other in Ireland, gaining national recognition within its first year and expanding into a second successful location. The Exchequer was awarded Best Cocktail Experience in Ireland 3 out of the last 5 years (2012, 2013 and 2016).
Poitín will be open for a full dining schedule that includes lunch and dinner for seven days a week, plus a weekend brunch. The menu will consist of a mixed cuisine offering with Continental, American and Mexican being at the forefront.
The bar will also include extensive wine and beer menus with a creative cocktail menu. Poitín’s drinks offering will be its main attraction, with a big emphasis on creating an exciting and revolutionary cocktail menu. The mixologist and bar lead responsible for The Exchequer’s cocktail program will be flown in to set up Poitín’s bar.
Poitín plans to open its doors in the first quarter of 2018.
Ian Tucker’s team at The Exchequer in Dublin, Ireland has delivered an award-winning cocktail experience for several years. Photo Credit: McKennas’ Guides
Click here to view the Issuer's SEC Form C filing.
The capital raised on NextSeed will be used for the construction and build-out of the new restaurant and bar.
|Principal||Investment Multiple||Maturity*||Total Payment*|
Once the Issuer commences operations, it will share a percentage of each month’s gross revenue with the investors as a group until they are paid in full.
Each investor will receive its proportionate share of the monthly payments made to the investors as a group.
Let’s assume that the total amount raised through this offering is $500,000 and the issuer is committed to sharing 4.25% of its gross revenue.
If Investor A invested $2,000, Investor A is entitled to receive 0.4% ($2,000 invested divided by $500,000 raised) of the $17,000 shared with investors for month X. Therefore, Investor A is paid $68 for month X.
Let’s assume that the total amount raised through this offering is $200,000 and the issuer is committed to sharing 2.55% of its gross revenue.
If Investor A invested $2,000, Investor A is entitled to receive 1% ($2,000 invested divided by $200,000 raised) of the $10,200 shared with investors for month X. Therefore, Investor A is paid $102 for month X.
* The calculations above are mathematical illustration only and may not reflect actual performance. They do not take into account NextSeed fees of 1% on each payment made to investors. ... Read More The exact length of time that it will take the Issuer to pay each investor in full cannot be known in advance since the Issuer's actual revenues may differ from its reasonable forecasts. If any balance remains outstanding on the maturity date, the Issuer is contractually required to promptly pay the entire outstanding balance due to each investor. Payment is not guaranteed or insured and investors may lose some or all of the principal invested if the Issuer cannot make its payments.Read Less
Poitín will be open daily for lunch and dinner, serving from 11am to midnight. The bar will remain open until 2 AM from Thursday to Saturday.
The expected capacity of the premises is 380. This includes 260 people seated inside, 70 seated outdoors on the patio, and an additional 50 people standing around the bar area.
Poitín will be targeting a wide range of clientele, including young professionals, families, corporate clients, and retail and hospitality workers. Its general target market is 25-60 years old, looking for a premium food and drinks offering in a comfortable and casual setting. Poitín will cater to those looking for drinks and snacks as well as those who require a more substantial three-course meal without feeling rushed.
Poitín’s target clientele wants great service and high quality food & drinks. And, above all, a welcoming and relaxed atmosphere is a must. Dining out, meeting friends for drinks, and watching sports in the local bar is an integral part of life for Houstonians, and Poitín aims to deliver an experience that exceeds expectations.
Value for money is also a cornerstone of the business model. Poitín will offer food and drinks at competitive prices. Poitín will encourage dining with a pricing structure that ranges from affordable to a higher end experience. Appetizers will be priced at approximately $9-$15, with main courses ranging from $19 to ~$50. Affordable cocktail and wine menus will also appeal to many customers.
The bar at Poitín will play a feature role, and owner Ian Tucker’s prior success with The Exchequer in Ireland will bring a world-class experience to this aspect of the business. The Exchequer was recognized as the top cocktail experience in Ireland starting in its first year of operations. Houston is one of America’s most vibrant and energetic nightspots, with tens of thousands of people enjoying nights out in its various bars and clubs.
Poitín will fulfill a role as a bar that offers high quality, premium drinks in one of the most comfortable and atmospheric spaces in the city. Poitín will offer drink service until approximately midnight Sunday to Wednesday, and a late bar that runs until 2am from Thursday to Saturday. Emphasis will be placed on quality with a focus on premium liquor brands and high-end, mixology-style cocktails – but without excessive pricing for the customer. The drink menu will also be made up of worldly wines and both domestic and foreign craft beers. With the intention of becoming the best cocktail bar in the city, Poitín will also dedicate a section of the premises entirely to cocktails.
