Benny's Hangar Limited

By Ben Scott

PledgeMe.Investment



NZ $72,711 pledged


107 people pledged


Closed


NZ $750,000 minimum target


Min

NZ$750,000

Max

NZ$850,000

9 9% Complete

This campaign failed to reach its target by 22/05/2024 at 8:00 PM (NZST) and is now closed.

Make a Pledge

About

Benny's Hangar Limited

is just that, a hangar!

 

Built in 1946 to house Defence Force planes, the hangar has sat sad and empty for years - used as a storage space... But we want to turn it into an all-ages, all-weather, affordable entertainment venue in Christchurch. 

 

Meet Ben.

Lover of spray paint, a good yarn and a good challenge. 

 

When he took the first walk-through of the hangar in 2023, his spaghetti mind exploded with ideas for the space. 

 

A playground for all ages; a space for community; a space to connect away from technology.

 

For those that don't know him, Ben started Benny’s Barber Shop 10 years ago when a knee injury halted his building apprenticeship. He started in his parents' sleep-out, moving into their front lawn with caravans before growing to open the HQ! His passion for supporting community & encouraging a positive narrative around mental health has been reflected in everything he’s set his mind to. Deloitte also named Benny's Barber Shop as their Rising Star in 2019. 

 

 

 

Read our full Information Memorandum (IM) here

 

 

Recent development of Christchurch has offered more entertainment venues, but many of these are one-dimensional, age-restricted or priced as such that they become a special occasion-only type of outing. There are more than 140,000 people in the 15-39 demographic in Christchurch, and Canterbury has the second-highest spending region in NZ for recreation and culture. 

 

We want to bring an all ages, all weather, affordable space that you can enjoy with your family, friends or even work colleagues.

 

Read more about the Market in our IM

 

 

Two-hour sessions, five days a week rotational activities something for everyone!

For just $40pp or $100 for a Family Pass (2 adult and 2 under 14).

 

 

 

 

Read our full IM for more on how it will roll here

 

 

 

A year of hard work, sweat, and tears the hangar now has a:

 

• 400sqm mezzanine

• fully indoor skate park &

• constructed (albeit unfinished) toilet block

 

We have hand-picked our incredible core staffing, Two Thumb Brewing & Hancock's are on board for our bar offering, and we built our pizza shack food truck.

 

We have a 6-year lease, with the option of adding up to 12 years after the initial 6-year period. Ben has already fronted close to $500,000 to get this far.

 

 

We are looking to equity crowdfund a minimum of $750,000 to finish this colossal project and get the doors open to the people of Christchurch.

 

Use of Funds

Raising the minimum of $750,000 will allow us to open the doors to the public with minor tweaks to follow as income allows. If we were to raise $850,000 it would allow for more contractors onsite for a quicker turnaround of fit-out and allow the minor tweaks to happen pre-opening.

 

Fit Out + Finishing Construction - $650,000

Hospitality Offering - $35,000

Capital Raise Costs - $65,000

 

 

The Offer

We are offering a minimum of 750,000 to a maximum of 850,000 non-voting Investor shares.

 

Investor shares have the same rights as ordinary shares in terms of dividends and other distributions, but they do not have the right to vote on ordinary business matters. However, these ‘non-voting’ investor shares still have the right to vote in specific circumstances:

• decisions that affect the rights attached to the investor shares

• decisions to put the company into liquidation

• for the disposal of the whole, or a material part of the property, business and undertaking of the company.

 

For all rights, please refer to the company constitution

 

Read more about the offer in our full IM here

 

The projections for FY25 are commenced from term 3 of the school calendar (August). This could increase with an earlier open date for the hangar! Our projections in the IM show our session projections during term and school break, as well as our full forecasts and our current balance sheet.

 

• Loss of Key Staff - Our staffing will be cross-trained, so that should we have illness, injury or indeed a staff member leave, there is not a gap in skills present.

 

• Cashflow Issues - Our business is wage heavy which means we will have tight COG’s on Food & Beverage; these will be diligently managed by our GM as we aim to keep these below 35% - the projections have accounted for a ‘blow out’ in these COG’s for the first year.

 

• Economic Downturn - As stated above, with the business being wage-heavy we have sample staffing scenarios for quieter sessions and days to save on wages, our COGs around F&B would also decrease as these are proportionate to patrons spending.

 

• Health & Safety - We have an extensive WHS Plan in place having worked with WorkSafe and an independent advisor. Our staff will be trained using these protocols and recording processes with the Activity Manager carrying out thorough checks each day, throughout the day. We have action plans should an emergency occur; patron/staff injury or natural disaster & all staff will be trained in these responses.

 

• Downturn in Patronage - we have anticipated days/weeks of patronage downturn throughout the year and how to control the cogs to keep these weeks sustainable should we have to.

 

 

Note from PledgeMe

We have completed Equifax checks on Benny's Hangar Limited and their Director, as well as Google and Insolvency checks. There were no adverse findings.

 

Read the full Information Memorandum here

Updates 5

Final countdown!

22/05/2024 at 12:41 PM

Heya! After a big month of campaigning, we're in the final countdown. Our equity crowdfunding round closes tonight at 8pm.

