City Unscripted EIS – existing shareholders

City Unscripted (the trading name of TripConsul Limited) helps holidaymakers explore and experience a city like a local. It matches guests with carefully vetted local hosts who can take them on premium, private tours in 53 cities around the world.  Management is offering existing shareholders the opportunity to invest under the same terms and at the same share price as the last round (£3.13 per A Ordinary share, allotted November 2022) with a target raise of £250,000 and a maximum of £500,000.  

Since closing the round in November, the Company’s performance has continued to improve:

• 2023 has seen record bookings, Q1 is expected to reach £1.2 million at the current run-rate. This is up more than 600% vs Q1 2022 and more than 280% vs Q1 2019
• In 2022, revenue rose to £1.2 million, c.12% up vs 2019, despite some of the Company’s key markets not being open for travel due to Covid restrictions for part of the year (Europe opened up in Q2 and Asia in Q4)
• Gross margin per experience grew 80% from £75 in 2019 to £135 in 2022
• Operating margin almost doubled from 15% in 2019 to c.30% in 2022
• Operated for multiple months at cashflow breakeven

Note, past performance is not  a guide to the future. Funds raised in this top-up round are expected to be used to provide additional working capital to fund the accelerated opening of the service in new cities, improve content, digital marketing, new partnerships and IT development to support the businesses growth. A new round, at a potentially higher valuation, is expected later in 2023, not guaranteed.

Risks – important

This is a single company offer with no diversification. It involves investing in an early-stage, loss-making business, which is by nature high risk and prone to failure. There is a risk that the capital raised may not be sufficient to achieve the Company’s objectives. You could lose the amount you invest.

Like all investments available through Wealth Club, it is only for experienced investors happy to make their own investment decisions without advice.

There is no ready market for unlisted EIS shares: they are illiquid and hard to sell and value. There will need to be an exit for you to receive a realised return on your investment.

Exits are likely to take considerably longer than the three-year minimum EIS holding period; equally, an exit within three years could impact tax relief. The value of tax benefits depends on circumstances and tax rules can change. 

Before you invest, please carefully read the Information Memorandum which contains further details on the considerable risks – alongside the Wealth Club Risks and Commitments.

Structure and fees

Investors will pay no direct initial or ongoing charges to invest. Fundraising costs are being met by the Company. Wealth Club will be entitled to a performance fee on exit. 

Wealth Club investors will invest using a nominee structure. This service is provided by Wealth Club’s subsidiary companies Wealth Club Asset Management Limited (authorised and regulated by the FCA) and Wealth Club Nominees Limited. Wealth Club Nominees Ltd will be completing the share subscription documentation on investors’ behalf.

Please refer to the Schedule of Charges for more details on charges.

All the services Wealth Club and, where applicable, its subsidiaries provide are governed by the Terms and Conditions of the Wealth Club Services.

Wealth Club aims to make it easier for experienced investors to find information on – and apply for – investments. You should base your investment decision on the offer documents and ensure you have read and fully understand them before investing. The information on this webpage is a marketing communication. It is not advice or a personal or research recommendation to buy any of the investments mentioned, nor does it include any opinion as to the present or future value or price of these investments. It does not satisfy legal requirements promoting investment research independence and is thus not subject to prohibitions on dealing ahead of its dissemination.