Poitín will develop a lunch menu and service geared towards professionals, corporate groups and those working “anti-social” hours. High quality food will be met with fast and efficient service. Examples of menu items include fresh seafood, tacos, organic burgers, homemade soups, gourmet sandwiches, and a variety of fresh salads with an emphasis on healthy, non-processed food. Adair Kitchen (Houston), North Italia (Houston), and True Foods (multiple) share lunch menus that are similar to what Poitín aims to deliver. All three operate in the Galleria and Uptown district, several miles away.Read More
In the early evenings, tens of thousands of Houstonians travel directly to restaurants and bars at the end of their work day. Poitín’s evening menus will be geared towards those looking to unwind after a day’s work and to groups of friends or colleagues who are simply looking to enjoy either a nice meal or some bar snacks. The evening menus will be quite varied but retain an emphasis placed on offering food menus that compliment a bar environment. Examples of venues that are comparable to Poitín’s evening food offering to would be B&B Butchers (Houston), 777 (Dublin, Ireland), and Olive & Ivy (Phoenix, AZ).
Weekend brunch is fast becoming the most popular dining experience across major cities, and Houston is no different. With the plethora of weekend sports on television – in particular college and NFL football on Saturdays and Sundays – Houstonians head out to meet friends and family for brunch and drinks. Poitín’s brunch menu will offer a mixture of traditional European and American items with a specially designed brunch cocktail menu to complement them perfectly. Brunch menus such as those available at Backstreet Café (Houston) and San Lorenzo’s (Dublin, Ireland) represent a mix of Poitín’s focus.
Within Poitín’s layout and design, multiple private seating areas of varying sizes can be utilized for private dining and private parties. This provides an extra edge in targeting corporations and business clients, a market that is regularly searching for venues in which to host business lunches or after-work dinner and drinks. Catering, event, and group menus will be crafted to serve this clientele.
Poitín’s promotional strategy will be wide-ranging and extensive. A mix of programs is being developed to engage the local community, including local residents and businesses. Unique VIP evenings for the neighborhood, loyalty cards and other promotional materials, and cross-promotional events with businesses in the area represent a cross-section of efforts tied into the launch of Poitín.
The company will also be a strong advocate of local community-building efforts. Ian’s prior experience as the Chairman of the Restaurant Association of Ireland and his experience in running an annual food and drinks festival, Taste of Dublin, reflect the level of engagement the team will take.
Additionally, one of Houston’s premier PR and marketing firms (On the Mark Communications) has been retained to develop the launch and media presence of the business.Read Less
Poitín will be located at Sawyer Yards (2313 Edwards St., Suite 100, Houston, TX 77007), close to the busy Washington Avenue corridor and conveniently located near I-10.
The building at Sawyer Yards boasts 40,000 square feet of urban redevelopment, offering retail space that is central to the Heights, Midtown, Rice Military and Downtown. Its 38-foot pitched roof gives the space a big, open feel, and the patio space on the Southeast corner opens up to a unique and unobstructed view of Downtown.
The master planned community around Sawyer Yards is a creative campus spanning 40 acres of industrial warehouses in Houston’s Historic First Ward neighborhood. Densely occupied by art studios, galleries, restaurants, unique fitness concepts, breweries and a public art plaza, this area has become an important local arts and entertainment destination. In addition to major art openings and recurring markets, Sawyer Yards regularly hosts public programs in partnership with the Washington Avenue Arts District, a state-recognized cultural district with the largest population of working artists in the country.
The creative area known as Washington Arts District is comprised of Sawyer Yards, The Silos, Spring Street Studios and Winter Street Studios.
Within a one mile radius of Poitín, median income is approximately 153% greater than the national average and average expenditures are approximately 102% greater than the national average, with growth at approximately 20% increase in the next seven years. (Piinpoint) The map below shows Poitín’s location relative inside Houston’s inner loop and its proximity to major highways.
Houston itself is a dynamic mix of imagination, talent and first-class attractions. Alive with energy and rich in diversity, Houston offers an outstanding array of activities, restaurants and retail shopping. Houston, and in particular the area inside "the loop", has many bars, pubs and restaurants. The city offers more than 11,000 restaurants ranging from award-winning and upscale to memorable deli shops. (About Houston) All of this is to meet the tremendous demand of the city. Houstonians eat out more than residents of any other city (5.5 times per week vs. the national average of 4.4 times per week).Read More
Houston is the 4th most populous city in the US, quickly climbing to third.
Ian has been involved in the service industry since the age of 17, working in various hotels, restaurants, bars, nightclubs and sales in various countries.