In the last week, we've had a bit of media coverage, including:

📺 Seven Sharp (you can watch here)

7️⃣ Seven Days (you can watch here)

Thank you to the 98 people that have invested in this campaign so far. Your pledge means the world to us. We'd love if you could share our campaign and plans with your crowd too. We've got 8 hours to get this across the line - and you never know who is waiting in the wings.

We really want this space to be FOR the community, owned BY the community, with the goal of making it an awesome space AND an awesome business.

If you have any questions or thoughts, let me know.

Cheers,

Benny

On TV tonight & IM updates

16/05/2024 at 4:16 PM

Heya! A quick update for you all! 
 
We are on Seven Sharp tonight at 7pm and making a special appearance on 7 Days tonight at 7:30pm.
 
We have made some changes to the IM. The management is now just me, Ben. This was a tough decision to make but during the construction stage we need to get the place open and then will look to rebuild our management team closer to the opening date. This has also meant that the shareholding pre-raise is now held solely by me - but the post raise breakdown remains the same at our minimum and maximum raises.
 
If you have any questions, get in touch with me by replying here or Anna at PledgeMe on [email protected].
 
Thanks so much for all that have invested so far! 60K so far - almost 10% 🙌
 
Lets get this project over the line for the community built by the community!

Cheers
Benny

 

Week Three Update from Benny's Hangar!

13/05/2024 at 1:10 PM

Hey Hey Everyone from Benny’s Hangar!

 

We’ve had lots of exciting things happening the last few weeks, from our feature in The Press to an interview with Jeremy & Hilary on Seven Sharp airing later this week (keep your eyes peeled!)

 

 

We hit a huge milestone of $44,3310 with all you wonderful humans seeing the vision and getting behind us to have it come to reality. There are 8 days left of the PledgeMe campaign and we’re here for it!

 

We have had requests for a larger pledging tier and have added Tier D $50,000-$100,000

Alongside the possibility of return on investment, perks for Tier D include; 

30% Food & Beverage Discount

Bev on Your Birthday

2x Season Passes

50% Full Venue Hire Discount

 

Just as it takes a village to raise a child, it’s going to take a community to open the doors!

Week Two Update from Ben!

07/05/2024 at 2:38 PM

Have you wondered who is behind the development in the of Airforce Hangar in Wigram?

 

Hi folks, I’m Ben! A local Christchurch business owner and entrepreneur with big dreams for creating community spaces in our city.

I started Benny’s Barber Shop 10 years ago to make a safe space for men to talk about mental health, their day and anything going on in their life.

When I first saw the Hangar I had so many ideas on how to make it a pillar for the community - we have built; Christchurch’s only indoor Skatepark, Half Pipe and Pump Track. Indoor paintball target practise lanes, axe-throwing, archery, basketball game, batting cages AND MORE.

 

We want to say a huge thank you to each and every person who has pledged so far, it is incredible what the community can do.

Pop on down to the open hours and introduce yourself, we'd love to meet you all!

This Saturday & Sunday 12-1pm - 75 Sioux Avenue Wigram. 

 

With community investment, not only do you have shares that could become a return in years to come, you also have that bit of ownership - your handprint on the wall. You did that.

 

FOR the community, owned BY the community!

 

 

An update from us here at Benny's Hangar

26/04/2024 at 1:16 PM

Happy Friday Pledgers!

Firstly we'd like to take the time to say THANK YOU to those who have jumped on and pledged in the first week.

One of those investors was 11-year-old Sam, a Reefton local and scooter lad! Ben and Jack headed over to the Coast to surprise Sam and say thank you in person - cutting some laps on the Reefton Skate Park and a fresh lid for Sam! Part 1 of the boys trip is up.

Secondly, as a community you have come to us and said that you'd love to see another tier of investment - so here it is! From $50, you can own your own piece of the Hangar! We truly want this to be: FOR the community, owned BY the community!

Cheers,

Ben & Meg

    Details

    Offer Details

    Current Valuation 1,500,000
    Raise Minimum 750,000
    Raise Maximum 850,000
    Share Price 1.00
    Minimum Pledge 50.00
    Maximum Shares Offered 850,000
    Explanation of valuation:

    based upon an EBITDA multiplier of 3.5 on current year projections. Our projections are based on calculated patronage numbers and food & beverage consumption. These projections are without the consideration of function hire sales and we believe they remain conservative.

    Company Details

    Company Name: Benny's Hangar Limited

    Company Number: 9429051260507

    Company Documents

    Documents no longer available to download, as this campaign has closed

    Director Details

    Name Role Profile URL Invested?
    Benjamin Luke Scott Managing Director https://www.instagram.com/bennys_hq/

    Questions 15


    What will happen if you don't reach the minimum target? thanks

    Posted on 22-05-2024 by clint kohl

    Hi benny! Would be great to get a full version of your Balance Sheet, as the version you have doesn't explain a whole lot.

    Posted on 21-05-2024 by John Woodgate

    Heya Flick me an email at [email protected] or flick me a call on 0273788351 to catch up over and can go over it with you!
    thanks
    Benny

    Answered on 21-05-2024 by Ben Scott


    This is such a great idea. The profitability seems really dependant on ticket sales (stating the obvious). Can you tell me the proportion of your operating expenses that are wages?

    Posted on 17-05-2024 by Rewa

    will you consider taking building materials such as timber or gib board as investment?

