Leon Bonds Invitation Document pptx

INVITATION DOCUMENT
Leon Bonds
2 3
IMPORTANT INFORMATION
This Invitation Document is important and requires
your immediate attention if you want to apply
for Leon Bonds. If you are in any doubt about
the action you should take or the contents of this
Invitation Document, you should contact your
bank manager, solicitor, accountant, stockbroker
or other professional adviser who is authorised
by the Financial Services Authority to conduct
investment business and who specialises in advising
on investment in bonds, shares and other securities,
including unlisted securities.
This Invitation Document is an invitation to apply
for Leon Bonds, on the terms and conditions set
out in this Invitation Document and the Leon Bond
Instrument (copies of which are available at
www.leonrestaurants.co.uk/theleonbond), the
principal terms of which are set out on pages 6 to 7
of this Invitation Document. The Leon Bonds will be
non-convertible, unsecured, non-transferable, and
will provide investors with a return in the form of
£eon Pounds and quarterly prize draws. The Leon
Bonds will be repayable in three years’ time at the
option of Bondholders.
Investment in the Leon Bonds involves certain risks.
For a discussion of the benefits and risks that should
be considered in connection with an investment,
please see the section headed “Risk Factors” on

page 22 of this Invitation Document. The historical
performance of the Leon Group is no indication
of its future performance. The Leon Bonds are an
unsecured debt of the Company and they may not
be a suitable investment for all people receiving this
Invitation Document. Prospective investors should
consider carefully whether an investment in the
Leon Bonds is suitable for them in the light of their
personal circumstances. Investors should not apply
for any Leon Bonds referred to in this Invitation
Document, except on the basis of the information
published in this Invitation Document and the Leon
Bond Instrument.
The Leon Bonds are not shares and do not confer
any equity interest or voting rights in the equity of
any member of the Leon Group.
Leon Bonds are not protected from loss by the
Financial Services Compensation Scheme.
Leon Bonds are not transferable or negotiable on
any capital market and no application has or will be
made for Leon Bonds to be admitted to listing or
trading on any market. Investment in an unquoted
security of this nature, being an illiquid investment,
is speculative and involves a degree of risk. It will not
be possible to sell or realise Leon Bonds before they
mature or to obtain reliable information about the
risks to which they are exposed.
This Invitation Document, which is a financial
promotion for the purposes of Section 21 of
FSMA, is issued by the Company which accepts

responsibility for the information contained herein.
This Invitation Document has been approved as a
financial promotion for UK publication by Reeves
which is authorised by the FSA to conduct investment
business. Reeves is registered on the FSA’s Register
with registered number 135202. Reeves is acting
exclusively for the Company in connection with the
issue of the Leon Bonds and no one else, and will
not regard any other person as its customer or be
responsible to any other person for providing the
protections afforded to customers of Reeves or for
advising any such person in relation to the issue of
Leon Bonds.
Application should only be made on the basis of this
Invitation Document and the Leon Bond Instrument.
This Invitation Document does not constitute an
offer of transferable securities to the public and
accordingly this Invitation Document does not
constitute a prospectus to which the Prospectus Rules
of the FSA apply. Therefore, this Invitation Document
and the Leon Bond Instrument have not been
approved by the Financial Services Authority or any
other regulatory body. You should ensure that you
read and understand all of this Invitation Document
before applying for Leon Bonds.
This Invitation Document does not constitute an
offer to sell, or the solicitation of an offer to buy,
Leon Bonds in any jurisdiction in which such
offer or solicitation is unlawful. The distribution
of this Invitation Document in jurisdictions other

than the United Kingdom may be restricted by
law and therefore persons into whose possession
this Invitation Document comes should inform
themselves about and observe any such restriction.
Any failure to comply with these restrictions may
constitute a violation of the securities laws of any such
jurisdictions.
CONTENTS
Introduction 5
About The Leon Bond 6
How To Apply 8
How The Funds Will Be Used 10
The Leon Team 12
Leon Financial Performance 16
Your Questions Answered 18
The Legals 22
Leon And Its Advisers 27
Glossary 29
5
Dear Club Member,
There is something magical about fast food. As kids we were spellbound by
it. John used to lie on his back and wave his arms and legs in the air with
excitement before his termly visit to McDonalds. But then we grew up and
realised that fast food makes you fall asleep and wake up fat.
So, we asked ourselves: why can’t fast food be good food? Since we opened
Leon we have been working to bring about a revolution in fast food that is
fresh and full of flavour. We believe that people should be able to eat this
in any major city in the world.
With your incredible support and loyalty we have thrived since we first
opened our Carnaby Street restaurant in July 2004. We are often sent

messages asking us to open new restaurants.
When we came to thinking about how we will fund this growth we wanted
to allow you to benefit from a return as well as the banks. So we thought
that we would see if people who ate with us would like to get involved in
lending us the money to do so. A growing movement of customers and
businesses are doing this.
When we tested the water with approximately one quarter of our Club
Members earlier this year, the response was extraordinary. We were
overwhelmed by the number of people who said they would like to get
involved – you can see some of their quotes on these pages.
Given this response it is possible that the Bond will be subscribed above
our £1.5 million target. In this case we will allocate the Bonds to those who
applied earliest.
This Invitation Document has been created using the input and questions
of those Club Members.
Best wishes,
Henry and John
LEON CO-FOUNDERS
“The bond is a
brilliant idea!
It sums up what
I love about Leon :)”
LEON CLUB MEMBER
INTRODUCTION
“Now we want a whole
chain of them, please”
NIGEL SLATER
6 7
If you wish to invest more you can buy in
multiples of any of these amounts up to a total

value of £10,000.
The response from those Club Members who we
sounded out on the idea suggested that the Leon
Bonds would be popular. It is possible the Bond
will be subscribed above our £1.5 million target.
In this case we will allocate the Bonds to those who
applied earliest.
ABOUT THE LEON BOND
invest £1,500 for three years and receive 120 £eon Pounds* each year –
equivalent to a net 8% return or 10% gross return for the basic rate taxpayer
invest £3,000 for three years and receive 300 £eon Pounds* each
year – equivalent to 10% net return or 12.5% gross return for
the basic rate taxpayer
invest £5,000 for three years and receive 600 £eon
Pounds* each year – equivalent to a 12% net
return or 15% gross return for the basic rate
taxpayer
Leon Bonds are essentially a very simple idea.
In exchange for taking up a Leon Bond,
you will receive a return in the form of £eon
Pounds that can be used in Leon restaurants.
You will be able to buy food, drink, cookbooks
or anything else in any Leon. Your return
in the form of £eon Pounds will be loaded
onto electronic cards which can be used at
our restaurants. You will also automatically
be entered into a quarterly prize draw where
you could win other edible and non-edible
rewards (see below).
1