Ian launched The Exchequer, a highly-respected restaurant and bar in Dublin, Ireland in 2009.
Starting the business from scratch and growing it from the ground up was certainly a challenge. But since opening, The Exchequer has gone from strength to strength, winning numerous awards, including Best Gastropub in Ireland 2010, Best Cocktail Experience 2012, 2013 and 2016, and Heineken’s Best Bar in Ireland 2014. They have also been included every year since they opened in the Bridgestone 100 Best Restaurants in Ireland guide. The Exchequer is now regarded as one of the most established bar & restaurants in Dublin and is renowned for its high quality of drinks, food and service. The Exchequer has returned a net profit each year since inception, despite opening just after the beginning of the worst recession in Ireland’s history.
In his role as President and CEO of The Exchequer Group, Ian has been completely responsible for the day to day running of the Group’s businesses. His duties have included, but were not limited to staffing, vendor sourcing, maintaining affordable labor and supply costs, pricing, maintenance and upkeep of the facilities, customer service, marketing and advertising, and preparation of monthly and annual accounts.
Early 2014 saw the restaurant group open its second location, The Exchequer Wine Bar. This venue differed from the original Exchequer with a large focus on wine (over 130 available) and greater focus on food.
Ian completed an Economics and Mathematics degree at Trinity College in Dublin. He served as the Chairman of the Restaurant Association of Ireland from 2013-2015.
February 9, 2018
We are excited to announce that Dominick Lee, who was up until now acting as the executive sous-chef at the Levy Park restaurant Kiran’s, has been announced to be taking on the position of executive chef at Poitín!
Stay tuned for more to come from us as we continue to ramp up to the opening in late Spring 2018.
January 19, 2018
The construction team is pushing hard and fast and things are really taking shape, with the bar counter walled in, as well as the kitchen and dining area. All electrical and plumbing rough-ins are completed and walls are being sealed up soon! We are anticipating a May opening. Please stay tuned!
December 28, 2017
The construction team is pushing hard and fast and things are really taking shape, with the bar counter walled in, as well as the kitchen and dining area. All electrical and plumbing rough-ins are completed and walls are being sealed up soon! We are planning for an anticipated May opening.
November 21, 2017
We are excited to share that construction is in full swing and things are starting to take shape. Underground plumbing and electrical is now complete and we are working on getting the kitchen walls up and laying out the bar (pictures below). Please stay tuned!
October 21, 2017
Construction started this past Monday, and things are progressing as scheduled.
In the meantime, we hosted a small gathering on the patio, grilled some burgers and shared some drinks. The bright downtown skyline was a perfect backdrop, and it was exciting to see the potential of the space.
September 30, 2017
Our final permit approval just came through yesterday, so we’re good to start construction! The contractor is confirmed, and work will start in about 3 weeks.
September 27, 2017
More milestones with permitting have been cleared – only one more department with the city’s permitting office left to go.
This was one area in which we thought there may be a slowdown with the city after Harvey, but things have progressed for us so far. We’re getting closer!
September 8, 2017
I’m a relative newcomer to this city, but I’m so proud to be a Houstonian in this moment in the city’s history. The people of Houston have a giving and unshakable spirit, and the big hearts of complete strangers has been remarkable. Neighbors picking each other up, feeding and volunteering their time, and contributing to every need imaginable – it has been an honor to witness.
In light of everything going on in the city, I’m resetting some of my campaign terms.
I don’t want to take attention from the Harvey recovery efforts, and I’ve been fortunate to have the support of certain investors to secure the balance of our NextSeed raise. Having said that, I will keep the opportunity open for the community to participate. We still aim to create something exciting and new in the area that I will put my heart and soul into, and if anyone would like to invest, you’re still more than welcome to join us.
1) We’ve changed the range of the raise to $100,000 (min) to $500,000 (max). The multiple will remain the same, but there are two tiers to the revenue sharing percentage. See the Key Terms section for the breakdown.
2) We’ve extended the campaign period to October 23rd.
For those who have reached out and expressed concern for our team… thank you. We were very fortunate. Our building made it through relatively unscathed. A couple of minor leaks in the roof are being patched by the landlord, but otherwise, we count ourselves among the lucky ones. As far as we are aware, the project is also still on schedule for a Spring launch.
I am confident the city will bounce back even better than before, and we look forward to serving you all. We wish you all the best.
August 22, 2017
August 11, 2017
We’re making progress with the city and have passed the first round of inspections. We’re now waiting on their second round feedback. After we re-submit following the second round of comments (in about two to three weeks from now), we expect the next feedback from the city to include their approval to proceed with construction.
We’ll keep you posted on updates!
Funded on October 31, 2017