    Posted on 16-05-2024 by sean

    Hey mate! Benny here!
    Not at this stage as we have majority of the product ready to go already.
    Cheers.
    Ben

    Answered on 16-05-2024 by Ben Scott


    Not a question, but your pledge comments section is too short. I wish you all the best. We are Wigram locals and love this area. We think it's a great use of this heritage space. I truly hope others get on board with this and help you achieve your dreams. HMU if I can do anything else to help.

    Posted on 14-05-2024 by Fiona Archer

    Heya! What a legend thanks so much for you’re generous pledge ❤️❤️

    THANKS
    Ben

    Answered on 14-05-2024 by Ben Scott


    I'm not mathematically minded, more instinct based.
    How much is entry likely to be?
    Will there be 18yrs over nights
    (my 19yrs old reckons it would be a gig future)

    Posted on 13-05-2024 by Tanya Archibald

    Kia Ora Tanya,
    Entry to the Hangar is $40pp, with Family Passes available (2A+2U14) for $100.
    In the vein of entertainment being gigs, we will not be taking on anything like that. The Hangar is a family and community focussed venue with a 9pm finishing time on our last session - the people in this session will have until 9.30pm to enjoy food & beverage before they head off on their way.

    Answered on 13-05-2024 by Ben Scott


    Hi Meg, thanks for answering my question and further to your answer to Jason below, I am keen to understand how issuing more shares via PledgeMe raises what the company is worth? I understand that the number of shares on issue increases from 1,500,000 to 2,250,000 but what value does that bring the company to make it worth more?

    Posted on 02-05-2024 by George

    Kia ora George,

    Anna here from PledgeMe responding. The company will be worth more because the cash coming in from the investment round increases the valuation. If you'd like to learn a bit more about how this works, here's a good Investopedia article on the difference between pre-money valuations (what a company is worth before they raise investment) and post-money valuation (what they're worth once the funds are raised): https://www.investopedia.com/ask/answers/difference-between-premoney-and-postmoney/

    Feel free to email me on [email protected] if you have anymore questions on this specific question :)

    Cheers,
    Anna

    Answered on 02-05-2024 by Ben Scott


    Hi guys - I also had the same question as George below RE the valuation but your response is confusing. For $750K you are giving away 33% of the company, which suggests you are valuing the company at $2.25M. Sorry if I am missing something here. Cheers.

    Posted on 01-05-2024 by Jason

    Kia Ora Jason! I’m going to try and explain Page 18 of the IM a bit better;
    The business is valued at $1.5m pre-PledgeMe raise.
    To raise investment we have to offer up new shares in the business. If we hit our minimum goal, we will issue a minimum of 750,000 new shares at $1 per share meaning that the company worth after the PledgeMe raise will be $2.25m.

    The confusing part is in a traditional market you’d be buying the shares that already exist in the company, but in that case the money goes to the owner of those shares not the company. With equity raising we issue new shares which in turn raises what the company is worth afterwards.
    I hope I’ve explained this well! - Meg

    Answered on 03-05-2024 by Ben Scott


    Hey Guys,
    With regards to the $402k owing, what was the original plan to fund this prior to commencing the work? Were there other funding arrangements in place that have subsequently fallen over?
    Thanks

    Posted on 01-05-2024 by Ben

    Heya thanks for the question!
    A blow out in costs to open the doors and an under estimation of the work to complete a fit out in a heritage building meant we had to look at other ways to fund this project.

    Cheers.
    Ben

    Answered on 01-05-2024 by Ben Scott


    Hi, the IM stated the business is valued at 1.5m which i assume is based on FY'25 projected EBITDA with a 3.5x multiplier rounded up.

    1. Whats the rationale of a 3.5x multiplier?

    2.The equity raise of $750k is half the projected value of the company, but pledgers only receive 33% of the shares, which would imply the value of the company is $2.25m or 5.28x projected FY'25 EBITDA? Can you explain that variance?

    Thanks

    Posted on 01-05-2024 by George

    Morning George, thanks for your questions!
    1. Having worked with an independent financial advisor, market research and advice within the industry, the lower multiplier of 3.5x was recommended.
    2. Page 18 of the IM shows how the shares work into % of ownership. With the business valued at $1.5m (1.5m shares), we then have to introduce the new investor shares which put the share numbers to 2.25m should we raise $750k, 2.35m should we raise $850k.
    The introduction of more shares does not increase the value of the company.

    I hope this helps!
    - Meg

    Answered on 01-05-2024 by Ben Scott


    Hey. So if $572000 of the $750000 you are asking for is to pay off outstanding invoices then this is for work already done yes? Which then leaves $178000 to go for more work not yet done?
    Also i heard that the figures said at your hanger meeting on Weds a week or so ago were that you had invested $400000 and you needed $350000 to finish. Could you advice how this fits into the above $s please?

    Posted on 30-04-2024 by Malcolm

    Good Morning Malcolm, I hope to answer both of these in one go -
    As at 1st March this year;
    Works completed and fully paid by Ben: $495,000
    Work completed and awaiting payment: $402,000
    Amount to completion: $228,000
    As these numbers come from March, they have changed in the weeks that have passed with invoices paid and the investment by Ben therefore increasing.
    - Meg

    Answered on 01-05-2024 by Ben Scott


    Hi Ben, do you have further information on A) the 471k of current assets and B) further information on what costs are included in the 1.25mil setup cost?