2
3
THERE ARE THREE BOND OPTIONS
* if you are an income tax payer. Corporate Bondholders
will receive the gross amount and will be responsible for
paying their own corporation tax.
The larger the denomination of the Leon Bond the higher the
equivalent interest rate:
You will be entitled to all of your investment back
in full three years after the date of issue. (Subject
to our right to repay some or all of the Leon
Bonds early at any time. If we do this, we will pay
you back an additional 1% in £eon Pounds on
your investment when we return the money.)
After the first three years, on each anniversary of
the date the Leon Bonds are issued, you will be
entitled to receive your investment back in full. Or
you can choose to hold onto your Leon Bonds and
continue to receive your interest and rewards.
Leon will make the necessary basic rate income
tax payments due on the £eon Pounds return on
your investment in the Leon Bond – meaning that
there should be no additional liability for tax if
you are a basic rate UK income taxpayer. However,
all applicants who are or may be liable to tax,
especially higher rate taxpayers, should consult
their own financial advisers as tax may be payable
in some cases.
• a place on Leon’s annual cookery school on
the river Dart (including accommodation)

• a place on week long courses at residential
cookery schools run by some of our friends
(at home as well as abroad)
• hampers of food from artisanal British
suppliers (from our suppliers or other
producers we like)
• a set of five sessions with our nutritionist
In addition to the £eon Pounds you earn, every
Leon Bond will be entered into a seasonal prize
draw only available to Leon Bondholders. This
will be drawn four times a year on the autumnal
equinox, the winter solstice, the vernal equinox
and the summer solstice. The first prize draw will
be on 22nd September 2012. Each quarter there
will be at least ten prizes, for example:
“Great idea – power
to the people, not
the banks!”
LEON CLUB MEMBER
THE RIVER DART
LEON COOKERY SCHOOL
8 9
If, after carefully reading this Invitation
Document, you want to apply please
make your application online here:
www.leonrestaurants.co.uk/
theleonbond
You can pay by debit card or bank
transfer. You need to apply and pay by
no later than 5pm on 31st July 2012.

The response from those Club Members
who we sounded out on the idea
suggested that the Leon Bonds would be
popular.
You will be advised in writing if your
application has been successful by 17th
August 2012 and, in the event that your
application has been successful, we will
send you a Leon Bond Certificate in
respect of each of your Leon Bonds and
your first £eon Pound cards.
If your application is not successful or
we don’t raise enough to go ahead with
the Leon Bonds, the amount paid by you
would be repaid without interest
and at your risk.
HOW TO APPLY
“It is a miracle. Leon is
the Future.
It’s one of the rare
restaurants I have
encountered that
actually makes sense.
If Leon has its way,
and spreads across the
nation as widely as it
deserves, we will soon be
much leaner, happier,
cleaner, better people
than we are at the

moment.”

GILES COREN, THE TIMES
11
We started Leon eight years ago, with a vision to make it
easy for everybody to eat good food.
There have always been three guiding principles behind
that ambition:
• make food that tastes good and does you good
• make our restaurants lovely, sunny places in which to eat
food and to work, both through the physical design and
through the way we treat each other and the people who
eat with us
• to create a business that is big and strong – that is
sustainable, financially but also in terms of the way we
treat the people who work with us, the way we source
our food, the resources we use and the way in which we
engage with the communities of which we are a part
These principles remain core to everything we do. We
have come a long way since we opened our Carnaby
Street restaurant. We run thirteen thriving restaurants
(two operated by our franchise partner), we have shared
a little of what we have learned through cookbooks that
are published in Britain, France, Germany, Holland
and America. We have helped found the not-for-profit
Sustainable Restaurant Association (‘SRA’) and in 2012
Leon was awarded a two star sustainability champion rating.
We want to use the money raised through the Leon Bond
to pursue our vision and fund two endeavours:-
OPENING NEW LEON

RESTAURANTS AND CREATING
JOBS THROUGH
CAREFUL GROWTH
SETTING UP THE
LEON FOUNDATION
1
2
WE WILL ALSO PAY OFF A CONVERTIBLE LOAN
To reduce our interest cost and maximise the cash we generate towards these two
endeavours, we will pay off a convertible loan of £300,000 from our shareholders.
In future we may use the money to set up Leon outside the UK. We may also choose
to use a proportion of the money to reduce other borrowings but only where we
feel that money would not be better applied to opening new restaurants or to
establishing the Leon Foundation.
CHEFS AT THE SRA
RECEPTION AT
10 DOWNING STREET
OPENING NEW LEON RESTAURANTS AND
CREATING JOBS THROUGH CAREFUL GROWTH
1
Our current restaurants are trading more
profitably than ever, despite the recession,
and every week we get requests to open in
new locations.
We hope to open at least ten restaurants
over the next three years, creating over 200
UK jobs. We will do this carefully, doing
everything we can to make sure that each
restaurant is a huge success.
We intend to continue to invest a lot

of time in our menu as we open new
restaurants to ensure that it remains fresh
and exciting.
We want to continue to play our part
in revitalising the British high street,
designing restaurants that make sense in
their local settings rather than having the
one size fits all approach of many chains.
“The dream is to bring really good
food at a good price to as many
people as possible. It makes Leon
sound like a new religion. If so, it’s
one that can count our judges as
among its growing congregation of
worshippers”
JAY RAYNER, OBSERVER FOOD
MONTHLY AWARDS
SETTING UP THE LEON FOUNDATION
2
Our vision is to make it easy for everyone to eat good food. We are currently doing
this by serving fast food, but we believe that our expertise and contacts can be of
use more broadly. So we are establishing the Leon Foundation, a not-for-profit
organisation with the same vision. The first step of the Leon Foundation is to set up
an annual summer cookery school with chef Mitch Tonks on the Dart in Devon for
children with renal illnesses, who require a very specific diet. The children we will be
taking come from homes where very little or no primary cooking is done.
HOW THE FUNDS WILL BE USED
12
Henry Dimbleby,
CO-FOUNDER & CEO

John Vincent,
CO-FOUNDER
Even before they met, Henry and John had both dreamed of
revolutionising fast food. After studying physics and philoso-
phy at Oxford, Henry started his career as a commis chef
with the Michelin-starred chef Bruno Loubet (now of Bistrot
Bruno Loubet on Clerkenwell Road), and used to bore on
to friends working in other restaurants about his desire to
democratise good food.
John was born with an entrepreneur’s restless energy. At
Cambridge, he set up a production company and founded
an advertising agency with Richard Reed, one of the found-
ers of Innocent Smoothies – and still managed to get in a
few history lectures. When he came to the job fair, the only
application form left was for Procter and Gamble. He got the
job and soon found himself promoted to the launch of Max
Factor and Oil of Olay. But John loves to eat, and all the time
he was selling make-up, he was quietly filling notebooks with
thoughts on how to serve good fast food.
Henry, meanwhile, had given up his job as a chef – he lacked
the dexterity to make ornamental carrots – and joined the
Daily Telegraph as a gossip columnist and occasional feature
writer. From there he joined Bain & Company, one of the
top three global management consultancy firms, becoming a
senior manager.
A couple of years later John joined Bain too. While working
together they travelled all over the country. All they found to
eat on these trips was delicious but life-destroying fried chick-
en or cold neon-lit sandwiches. Infuriated by the difficulty of
finding tasty, nutritious food on the run, they resolved to do

