The Colorado franchise group that just opened Carve Barbecue in Glendale is hungry for a seven-figure investment.
Colorado Springs-based Southern Concepts Restaurant Group is targeting $2 million in a capital raise, according to a recent regulatory filing.
Publicly traded Southern Concepts also reported in a separate quarterly SEC filing that it raised $25,000 between Oct. 1 and Nov. 6 by issuing 125,000 common shares of stock at 20 cents a share.
Carve Barbecue is the group’s newest fast-casual concept and features barbecue recipes inspired by regional fare from the Carolinas to Kansas City. One local twist is a dish made with Denver-based Polidori Sausage. Carve BBQ Glendale is a partially owned subsidiary of Southern Concepts, according to SEC filings. The concept’s first and only location opened at 1000 S. Colorado Blvd. in Glendale on Nov. 5.
Southern Concepts did not return multiple calls seeking comment.
Carve signed a lease in Glendale in April, Southern Concepts reported. Rent payments are approximately $10,600 per month, the company wrote in its quarterly filings on Nov. 6.
In an August press release, the company said that Carve plans to open a minimum of four more locations by the end of 2016.
Southern Concepts also has the right to license up to five Southern Hospitality fast-casual restaurants in the Denver and Colorado Springs area by late 2016, it reported to regulators. Southern Hospitality restaurants are currently open in LoDo in Denver, Lone Tree and Colorado Springs.
In the three months ending Sept. 30, Southern Concepts reported a net loss of $958,038. That’s steeper than in the same period ending September 2014, when the company had a net loss of $812,572.