    Posted on 30-04-2024 by Michael Dewar

    HI Michael;
    A) the current assets of $471k come under the building fit-out and amendments that have been made to to the Hangar for it to be fit for purpose - alarms, fire safety, lighting.
    B) Set-up costs include materials, contractors, safety equipments (such as netting for jump line), finishing of the hospitality offerings including stock, door construction, amenities and finishing.

    Answered on 30-04-2024 by Ben Scott


    Question does the investor get anything out of this ? Thanks Kaz

    Posted on 29-04-2024 by Kaz

    Hey Kaz! The investor gets their own shares in the Hangar, each tier with it's own benefits and the possibility of those shares becoming dividends in the future years!

    Answered on 30-04-2024 by Ben Scott


    Thanks for answering that Ben.

    The 'close to $500,000' you invested + the $572,000 of outstanding invoices means you have spent just over $1 million so far on the setup. Is that correct?

    Would you consider having more tiers? It would be nice to see better perks for people willing to invest 10k or more. Thanks - Denise

    Posted on 23-04-2024 by Denise

    Kia Ora Denise, Yes that is correct, the estimated finishing costs is close to the $1.25m mark. Tier C for $5,000+ offers a 25% personalised food & beverage card, BoYB & percentage discount on Full Venue Hire - as essentially a start-up, those are the perks we can offer at this stage whilst we encourage and foster growth in the company.

    Answered on 23-04-2024 by Ben Scott


    Hi there. The $572,000 of liabilities on the balance sheet - what is that made up of and will the investment go towards paying that off? I'm very interested in investing but that seems like a big amount to have. Thanks! Denise

    Posted on 22-04-2024 by Denise

    Kia Ora Denise, $572,000 of liabilities on the balance sheet is made up of; invoices outstanding to finish the fit-out of the Hangar. With it being such a HUGE build it does indeed look daunting on paper - yes some of the investment will pay down those invoices to allow us to progress further in the build and get the doors open (get them built and propped up first too!)

    Answered on 23-04-2024 by Ben Scott

    Pledgers 107

    Donna A
    06/05/2024 at 8:51pm

    "You’re the amazing chap who patiently shaved my autistic son’s hair for his Shave for a Cure fundraiser. Of course I’ll back you up!"

    Annalysse
    06/05/2024 at 8:08pm
    Mikala Stokes
    06/05/2024 at 7:28pm

    "Amazing campaign, I am super excited in this idea and really think it will take off! "

    Adam Strangman
    06/05/2024 at 6:19pm
    Daniel Mirfin
    06/05/2024 at 5:26pm
    Angela Yannakis
    06/05/2024 at 5:07pm
    Angela Eastwood
    06/05/2024 at 5:01pm

    "Pledged on behalf my son Thom who’s so excited to see this project come to fruition! "

    Caitlin
    06/05/2024 at 3:44pm
    David Risdon
    06/05/2024 at 3:33pm

    "Quality antiques baby"

    Ashleigh Taylor
    06/05/2024 at 2:58pm
    Ben Sean
    04/05/2024 at 9:45am
    Sam Gardner
    03/05/2024 at 7:46pm
    Emily Tredinnick
    03/05/2024 at 12:08pm

    "Looking forward to this Benny!"

    Malcolm Falconer
    03/05/2024 at 8:08am

    "Such a cool project, all the best"

    Debra King
    02/05/2024 at 3:17pm
    Roger Graham
    02/05/2024 at 9:41am
    Liz Rarity
    02/05/2024 at 8:22am
    Russell sinclair
    02/05/2024 at 8:05am

    "Good work boys,inside skate park is long over due😎"

    Georgie Kirkland
    02/05/2024 at 1:21am

    "Excited to support this awesome project and get Skatebirds in there having some fun! "

    Jason Archer
    02/05/2024 at 12:20am
    Jessica Ann
    01/05/2024 at 5:45pm
    Liam
    01/05/2024 at 5:16pm
    Georgia
    01/05/2024 at 1:53pm

    "Love your work Benny, such a good thing your doing 🫶"

    Tim van Weerd
    30/04/2024 at 8:57pm
    Stacy
    30/04/2024 at 8:31pm
    Hannah Jensen
    30/04/2024 at 7:17pm

    "Go you legends go!"

    Sydney
    30/04/2024 at 4:07pm

    "All the best! Sydney and David "

    Alistair
    30/04/2024 at 3:33pm
    Amy Wilsea-Smith
    30/04/2024 at 1:27pm

    "Good luck team. Will give more when I can 💙"

    Benjamin Fox
    30/04/2024 at 1:21pm

    "Looks awesome"

    Followers 8

    Benny's Hangar Limited

    is just that, a hangar!

     

    Built in 1946 to house Defence Force planes, the hangar has sat sad and empty for years - used as a storage space... But we want to turn it into an all-ages, all-weather, affordable entertainment venue in Christchurch. 

     

    Meet Ben.

    Lover of spray paint, a good yarn and a good challenge. 

     

    When he took the first walk-through of the hangar in 2023, his spaghetti mind exploded with ideas for the space. 

     

    A playground for all ages; a space for community; a space to connect away from technology.