something about it themselves. And so Leon – named after
John’s dad – was born.
THE LEON TEAM
Nick Evans,
CHAIRMAN
Nick joined Leon in 2008. After reading economics at Cambridge,
he started his career working for Bain & Company overlapping with
Henry and John, although they never met as Nick was busy founding
Bain’s Hong Kong operations. After 5 entrepreneurial years in China,
India, Indonesia, Korea and the US – whilst loving Asia he found
himself missing Europe and particularly Mediterranean food, so he
returned to France where he completed an MBA between trips to the
sea and mountains.
Nick has serial experience in growing retail, leisure and consumer
businesses/brands. He led investments in Brantano UK, AS Adventure
and Cotswold Outdoor Ltd. He was a founding Partner at Net Fund
Europe, a Eu71.5m private equity fund. In 2003 he acquired a
significant stake and became the CEO at MW Group Ltd in London
(a £70m retail group consisting of Mappin & Webb, Watches of
Switzerland and TM Sutton) which he successfully returned to
profitability and sold to Baugur – the then owners of Goldsmiths.
He currently divides his professional life between bicycles – as
Chairman of Evans Cycles Ltd (who sell lovely bikes) and Chairman
at Rapha Racing Ltd (who make beautiful bicycle clothing) – and
delicious fast food at Leon. He is a Partner at Active Private Equity
Advisory – a significant shareholder in Leon Restaurants.
Brad, who recently joined Leon,
is a highly regarded figure in
the U.S. restaurant industry.
He created dramatic growth

and cultural change as CEO of
the Italian chain Olive Garden,
where he achieved 33 consecutive
quarters of same-restaurant sales
increases and built it into a highly
profitable $2.7 billion business by
providing genuine Italian food
– when he arrived there was no
olive oil in the menu. One of his
favourite accomplishments was
opening the Riserva di Fizzano
restaurant in an 11th century
village in Italy where he flew his
chefs to train.
After Olive Garden he
orchestrated a major turnaround
at Burger King as CEO, reversing
the company’s downward sales
spiral and doubling profits by
introducing dishes built on
its traditional (and healthier)
“flame grilled” style. As CEO of
Romano’s Macaroni Grill, he led
an initiative to improve the taste
of the food while removing a total
of 42,000 calories from the menu,
reducing fat by 59% and sodium
by 46%.
After that, Brad founded BLUM
Enterprises, whose mission is

to “provide good food for the
planet” – food that tastes good,
is good for you, makes you feel
good, is good value and is good
for the environment. It is these
shared values, his friendship with
John, and a love for our food,
that attracted him to Leon.
Brad spends his free time driving
racing cars – in 2005 he was in
the top ten at the 2005 Rolex 24
Hours of Daytona. We think he
looks a bit like Paul Newman.
Brad Blum,
NON-EXECUTIVE DIRECTOR
Megan started her adult life studying fine art in her home country of
France, before moving to the UK to do an MA in design. She wrote
her thesis on how packaging design could help people share their
food and regenerate communal feasting. A stickler for function over
form, she likes making things feel precious and loved.
She got a part-time bar job whilst studying and loved it – delving
into the world of wine, dining out culture and restaurant branding.
She joined Leon as manager of Ludgate Circus “to help promote
wholesome goodness” after eight straight years of dishing out alcohol.
She was recently made Head of Brand. Her design sense, energy, love
of food, and deep understanding of Leon are a potent mix.
She loves food but can’t follow a recipe so enjoys setting the table
whilst others cook.
Megan Bailey,
HEAD OF BRAND

Simon qualified as a chartered
accountant with Ernst & Young,
London, in 1992. He immediately
transferred to Sydney, returning to
London four years later as a Senior
Manager in the Banking and Capital
Markets Group. In 2003 he was able
to merge his career with his copious
coffee habit by joining Coffee Republic
as Finance Director. Working with
founder Bobby Hashemi he stabilised
the business and returned it to growth.
In early 2007 Simon met John and
Henry during the negotiations to sell
a Coffee Republic on Strand, which
became Leon’s fifth restaurant. Simon
joined Leon in July 2007 and has
helped the business grow to its current
13 restaurants. Simon is responsible for
the unseen essentials of the business,
including finance, property, legal affairs
and the supply chain.
Sadly Simon has decided to leave the
Leon family at the end of the summer,
having been offered the position of
Finance Director with Rex Restaurants,
the owner of restaurants such as The
Wolseley on Piccadilly. The search to
find his replacement is well advanced
and we look forward to welcoming his

successor to the family soon. Simon will
remain a shareholder and an avid Leon
consumer.
Simon Drysdale,
FINANCE DIRECTOR
14 15
Glenn started life in hotel management, before
a stint in the US persuaded him that food
businesses without accommodation were much
more fun.
Immediately prior to coming to join us in the
spring of last year, Glenn had spent 11 years
working closely with Julian Metcalfe at Itsu. As
Head of Operations he grew the business from
one to 32 shops (from a revenue of £2 million
to over £30 million). He simplified kitchen
operations, designed new restaurants, and
introduced a training and development structure.
He streamlined their supply chain. He also spent
two years heading up their brand and food
development.
At Leon he runs all of the restaurants as well
as coordinating our marketing (together with
Megan, see above) and managing the relationship
with our franchised restaurants.
He is a very talented man in many areas. He is
also quite busy.
Toph is responsible for Leon’s food – for making
it taste good and doing you good. He creates new
dishes, tweaks old ones, and ensures the kitchens

are able to produce them all to consistently high
standards.
He got his love of food from his nan at an early age.
She owned a café in the east end of London and
cooked amazing, simple British food. It was a secret
passion for most of his childhood, as he was sport
mad and it all seemed a bit girly.
But he grew up and trained to be a professional
chef at Westminster College. Following spells in
a number of restaurants, Toph took a degree in
Food Production, Development and Retailing at
Bournemouth University, simultaneously setting up
a hotel café bar on the seafront with friends.
He developed food for all sorts of people after
graduation – Marks & Spencer, Waitrose, Pizza
Hut and Debenhams among them – before joining
Leon in 2011.
“I love the Leon value
of blaming process
and systems, not the
people,”
GLENN
“I felt on joining Leon that
I was coming home. Using
quality, natural ingredients
in simple yet flavour-
packed food, with sparks of
innovation and sunshine,”
TOPH
THE LEON TEAM

Glenn Edwards,
OPERATIONS DIRECTOR
Christopher “Toph” Ford,
HEAD OF FOOD
James is responsible for making
sure that all of our ingredients
get to us at their best so they can
get to you at their best. He was
born in Yorkshire and has worked
in food for ten years.
Before Leon, he worked with
Simon at Coffee Republic and
then spent a stint at Cineworld –
where he was responsible, among
other things, for buying over
£30 million worth of popcorn a
year. He is methodical, detailed
and would walk a mile to save
a few pennies. Nonetheless
he likes the finer things in
life, loves organising parties
and understands the critical
difference between cost and value
– essential for sourcing at Leon.
James is a keen cook – a “recipe
follower, not a risk-taker”. He
lives in Stratford and has an
obsession with the Olympics and
the Westfield shopping centre
that borders on the unhealthy.

