Hugh Fernley Whittingstall's River Cottage brand, raised £1m on Crowdcube by way of a mini bond in 2014. The money was to open new restaurants. 3 years later, they have fewer restaurants than they did then.
In the pitch for £1m, River Cottage made it quite clear that this £1m was to open new units over the next 5 years - taking then from 4 to 7. It already had 4 units (one was opening in conjunction with the raise).
In May of this year, this appeared in The Caterer -