     

    For those that don't know him, Ben started Benny’s Barber Shop 10 years ago when a knee injury halted his building apprenticeship. He started in his parents' sleep-out, moving into their front lawn with caravans before growing to open the HQ! His passion for supporting community & encouraging a positive narrative around mental health has been reflected in everything he’s set his mind to. Deloitte also named Benny's Barber Shop as their Rising Star in 2019. 

     

     

     

    Read our full Information Memorandum (IM) here

     

     

    Recent development of Christchurch has offered more entertainment venues, but many of these are one-dimensional, age-restricted or priced as such that they become a special occasion-only type of outing. There are more than 140,000 people in the 15-39 demographic in Christchurch, and Canterbury has the second-highest spending region in NZ for recreation and culture. 

     

    We want to bring an all ages, all weather, affordable space that you can enjoy with your family, friends or even work colleagues.

     

    Read more about the Market in our IM

     

     

    Two-hour sessions, five days a week rotational activities something for everyone!

    For just $40pp or $100 for a Family Pass (2 adult and 2 under 14).

     

     

     

     

    Read our full IM for more on how it will roll here

     

     

     

    A year of hard work, sweat, and tears the hangar now has a:

     

    • 400sqm mezzanine

    • fully indoor skate park &

    • constructed (albeit unfinished) toilet block

     

    We have hand-picked our incredible core staffing, Two Thumb Brewing & Hancock's are on board for our bar offering, and we built our pizza shack food truck.

     

    We have a 6-year lease, with the option of adding up to 12 years after the initial 6-year period. Ben has already fronted close to $500,000 to get this far.

     

     

    We are looking to equity crowdfund a minimum of $750,000 to finish this colossal project and get the doors open to the people of Christchurch.

     

    Use of Funds

    Raising the minimum of $750,000 will allow us to open the doors to the public with minor tweaks to follow as income allows. If we were to raise $850,000 it would allow for more contractors onsite for a quicker turnaround of fit-out and allow the minor tweaks to happen pre-opening.

     

    Fit Out + Finishing Construction - $650,000

    Hospitality Offering - $35,000

    Capital Raise Costs - $65,000

     

     

    The Offer

    We are offering a minimum of 750,000 to a maximum of 850,000 non-voting Investor shares.

     

    Investor shares have the same rights as ordinary shares in terms of dividends and other distributions, but they do not have the right to vote on ordinary business matters. However, these ‘non-voting’ investor shares still have the right to vote in specific circumstances:

    • decisions that affect the rights attached to the investor shares

    • decisions to put the company into liquidation

    • for the disposal of the whole, or a material part of the property, business and undertaking of the company.

     

    For all rights, please refer to the company constitution

     

    Read more about the offer in our full IM here

     

    The projections for FY25 are commenced from term 3 of the school calendar (August). This could increase with an earlier open date for the hangar! Our projections in the IM show our session projections during term and school break, as well as our full forecasts and our current balance sheet.

     

    • Loss of Key Staff - Our staffing will be cross-trained, so that should we have illness, injury or indeed a staff member leave, there is not a gap in skills present.

     

    • Cashflow Issues - Our business is wage heavy which means we will have tight COG’s on Food & Beverage; these will be diligently managed by our GM as we aim to keep these below 35% - the projections have accounted for a ‘blow out’ in these COG’s for the first year.

     

    • Economic Downturn - As stated above, with the business being wage-heavy we have sample staffing scenarios for quieter sessions and days to save on wages, our COGs around F&B would also decrease as these are proportionate to patrons spending.

     

    • Health & Safety - We have an extensive WHS Plan in place having worked with WorkSafe and an independent advisor. Our staff will be trained using these protocols and recording processes with the Activity Manager carrying out thorough checks each day, throughout the day. We have action plans should an emergency occur; patron/staff injury or natural disaster & all staff will be trained in these responses.

     

    • Downturn in Patronage - we have anticipated days/weeks of patronage downturn throughout the year and how to control the cogs to keep these weeks sustainable should we have to.

     

     

    Note from PledgeMe

    We have completed Equifax checks on Benny's Hangar Limited and their Director, as well as Google and Insolvency checks. There were no adverse findings.

     

    Read the full Information Memorandum here

    Final countdown!

    22/05/2024 at 12:41 PM

    Heya! After a big month of campaigning, we're in the final countdown. Our equity crowdfunding round closes tonight at 8pm.

    In the last week, we've had a bit of media coverage, including:

    📺 Seven Sharp (you can watch here)

    7️⃣ Seven Days (you can watch here)

    Thank you to the 98 people that have invested in this campaign so far. Your pledge means the world to us. We'd love if you could share our campaign and plans with your crowd too. We've got 8 hours to get this across the line - and you never know who is waiting in the wings.

    We really want this space to be FOR the community, owned BY the community, with the goal of making it an awesome space AND an awesome business.

    If you have any questions or thoughts, let me know.

    Cheers,

    Benny

    On TV tonight & IM updates

    16/05/2024 at 4:16 PM

    Heya! A quick update for you all! 
     
    We are on Seven Sharp tonight at 7pm and making a special appearance on 7 Days tonight at 7:30pm.
     
    We have made some changes to the IM. The management is now just me, Ben. This was a tough decision to make but during the construction stage we need to get the place open and then will look to rebuild our management team closer to the opening date. This has also meant that the shareholding pre-raise is now held solely by me - but the post raise breakdown remains the same at our minimum and maximum raises.
     