At Christmas he likes to work for
charity and has worked for Crisis
and Shelter collecting donations,
working in homeless centres and
helping out in the distribution
centre.
James Lee-French,
COMMERCIAL DIRECTOR
Nickie is the straight-talking Scot on the team. Like Glenn, she started
her life in hotels (she has a BA from Napier University in Edinburgh
no less). She joined us in 2006. She had eaten at Leon in Spitalfields
and loved the food and the energy – so she got in touch.
Starting as a manager at our Spitalfields restaurant, Nickie moved to
Ludgate Circus before taking on all of the training across Leon earlier
this year.
She drills our teams with an extraordinary combination of charisma
and iron-fisted discipline.
Nickie Bartsch,
HEAD OF TRAINING
“After nearly 6 years
with Leon, I enjoy
the food more now
than I did when
I started,”
NICKIE
16 17

SALES OVER THE LAST 4 YEARS
LEON FINANCIAL PERFORMANCE
Leon Restaurants Limited opened

its first restaurant on Carnaby Street
in 2004 and with the opening of the
King’s Cross restaurant in March 2012
and Heathrow Terminal 3 in May 2012
there are now 12 Leons across London
and one in the Bluewater shopping
centre in Kent. Leon Restaurants
Limited is the operating and parent
company of Leon Naturally Fast Food
plc which will issue the Leon Bond.
The following information shows that
this measured expansion has increased
sales each year and has helped to
improve the performance of the Leon
Group. We have also seen sizeable
improvements in our cash generation
since 2008.
The King’s Cross and Heathrow
Terminal 3 Leons were opened in
association with our new franchise
partner, HMSHost, who are a transport
location specialist operator and with
whom we intend to open a number of
Leons in airports and train stations in
the UK. We believe that by partnering
with the right franchisees who share
our vision for quality, reasonably
priced food produced quickly and
ethically, we will grow the brand in a
responsible way that benefits you, the

people who eat with us, our suppliers,
and those who work with us, without
whom none of this would have been
possible.
The tables to the right bear testament
to the success of our vision and
demonstrate, we believe, that you
can still be successful while caring
about nutrition and operating in a
sustainable way. We’d love you to be
a part of that and we hope that
you would like to also.
14
12
10
8
6
4
2
0
2008 2009 2010 2011
14
12
10
8
6
4
2
0
2008 2009 2010 2011 2012

£ MILLIONS
* EBITDA stands for Earnings Before Interest Tax Depreciation and Amoritsation
and is a good measure of cash flow generation.

Turnover
Cost of Sales
Gross Profit
Restaurant Operating

Costs
Restaurant EBITDA
Administrative Expenses
EBITDA (before
pre-opening costs)
Turnover
Cost of Sales
Gross Profit
Restaurant Operating

Costs
Restaurant EBITDA
Administrative Expenses
EBITDA (before
pre-opening costs)
7,825
2,379
5,446
5,149
297
870

(573)¹
9,340
2,970
6,369
5,253
1,116
833
283
10,268
2.956
7,312
5,896
1,416
1,005
410
12,050
3,404
8,647
7,248

1,399
957
442
4,643
1,378
3,266
2,854
412
311
100

4,864
1,299
3,565
2,799
766
443
324
SUMMARY PROFIT & LOSS ACCOUNT FOR YEARS ENDED DECEMBER
Note 1: Before Exceptionals
* Extracted from audited accounts supplemented with further details.
2008*
£000
2009*
£000
2010*
£000
2011*
£000
Unaudited Management Accounts
5 Months to May 2012
£000
(200)
600
(400)
(600)
(800)
400
200
0
2009 2010 2011

£ THOUSANDS
2008
GROWTH IN NUMBER OF RESTAURANTS
FROM 2008 TO JUNE 2012
EBITDA* OVER THE LAST 4 YEARS
Unaudited Management Accounts
5 Months to May 2011
£000
You will see from the table below that the EBITDA before pre-opening costs for the
period to May 2012 is over 3 times as much as for the same period last year. This is
partly due to the franchise deal that we agreed with HMSHost from which we were
able to recognise a one-off benefit in 2012 of £185,000 in addition to the on-going
fees from the franchised restaurants.
18 19
Why do you need the money?
We regularly get requests from our Club
Members to open new restaurants in
new areas so that is what we’d like to
do in a careful and considered way. At
the same time we will also establish the
not-for-profit Leon Foundation, the first
initiative of which will be to set up an
annual cookery school on the Dart for
children with renal problems and their
parents. We will also use a proportion
of the money to reduce our borrowings.
In future we may use the money to set
up Leon outside the UK. All of these
initiatives will bring us closer to our
vision of making it easy for everybody to

eat good food.
Why don’t you raise the money
from the bank?
We have approximately £1million in
bank funding but it is quite difficult to
raise funds from banks at the moment.
We think that this way of raising money
means we can let some of the people
who eat with us regularly get involved in
the business and give them the benefits,
rather than handing those benefits over
to a bank.
What happens if the bond is
oversubscribed?
The response from those members of
the club who we sounded out on the
idea, suggested that the Leon Bonds
would be popular. If people want to
invest more than the £1.5 million we
had hoped to raise we will allocate the
Leon Bonds on the basis of who lodged
their application first. At the same
time, the Leon Bond is set up in such a
way that we could raise more than the
£1.5 million if we decided to.
What happens if the bond is
undersubscribed?
If we don’t raise what we feel we need,
we will return your money to you.
Unfortunately we won’t be able to pay

interest on any money we return to you
but the response to date from Club
Members has been so positive that we
are confident we won’t have to do this.
How many Leon Bonds can I have?
You can apply for £10,000 of Leon
Bonds in multiples of £1,500, £3,000 or
£5,000.
Can I change my mind?
Yes, provided you do so by 14th August
2012. You have the right to contact
us to cancel your application at any
time on or before 14th August 2012.
If you contact us before then, we will
refund your online payment by crossed
cheque. If you wish to cancel your
application, you should write to us at
Leon Restaurants Limited, St Margaret’s
House, 18-20 Southwark Street, London
SE1 1TJ.
YOUR QUESTIONS ANSWERED
What is the tax position?
The £eon Pounds are taxable income
for income tax and, for corporate
Bondholders, corporation tax purposes.
Leon is obliged to deduct basic rate
income tax at source for income tax
payers before crediting you with your
£eon Pounds. The net figures shown
in the summary of Bond options in