    If you have any questions, get in touch with me by replying here or Anna at PledgeMe on [email protected].
     
    Thanks so much for all that have invested so far! 60K so far - almost 10% 🙌
     
    Lets get this project over the line for the community built by the community!

    Cheers
    Benny

     

    Week Three Update from Benny's Hangar!

    13/05/2024 at 1:10 PM

    Hey Hey Everyone from Benny’s Hangar!

     

    We’ve had lots of exciting things happening the last few weeks, from our feature in The Press to an interview with Jeremy & Hilary on Seven Sharp airing later this week (keep your eyes peeled!)

     

     

    We hit a huge milestone of $44,3310 with all you wonderful humans seeing the vision and getting behind us to have it come to reality. There are 8 days left of the PledgeMe campaign and we’re here for it!

     

    We have had requests for a larger pledging tier and have added Tier D $50,000-$100,000

    Alongside the possibility of return on investment, perks for Tier D include; 

    30% Food & Beverage Discount

    Bev on Your Birthday

    2x Season Passes

    50% Full Venue Hire Discount

     

    Just as it takes a village to raise a child, it’s going to take a community to open the doors!

    Week Two Update from Ben!

    07/05/2024 at 2:38 PM

    Have you wondered who is behind the development in the of Airforce Hangar in Wigram?

     

    Hi folks, I’m Ben! A local Christchurch business owner and entrepreneur with big dreams for creating community spaces in our city.

    I started Benny’s Barber Shop 10 years ago to make a safe space for men to talk about mental health, their day and anything going on in their life.

    When I first saw the Hangar I had so many ideas on how to make it a pillar for the community - we have built; Christchurch’s only indoor Skatepark, Half Pipe and Pump Track. Indoor paintball target practise lanes, axe-throwing, archery, basketball game, batting cages AND MORE.

     

    We want to say a huge thank you to each and every person who has pledged so far, it is incredible what the community can do.

    Pop on down to the open hours and introduce yourself, we'd love to meet you all!

    This Saturday & Sunday 12-1pm - 75 Sioux Avenue Wigram. 

     

    With community investment, not only do you have shares that could become a return in years to come, you also have that bit of ownership - your handprint on the wall. You did that.

     

    FOR the community, owned BY the community!

     

     

    An update from us here at Benny's Hangar

    26/04/2024 at 1:16 PM

    Happy Friday Pledgers!

    Firstly we'd like to take the time to say THANK YOU to those who have jumped on and pledged in the first week.

    One of those investors was 11-year-old Sam, a Reefton local and scooter lad! Ben and Jack headed over to the Coast to surprise Sam and say thank you in person - cutting some laps on the Reefton Skate Park and a fresh lid for Sam! Part 1 of the boys trip is up.

    Secondly, as a community you have come to us and said that you'd love to see another tier of investment - so here it is! From $50, you can own your own piece of the Hangar! We truly want this to be: FOR the community, owned BY the community!

    Cheers,

    Ben & Meg

      Offer Details

      Current Valuation 1,500,000
      Raise Minimum 750,000
      Raise Maximum 850,000
      Share Price 1.00
      Minimum Pledge 50.00
      Maximum Shares Offered 850,000
      Explanation of valuation:

      based upon an EBITDA multiplier of 3.5 on current year projections. Our projections are based on calculated patronage numbers and food & beverage consumption. These projections are without the consideration of function hire sales and we believe they remain conservative.

      Company Details

      Company Name: Benny's Hangar Limited

      Company Number: 9429051260507

      Company Documents

      Documents no longer available to download, as this campaign has closed

      Director Details

      Name Role Profile URL Invested?
      Benjamin Luke Scott Managing Director https://www.instagram.com/bennys_hq/

      What will happen if you don't reach the minimum target? thanks

      Posted on 22-05-2024 by clint kohl

      Hi benny! Would be great to get a full version of your Balance Sheet, as the version you have doesn't explain a whole lot.

      Posted on 21-05-2024 by John Woodgate

      Heya Flick me an email at [email protected] or flick me a call on 0273788351 to catch up over and can go over it with you!
      thanks
      Benny

      Answered on 21-05-2024 by Ben Scott


      This is such a great idea. The profitability seems really dependant on ticket sales (stating the obvious). Can you tell me the proportion of your operating expenses that are wages?

      Posted on 17-05-2024 by Rewa

      will you consider taking building materials such as timber or gib board as investment?

      Posted on 16-05-2024 by sean

      Hey mate! Benny here!
      Not at this stage as we have majority of the product ready to go already.
      Cheers.
      Ben

      Answered on 16-05-2024 by Ben Scott


      Not a question, but your pledge comments section is too short. I wish you all the best. We are Wigram locals and love this area. We think it's a great use of this heritage space. I truly hope others get on board with this and help you achieve your dreams. HMU if I can do anything else to help.

      Posted on 14-05-2024 by Fiona Archer

      Heya! What a legend thanks so much for you’re generous pledge ❤️❤️

      THANKS
      Ben

      Answered on 14-05-2024 by Ben Scott


      I'm not mathematically minded, more instinct based.
      How much is entry likely to be?
      Will there be 18yrs over nights
      (my 19yrs old reckons it would be a gig future)

      Posted on 13-05-2024 by Tanya Archibald

      Kia Ora Tanya,
      Entry to the Hangar is $40pp, with Family Passes available (2A+2U14) for $100.
      In the vein of entertainment being gigs, we will not be taking on anything like that. The Hangar is a family and community focussed venue with a 9pm finishing time on our last session - the people in this session will have until 9.30pm to enjoy food & beverage before they head off on their way.

      Answered on 13-05-2024 by Ben Scott


      Hi Meg, thanks for answering my question and further to your answer to Jason below, I am keen to understand how issuing more shares via PledgeMe raises what the company is worth? I understand that the number of shares on issue increases from 1,500,000 to 2,250,000 but what value does that bring the company to make it worth more?

      Posted on 02-05-2024 by George

      Kia ora George,

      Anna here from PledgeMe responding. The company will be worth more because the cash coming in from the investment round increases the valuation. If you'd like to learn a bit more about how this works, here's a good Investopedia article on the difference between pre-money valuations (what a company is worth before they raise investment) and post-money valuation (what they're worth once the funds are raised): https://www.investopedia.com/ask/answers/difference-between-premoney-and-postmoney/

      Feel free to email me on [email protected] if you have anymore questions on this specific question :)

      Cheers,
      Anna

      Answered on 02-05-2024 by Ben Scott


      Hi guys - I also had the same question as George below RE the valuation but your response is confusing. For $750K you are giving away 33% of the company, which suggests you are valuing the company at $2.25M. Sorry if I am missing something here. Cheers.

      Posted on 01-05-2024 by Jason

      Kia Ora Jason! I’m going to try and explain Page 18 of the IM a bit better;
      The business is valued at $1.5m pre-PledgeMe raise.
      To raise investment we have to offer up new shares in the business. If we hit our minimum goal, we will issue a minimum of 750,000 new shares at $1 per share meaning that the company worth after the PledgeMe raise will be $2.25m.

      The confusing part is in a traditional market you’d be buying the shares that already exist in the company, but in that case the money goes to the owner of those shares not the company. With equity raising we issue new shares which in turn raises what the company is worth afterwards.
      I hope I’ve explained this well! - Meg

      Answered on 03-05-2024 by Ben Scott


      Hey Guys,
      With regards to the $402k owing, what was the original plan to fund this prior to commencing the work? Were there other funding arrangements in place that have subsequently fallen over?
      Thanks

      Posted on 01-05-2024 by Ben

      Heya thanks for the question!
      A blow out in costs to open the doors and an under estimation of the work to complete a fit out in a heritage building meant we had to look at other ways to fund this project.

      Cheers.
      Ben

      Answered on 01-05-2024 by Ben Scott


      Hi, the IM stated the business is valued at 1.5m which i assume is based on FY'25 projected EBITDA with a 3.5x multiplier rounded up.

      1. Whats the rationale of a 3.5x multiplier?

      2.The equity raise of $750k is half the projected value of the company, but pledgers only receive 33% of the shares, which would imply the value of the company is $2.25m or 5.28x projected FY'25 EBITDA? Can you explain that variance?

      Thanks

      Posted on 01-05-2024 by George

      Morning George, thanks for your questions!
      1. Having worked with an independent financial advisor, market research and advice within the industry, the lower multiplier of 3.5x was recommended.
      2. Page 18 of the IM shows how the shares work into % of ownership. With the business valued at $1.5m (1.5m shares), we then have to introduce the new investor shares which put the share numbers to 2.25m should we raise $750k, 2.35m should we raise $850k.
      The introduction of more shares does not increase the value of the company.

      I hope this helps!
      - Meg

      Answered on 01-05-2024 by Ben Scott


      Hey. So if $572000 of the $750000 you are asking for is to pay off outstanding invoices then this is for work already done yes? Which then leaves $178000 to go for more work not yet done?
      Also i heard that the figures said at your hanger meeting on Weds a week or so ago were that you had invested $400000 and you needed $350000 to finish. Could you advice how this fits into the above $s please?

      Posted on 30-04-2024 by Malcolm

      Good Morning Malcolm, I hope to answer both of these in one go -
      As at 1st March this year;
      Works completed and fully paid by Ben: $495,000
      Work completed and awaiting payment: $402,000
      Amount to completion: $228,000
      As these numbers come from March, they have changed in the weeks that have passed with invoices paid and the investment by Ben therefore increasing.
      - Meg

      Answered on 01-05-2024 by Ben Scott


      Hi Ben, do you have further information on A) the 471k of current assets and B) further information on what costs are included in the 1.25mil setup cost?

      Posted on 30-04-2024 by Michael Dewar

      HI Michael;
      A) the current assets of $471k come under the building fit-out and amendments that have been made to to the Hangar for it to be fit for purpose - alarms, fire safety, lighting.
      B) Set-up costs include materials, contractors, safety equipments (such as netting for jump line), finishing of the hospitality offerings including stock, door construction, amenities and finishing.

      Answered on 30-04-2024 by Ben Scott


      Question does the investor get anything out of this ? Thanks Kaz

      Posted on 29-04-2024 by Kaz

      Hey Kaz! The investor gets their own shares in the Hangar, each tier with it's own benefits and the possibility of those shares becoming dividends in the future years!

      Answered on 30-04-2024 by Ben Scott


      Thanks for answering that Ben.

      The 'close to $500,000' you invested + the $572,000 of outstanding invoices means you have spent just over $1 million so far on the setup. Is that correct?