the section “About the Leon Bond” are
what you will receive. For corporate
Leon Bondholders, as corporation
tax payers are wholly responsible
for their own tax affairs, they will
be credited £eon Pounds without
deduction at source by Leon. The
gross figures shown in the summary of
Leon Bond options are what corporate
Bondholders will receive.
What are the tax consequences for
me as a Leon Bondholder?
We will make the necessary
arrangements to deduct tax at source
for income tax payers at the basic rate
of income tax – so you won’t have to
pay anything to the tax man if you are a
basic rate income tax payer. Corporate
Bondholders will be responsible for
the corporation tax payable on their
£eon Pounds. In either case, we strongly
recommend that all applicants who are
or might be liable for tax, especially
higher rate income tax payers and
corporation tax payers, consult their
own independent financial advisers as
there may be some further tax payable.
Would holding a Leon Bond mean
that I have shares in Leon?
No. A bond represents a loan to a

company not shares in a company.
Bonds are traditionally loans for a fixed
period with a fixed rate of interest.
Leon Bonds cannot be converted into
shares. Leon Bonds are not secured
on the assets of the company but are
guaranteed by the parent company,
Leon Restaurants Limited. This means
if the Company is not in a position to
redeem the Leon Bonds when it should,
Leon will step into its shoes and redeem
the Leon Bonds (to the extent it is
able). Further details of the guarantee
can be found at paragraph 13 of the
section titled “Leon Bond Instrument”
on page 25.
20 21
Can I invest a smaller amount than
the £1,500 bond?
Sadly this is the smallest amount that
we can administer efficiently. We would
have loved to open up participation
more broadly.
Can I pay for the Leon Bond in
instalments?
Unfortunately, no. All Leon Bonds must
be paid for in full upon application.
I’d like to take up a £eon Bond so
what do I do next?
Please fill in the online application

at www.leonrestaurants.co.uk/
theleonbond, and pay no later than
5pm on 31st July 2012. You will be
advised in writing of acceptance of your
Leon Bond application no later than
17th August 2012 and your first full
year’s worth of £eon Pounds and a Leon
Bond Certificate will be sent at the same
time.
Do I need to bank online to apply
for a bond?
No. Payment for Leon Bonds can be by
debit card on a dedicated website or by
bank transfer.
Do I need to discuss this with an
independent financial adviser?
We would strongly recommend you do
so.
I still have more questions, how
can I have them answered?
If they concern your personal
investment portfolio, you should
put them to your own independent
financial adviser. If they concern
the terms of the Leon Bond itself
please email us at theleonbond@
leonrestaurants.co.uk. We will
endeavour to respond within 48 hours
of receipt.
When can I get my money out?

You can get your investment back in
full after the initial term of three years,
which is the minimum commitment.
After that, and on each anniversary
of your initial application, you will be
entitled to all of your investment back,
without charges or deductions. Or you
can choose to hold onto your Leon
Bonds.
Can I sell or give my Leon Bond to
someone else?
No. Leon Bonds are designed to be a
personal investment and therefore are
not transferable. However, you can give
your £eon Pounds to any one you love.
To make it easier for you, £eon Pound
Cards will be pre-loaded with either 50
£eon Pounds or 20 £eon Pounds. We
will send you the relevant number of
£eon Pound Cards to make sure you
receive all the £eon Pounds which you
are entitled to.
What happens if I die while I hold
a Leon Bond?
It is a terrible thought, but of course
your estate could redeem your Leon
Bond early.
How do I redeem my Leon Bond?
You simply complete the Notice of
Redemption on the reverse of your

Leon Bond Certificate and send it to
us six months prior to the redemption
date (being the end of the three-year
initial term, namely 31st July 2015, or
any anniversary thereafter). We will
despatch the payment within seven days
of the redemption date. If you lose your
Leon Bond Certificate, let us know and
we will either replace it or send you
a form to use for redemption at the
appropriate time, subject to completion
of an indemnity and payment of an
administration fee.
Can Leon redeem my Leon
Bonds?
We have the right to redeem some or all
of the Leon Bonds at any time (whether
before or after the initial three-year
term). If we do this, we will pay you back
an additional 1% in £eon Pounds on
the funds you invested when we return
the money.
Is the rate of return fixed?
Yes. No matter how long your funds
remain invested in your Leon Bonds the
rate of return will not change.
When will I start to get my £eon
Pounds and how often?
You will be sent your first full year’s
worth of £eon Pounds by 17th August

2012 for the period beginning 1st
August 2012. You will then receive a
further full year’s worth of £eon Pounds
on 1st August in each year you hold the
Leon Bond.
Can my company invest to give
£eon Pounds to people who work
for us?
Yes, you can invest as a company or as a
person.
YOUR QUESTIONS ANSWERED
22 23

A. RISK FACTORS YOU SHOULD
KNOW ABOUT
In addition to the other information in this
Invitation, you should consider the following
specic factors carefully when deciding
whether or not to invest in Leon Bonds. If
you are in any doubt about the contents of this
Invitation or the action you should take, you are
strongly recommended to consult a professional
adviser authorised under FSMA who specialises
in advising on investments in bonds, shares and
other securities.
An investment in Leon Bonds is speculative and
involves a degree of risk. You should be aware
that you may not realise your initial investment.
The Company believes the following risks are
the most signicant for potential investors.

These risks do not necessarily comprise all
those associated with an investment in Leon
Bonds and are not intended to be presented in
any assumed order or priority. In particular,
the performance of the Leon Group may be
affected by changes in legal, regulatory and tax
requirements in the UK as well as overall global
nancial conditions.
Non-transferable (save on death)
Leon Bonds cannot be transferred (save for
transmission on death) and no application will
be made for the Leon Bonds to be admitted
to listing or trading on any capital market. It
may not be possible for a Bondholder to obtain
reliable information about the risks to which
Leon Bonds are exposed.
Use of proceeds by other companies
The proceeds from the Leon Bonds may be
invested or loaned to other companies within
the Leon Group. For example, a sister company
may be established to launch Leon in America
or expand the Leon franchising wing.
No certainty of repayment
The Leon Bonds will be an unsecured debt of
the Company and will rank behind any secured
bank borrowings of the Leon Group. There is no
certainty or guarantee that the Company and/or
Leon Restaurants Limited (who is acting as the
Company’s guarantor) will be able to repay the
Leon Bonds. If the Company is not in a position

to redeem the Leon Bonds when it should, Leon
will step into its shoes and redeem the Leon
Bonds (to the extent it is able). If the Company,
Leon Restaurants Limited or any other member
of the Leon Group were to become insolvent,
there is a risk that some or all of the Leon Bonds
will not be repaid and also a risk that some or
all of the return due on the Leon Bonds will not
be paid.
Suitability
Leon Bonds may not be a suitable investment
for everyone.
Financial Services Compensation Scheme
Leon Bonds are not covered by the Financial
Services Compensation Scheme.
Bondholders should seek their own tax advice
Bondholders should seek their own tax advice
as to the consequences of owning Leon Bonds
as well as receiving returns from them. No
representation or warranty, express or implied, is
given to Bondholders as to the tax consequences
of their acquiring, owning or disposing of Leon
Bonds and no member of the Leon Group will
be responsible for any such tax consequences.
Interest rate and inationary risk
Leon Bonds are three year unsecured xed rate
obligations and as such will not benet from
any subsequent increases in market interest
rates. Similarly, if retail selling prices increase
the purchasing power of £eon Pounds may be

reduced.
Death of a bondholder
In the case of death of a Bondholder or of any
other event giving rise to the transmission
of Leon Bonds by operation of law, the
only persons recognised by the Company as
having any title to such Leon Bonds of such
Bondholder are the executors or administrators
of that deceased Bondholder’s estate or such
other person or persons as the directors of the
Company may reasonably determine. Any
person becoming entitled to Leon Bonds as a
result of such transmission may, upon producing
such evidence as reasonably required by the
directors of the Company, be registered as the
holder of such Leon Bonds and such person will
also be entitled to require the early redemption
of the Leon Bonds.
£eon Pounds
The return due on the Leon Bonds will be paid
in £eon Pounds. £eon Pounds will be held by
Bondholders in accordance with the terms and
conditions of the £eon Pounds (which will be
available on our website in due course) and may
be applied against the total cost of any purchase
at Leon Restaurants – food, books or anything
else. The £eon Pounds will be credited and sent
to Bondholders by rst class mail on 1st August
of each year. £eon Pounds expire ve years
after they are issued.

Prize draws
Bondholders will automatically be entered into
free seasonal prize draws. The prize draws
will be held in accordance with the prize draw
terms and conditions (which are available on
our website). The Company reserves the right
to amend or vary the prize draw terms and
conditions.
The market
Leon faces competition from other restaurants
and food shops and, as a result, we could be
affected by the competitive pressures that
result. It is possible that recessionary pressures
and other economic factors (such as rising
interest rates, tax increases and falling house
prices) may decrease the disposable income that
customers have available to spend on eating out
and/or adversely affect customers’ condence
and willingness to spend. This could lead to a
reduction in our revenues.
The foregoing factors are not exhaustive, and
do not purport to be a complete explanation
of all the risks and signicant considerations
involved in investing in the Leon Bonds.
Accordingly and as noted above, additional
risks and uncertainties not presently known to
the Company or the Company currently deem
immaterial, may also have an adverse effect on
the Company’s prospects.
B. TERMS AND CONDITIONS

This Invitation and/or your participation in the
application of Leon Bonds is conditional upon
and subject to:
• the Company having received applications
from potential investors for subscription of
Leon Bonds amounting to, in aggregate, not
less than £500,000 (or such lesser amount as the
Company may decide in its absolute discretion)
by not later than 5pm on 31st July 2012;
• your online application being submitted
together and matched with online payment by
not later than 5pm on 31st July 2012; and
• the Company having accepted your application
in whole or in part (up to a maximum value
of £10,000) in multiples of £1,500, £3,000 or
£5,000 Leon Bonds.
You have the right to contact us to cancel your
application at any time on or before 14th August
2012. If you contact us before then, we will
refund your online payment by crossed cheque.
If you wish to cancel your application, you
should write to us at Leon Restaurants Limited,
St Margaret’s House, 18-20 Southwark Street,
London SE1 1TJ.
You will be making your application on the
terms and conditions contained in this Invitation
Document and the Leon Bond Instrument. In
particular, by making your application, you will
be deemed to acknowledge and conrm that:
• you are not relying on any information given

or any representations, warranties, agreements
or undertakings (express or implied), written
or oral, or statements made at any time by
any member of the Leon Group in relation
to the Leon Group other than as contained in
this Invitation Document and the Leon Bond
THE LEGALS
Instrument and that, accordingly, no member
of the Leon Group or their respective directors,
ofcers, agents, employees or advisers or any
person acting on behalf of any of them shall
have any responsibility for any such other
information or representation;
• you are not relying on any member of the Leon
Group or Reeves to advise whether or not Leon
Bonds are a suitable investment for you;
• you are either (i) an individual who is 18
years old or more at the date of making your
application and who is resident in the UK; or (ii)
a company resident in the UK for corporation
tax purposes and which is not prevented by
the laws of its governing jurisdiction or place
of incorporation from applying for or holding
Leon Bonds;
• you are entitled to make your application and
to be issued with Leon Bonds in respect thereof
under the laws and rules of any governmental
bodies located in any jurisdictions which apply
to you;
• you are aware that it is your responsibility to

seek advice from someone who specialises in
advising on investments;
• you are not entitled to be paid any commission
in relation to your application;
• all certicates, documents and monies sent
to you by or on behalf of the Company or any
documents or monies you send to the Company
are sent at your risk;
• you and funds under your management are not
engaged in money laundering;
• you are making your application on your own
behalf and for no other person;
• the Company, their representative members,
directors, employees, agents and advisers
will rely upon the truth and accuracy or
the conrmations, acknowledgements and
representations contained in this Invitation
Document and the application;
• your application is in English and the Leon
Group will only write and communicate with
you in English;
• you have no access to any out-of-court
complaint or redress mechanism in relation to
your application; and
• the Company accepts no liability for any
inaccuracies in your application or for any late
or failed delivery of your application.
Nothing in this Invitation Document, the Leon
Bond Instrument or application will restrict the
Company’s liability for fraud.

MONEY LAUNDERING
It is also a term of any application that the
Company or Neville Registrars Limited may,
in their absolute discretion, require verication
of an applicant’s identity to the extent that an
applicant has not already provided the same.
Pending the provision of evidence of identity,
Leon Bonds applied for hereunder may not be
issued at the absolute discretion of the Company
or Neville Registrars Limited. If within a
reasonable time after a request for verication
of identity, satisfactory evidence has not been
supplied, the Company may, at its absolute
discretion, terminate an application in which
event, any subscription monies will be returned
to the applicant without interest and at your risk.
JURISDICTION
The making of applications, acceptances of
applications and contracts resulting therefrom
under this Invitation shall be governed by and
construed in accordance with English law and
the parties submit to the exclusive jurisdiction
of the English courts.
C. THE APPLICATION PROCESS
If, after carefully reading this Invitation
Document, you wish to make an application
please go to www.leonrestaurants.co.uk/
theleonbond and ll in your details. You can
pay by debit card or bank transfer. You need
to apply and pay by no later than 5pm on 31st

July 2012.
Please note that the decision to accept your
application (in multiples of £1,500, £3,000
or £5,000 Leon Bonds up to a maximum of
£10,000) is at the sole and unreserved discretion
of the Company. Therefore, the Company may
accept your application in respect of part only of
the Leon Bonds applied for in your application
(in which case the balance of the amount paid
by you in respect of Leon Bonds which were not
issued to you would be repaid to you without
interest at your risk).
You will be advised in writing if your
application has been successful by 17th August
2012 and, in the event that your application
has been successful we will send you a Leon
Bond Certicate in respect of each of your Leon
Bonds.
If your application is not successful or we don’t
raise enough to go ahead with the Leon Bonds,
the amount paid by you would be repaid without
interest and at your risk.
D. EXPECTED TIMETABLE OF
PRINCIPAL EVENTS
Publication of this Invitation Document:
Monday 25th June 2012
Latest time and date for receipt of a completed
application and online payment: 5pm on
Tuesday 31st July 2012
Despatch of Leon Bond Certicates and initial