      Would you consider having more tiers? It would be nice to see better perks for people willing to invest 10k or more. Thanks - Denise

      Posted on 23-04-2024 by Denise

      Kia Ora Denise, Yes that is correct, the estimated finishing costs is close to the $1.25m mark. Tier C for $5,000+ offers a 25% personalised food & beverage card, BoYB & percentage discount on Full Venue Hire - as essentially a start-up, those are the perks we can offer at this stage whilst we encourage and foster growth in the company.

      Answered on 23-04-2024 by Ben Scott


      Hi there. The $572,000 of liabilities on the balance sheet - what is that made up of and will the investment go towards paying that off? I'm very interested in investing but that seems like a big amount to have. Thanks! Denise

      Posted on 22-04-2024 by Denise

      Kia Ora Denise, $572,000 of liabilities on the balance sheet is made up of; invoices outstanding to finish the fit-out of the Hangar. With it being such a HUGE build it does indeed look daunting on paper - yes some of the investment will pay down those invoices to allow us to progress further in the build and get the doors open (get them built and propped up first too!)

      Answered on 23-04-2024 by Ben Scott

      Donna A
      06/05/2024 at 8:51pm

      "You’re the amazing chap who patiently shaved my autistic son’s hair for his Shave for a Cure fundraiser. Of course I’ll back you up!"

      Annalysse
      06/05/2024 at 8:08pm
      Mikala Stokes
      06/05/2024 at 7:28pm

      "Amazing campaign, I am super excited in this idea and really think it will take off! "

      Adam Strangman
      06/05/2024 at 6:19pm
      Daniel Mirfin
      06/05/2024 at 5:26pm
      Angela Yannakis
      06/05/2024 at 5:07pm
      Angela Eastwood
      06/05/2024 at 5:01pm

      "Pledged on behalf my son Thom who’s so excited to see this project come to fruition! "

      Caitlin
      06/05/2024 at 3:44pm
      David Risdon
      06/05/2024 at 3:33pm

      "Quality antiques baby"

      Ashleigh Taylor
      06/05/2024 at 2:58pm
      Ben Sean
      04/05/2024 at 9:45am
      Sam Gardner
      03/05/2024 at 7:46pm
      Emily Tredinnick
      03/05/2024 at 12:08pm

      "Looking forward to this Benny!"

      Malcolm Falconer
      03/05/2024 at 8:08am

      "Such a cool project, all the best"

      Debra King
      02/05/2024 at 3:17pm
      Roger Graham
      02/05/2024 at 9:41am
      Liz Rarity
      02/05/2024 at 8:22am
      Russell sinclair
      02/05/2024 at 8:05am

      "Good work boys,inside skate park is long over due😎"

      Georgie Kirkland
      02/05/2024 at 1:21am

      "Excited to support this awesome project and get Skatebirds in there having some fun! "

      Jason Archer
      02/05/2024 at 12:20am
      Jessica Ann
      01/05/2024 at 5:45pm
      Liam
      01/05/2024 at 5:16pm
      Georgia
      01/05/2024 at 1:53pm

      "Love your work Benny, such a good thing your doing 🫶"

      Tim van Weerd
      30/04/2024 at 8:57pm
      Stacy
      30/04/2024 at 8:31pm
      Hannah Jensen
      30/04/2024 at 7:17pm

      "Go you legends go!"

      Sydney
      30/04/2024 at 4:07pm

      "All the best! Sydney and David "

      Alistair
      30/04/2024 at 3:33pm
      Amy Wilsea-Smith
      30/04/2024 at 1:27pm

      "Good luck team. Will give more when I can 💙"

      Benjamin Fox
      30/04/2024 at 1:21pm

      "Looks awesome"

      This campaign was unsuccessful and finished on 22/05/2024 at 8:00 PM.

      This campaign has closed, but this company may choose to do more equity raises on PledgeMe in the future. If you're interested in investing in Benny's Hangar Limited, you can sign up to be notified when a new equity campaign from this company is published.

      Notify Me

      Investor Perks

      Lil' Legends

      NZ $50.00+

      Non-voting shares & a bev on ur b-day

      A

      NZ $500.00+

      Non-voting shares, 10% personal F&B discount card, & a bev on ur b-day

      B

      NZ $2,000.00+

      Non-voting shares, 15% personal F&B discount card, & a bev on ur b-day

      C

      NZ $5,000.00+

      Non-voting shares, 25% personal F&B discount card, a bev on ur b-day, and up to 10% venue hire discount.

      D

      NZ $50,000.00+

      Non voting shares & 30% Food & Beverage Discount. Bev on Your Birthday. 2x Season Passes. 50% Full Venue Hire Discount

      Warning statement about equity crowdfunding

      Equity crowdfunding is risky.

      Issuers using this facility include new or rapidly growing ventures. Investment in these types of business is very speculative and carries high risks.

      You may lose your entire investment, and must be in a position to bear this risk without undue hardship.

      New Zealand law normally requires people who offer financial products to give information to investors before they invest. This requires those offering financial products to have disclosed information that is important for investors to make an informed decision.

      The usual rules do not apply to offers by issuers using this facility. As a result, you may not be given all the information usually required. You will also have fewer other legal protections for this investment.

      Ask questions, read all information given carefully, and seek independent financial advice before committing yourself.