£eon Pounds Cards by Friday 17th August 2012
E. THE LEON BOND INSTRUMENT
The Leon Bonds are constituted by, and will
be issued subject to and with the benet of the
Leon Bond Instrument. Bondholders will be
bound by all the terms and conditions set out
in the Leon Bond Instrument. The terms and
conditions attached to the Leon Bonds are set
out below.
1. Denitions and Interpretation
In the Leon Bond Instrument, in addition to the
terms contained in the glossary of page 29 of this
Invitation Document, the following expressions
have the following meanings, except where the
context otherwise requires:
“Business Day” a day other than a Saturday or
a Sunday on which banks are open for business
in London;
“Default Event” has the meaning given to that
term in paragraph 6.1;
“Directors” the board of directors of the
Company from time to time;
“Extraordinary Resolution” a resolution
passed at a meeting of the Leon Bondholders
duly convened and passed by a majority
consisting of not less than three-fourths of the
votes cast, whether on a show of hands or on
a poll;
“£eon Pound Card” the prepayment card
issued by Leon to be loaded with £eon Pounds

for future purchases of Leon goods and services;
“Leon Return” subject to paragraph 3.2:
(a) 120 £eon Pounds (if you are a personal
Bondholder) or 150 £eon Pounds (if you are a
corporate Bondholder) in advance per annum,
if the principal amount of the Leon Bond is
£1,500;
(b) 300 £eon Pounds (if you are a personal
Bondholder) or 375 £eon Pounds (if you are a
corporate Bondholder) in advance per annum,
if the principal amount of the Leon Bond is
£3,000; and
(c) 600 £eon Pounds (if you are a personal
Bondholder) or 750 £eon Pounds (if you are a
corporate Bondholder) in advance per annum,
if the principal amount of the Leon Bond is
£5,000;
“Outstanding Amount” the aggregate
principal amount of the Leon Bonds outstanding
at any time;
24 25

“Payment Date” 1 August in each year up
until such date on which the Leon Bonds are
redeemed;
“Register” the register of Bondholders
maintained by the Company’s registrar as
provided for in paragraph 11;
“Registered Ofce” the registered ofce of the
Company from time to time;

“Repayment Date” subject to repayment by
the Company in accordance with the terms of
the Leon Bond Instrument, the later of:
(a) 31st July 2015 provided that the Bondholder
has completed and returned to the Company
the notice of redemption on the reverse of the
Bond certicate six months prior to the relevant
Repayment Date in accordance with paragraph
4.1; or
(b) 31st July in any subsequent year (or if such
date does not fall on a Business Day, the next
Business Day) provided that the Bondholder
has completed and returned to the Company
the notice of redemption on the reverse of the
Bond certicate six months prior to the relevant
Repayment Date in accordance with paragraph
4.1.
2. Amount and Status of Leon Bonds
2.1 The aggregate principal amount of the Leon
Bonds is limited to £1,500,000 save that
the Directors have the right to increase
the aggregate principal amount of the
Leon Bonds up to £3,500,000 subject to
demand.
2.2 The Leon Bonds shall only be capable
of being issued in multiples of £1,500,
£3,000 and £5,000 in principal amount
and the maximum amount of Leon Bonds
that can be issued to one Bondholder is
£10,000.

2.3 The Leon Bonds shall not be issued or
registered in the names of more than one
Bondholder.
2.4 Subject to the terms of the Leon Bond
Instrument, the whole of the Leon
Bonds as and when issued shall rank
pari passu equally and rateably without
discrimination or preference.
2.5 The Leon Bonds shall not be capable
of being dealt in or negotiated on any
stock exchange or other recognised or
capital market in the United Kingdom or
elsewhere and no application has been
or will be made to any such exchange or
market for the listing of, or for permission
to deal in, the Leon Bonds.
3. Leon Return
3.1 The Company shall procure that, for every
Leon Bond issued to a Bondholder that
has not been redeemed, £eon Pound Cards
shall be sent to that Bondholder at the
address for that Bondholder held on the
Register within 20 Business Days of each
Payment Date. The £eon Pound Cards
will, in aggregate, be loaded with the
relevant Leon Return. Bondholders will
not receive their Leon Return in cash.
3.2 If the date a Leon Bond is issued is not a
Payment Date, the Company shall procure
that, at its discretion, either:

3.2.1 £eon Pound Cards are sent to Bondholders
within 20 Business Days of the date
the Leon Bond is issued loaded with an
aggregate pro rata amount of £eon Pounds
for the period from the date that Leon
Bond is issued to the next Payment Date;
or
3.2.2 the Leon Return to be paid in respect of
that Leon Bond on the next Payment Date
shall include an additional pro rata amount
of £eon Pounds for the period from the
date on which that Leon Bond was issued
to the relevant Payment Date.
3.3 Instead of sending £eon Pound Cards, the
Company may, at its discretion, send
such number of Leon gift vouchers equal
to the relevant Leon Return to Leon
Bondholders.
4. Redemption of Leon Bonds
4.1 All Leon Bonds, to the extent not previously
repaid by the Company before the relevant
Repayment Date, will be redeemed by the
Company on the Repayment Date, at par,
provided that the Bondholder completes
the notice of redemption on the reverse of
the Leon Bond Certicate and returns the
same to the Company in accordance with
the instructions printed thereon so as to
be received by the Company at least six
months prior to the relevant Repayment

Date.
4.2 All payments of principal in respect of the
Leon Bonds and the issue of the £eon
Pound Cards in respect of the Leon Return
by or on behalf of the Company shall be
made at the Bondholder’s risk:
4.2.1 by cheque in favour of the Bondholder at
the address held for that Bondholder on
the Register (in respect of the payment
of any principal in respect of the Leon
Bonds); and
4.2.2 free and clear of, and without withholding
or deduction for, any taxes, duties,
assessments or governmental charges
of whatsoever nature imposed, levied,
collected, withheld or assessed, unless
such withholding or deduction is required
by law. In that event, the Company shall
make such withholding or deduction
and shall, where required, account to the
relevant tax authority for such withholding
or deduction. For the avoidance of doubt,
in such circumstances, the Company shall
not be required to increase or gross-up any
payment of principal or Leon Return made
hereunder.
4.3 All Leon Bonds redeemed by the Company
pursuant to the terms of the Leon Bond
Instrument will be cancelled and will not
be available for reissue.

4.4 In the event that any tax has been paid in
respect of the Leon Return, the Company
will make available to Bondholders on a
website as soon as reasonably practicable
electronic certicates of deduction of tax
in respect of the tax deducted or withheld.
5. Early redemption of Leon Bonds
5.1 In addition to paragraph 6.1, the Company
will be entitled to redeem any or all of the
principal amount of the Leon Bonds at any
time.
5.2 In the event of early redemption under
paragraph 5.1, the Company shall procure
that, for every Leon Bond being redeemed,
additional £eon Pound Cards shall be sent
to each Bondholder at the relevant address
held on the Register within 20 Business
Days of redemption. The £eon Pound
Card will be loaded, in aggregate, with an
amount of £eon Pounds equal to one (1)
per cent. of the Outstanding Amount held
by such Bondholder being redeemed.
6. Default Events
6.1 Notwithstanding paragraphs 4 and 5 and
subject to paragraph 6.2, all outstanding
Leon Bonds shall become immediately
repayable, at the option of a Bondholder,
at par, on the happening of any of the
following events (each a “Default Event”):
6.1.1 an order is made or an effective resolution

passed for winding-up or liquidation
of the Company (otherwise than for
the purposes of or in the course of a
solvent re-organisation, reconstruction or
amalgamation); or
6.1.2 an encumbrancer has taken possession of
or if a receiver, administrative receiver,
liquidator, judicial factor or other similar
ofcer is appointed to take possession
of the whole or any material part of the
property or undertaking of the Company
and in any such case is not discharged,
withdrawn or removed within 14 days of
possession being taken or an appointment
being made provided that at all times
during such period the Company is
contesting such possession or appointment
in good faith and diligently; or
6.1.3 any administration order has been made in
respect of the Company; or
6.1.4 any procedure or step analogous to the
events set out in paragraph 6.1.1 to 6.1.3 is
taken in any relevant jurisdiction.
6.2 The Company will use reasonable
endeavours to give notice to the
Bondholders of the happening of any
Default Event within ten (10) Business
Days upon becoming aware of the same. If
any Bondholder does not exercise its right
of repayment of the Outstanding Amount

pursuant to paragraph 6.1, the Leon Bonds
held by such Bondholder shall remain
outstanding.
7. Non-Conversion
Neither the principal amount of the Leon
Bonds nor the Leon Return shall be
capable of conversion into shares or other
securities in the Company or Leon.
8. Leon Certicates
8.1 The Leon Bond Certicates will be in the
form or substantially in the form set out in
the Schedule to the Leon Bond Instrument.
8.2 The Company will recognise the Bondholder
entered on the Register as the absolute
owner of the Leon Bonds. The Company
is not bound to take notice or see to the
execution of any trust, whether express,
implied or constructive, to which any Leon
Bonds may be subject.
8.3 If any Bondholder’s Leon Bonds are to be
redeemed under any of the provisions of
the Leon Bond Instrument, the Bondholder
shall deliver up to the Company (at the
Registered Ofce or such other location
specied by the Company) the Leon Bond
Certicate(s) for the Leon Bonds which
are to be redeemed (with the notice of
redemption duly completed) in order that
the same may be cancelled and, upon
such delivery, the Company shall pay

the relevant redemption amount to the
Bondholder.
8.4 If any Leon Bonds are to be redeemed
under any of the provisions of the Leon
Bond Instrument and a Bondholder fails
to or refuses to deliver up the Leon Bond
Certicate(s) for such Leon Bonds at the
time and place xed for the redemption
of such Leon Bonds (with the notice of
redemption duly completed), then the
Company may set aside the relevant
amount due to the Bondholder, pay it into
a separate interest-bearing bank account
which shall be held by the Company in
trust for the Bondholder (but without
interest (save as may accrue in such
account on such amount)) and such setting
aside shall be deemed, for all purposes
of these conditions, to be a payment to
the Bondholder and the Company shall
thereby be discharged from all obligations
in connection with such Leon Bonds. If
the Company shall place such amount on
deposit at a bank, the Company shall not
be responsible for the safe custody of such
amount or for any interest accruing on
such amount in such account.
8.5 If any Leon Bond Certicate is lost, stolen or
mutilated, defaced or destroyed, it may be
replaced at the Registered Ofce, subject

to all applicable laws, upon such terms as
the Directors may reasonably require.
9. Transfer
Leon Bonds are not transferable in whole or
in part and neither the Company nor its
Directors shall approve, or arrange or
participate in any transfer of Leon Bonds
whether by registration or otherwise.
10. Transmission
10.1 Any person becoming entitled to Leon
Bonds as a result of the death or bankruptcy
of a holder of Leon Bonds or of any other
event giving rise to the transmission of
such Leon Bonds by operation of law
may, upon producing such evidence as
reasonably required by the Directors of the
Company and surrendering the relevant
Leon Bond Certicate, be registered as the
holder of such Leon Bonds.
10.2 In the case of death of a registered
holder of Leon Bonds, the only persons
recognised by the Company as having
any title to the Leon Bonds are the
personal representatives of a deceased
sole registered holder of the relevant Leon
Bonds or such other person or persons
as the Directors of the Company may
reasonably determine and the personal
representatives will be entitled to require
repayment of the principal amount of the

Leon Bonds at par in accordance with the
terms of the Leon Bond Instrument.
11. Register of the Leon Bond
11.1 The Company’s registrars will at all times
keep at the Registered Ofce, or at such
other place as the Company may have
appointed for the purpose, a register
showing:
11.1.1 the principal amount of the Leon Bonds
held by the Bondholder;
11.1.2 the certicate number of each Leon Bond
issued;
11.1.3 the date of issue and all transmissions of
ownership; and
11.1.4 the name and address of the Bondholder.
11.2 The Bondholder may at all reasonable
times during ofce hours inspect his/her
details entered in the Register and take
copies of those details from the Register.
11.3 The Register may be closed by the
Company for such periods and at such
times as it thinks t but not for more than
thirty (30) Business Days in any calendar
year.
11.4 Any change of name or address on the part
of the Bondholder must be notied to the
Company in writing and signed and the
Register will be altered accordingly.
12. Further issues of Leon Bond
The Company may from time to time without

the consent of the Bondholders create and
issue further Leon Bonds having the same
terms and conditions as the outstanding
Leon Bonds and so that such further issues
shall be consolidated and form a single
series with the then outstanding Leon
Bonds.
13. Guarantee
13.1 Leon Restaurants Limited unconditionally
and irrevocably guarantees the obligations
of Leon Naturally Fast Food plc (which
is the subsidiary of Leon Restaurants
Limited issuing the Leon Bond) under
the Bond Instrument. This means if the
Company is not in a position to redeem
the Leon Bonds when it should, Leon will
step into its shoes and redeem the Leon
Bonds (to the extent it is able). Therefore,
Leon Restaurants Limited unconditionally
and irrevocably guarantees to each of the
Bondholders from time to time that if, for
any reason whatsoever, the Outstanding
Amount on his or its outstanding Leon
Bonds (or any part of it) is not paid in
full by the Company or the relevant £eon
Pound Card(s) are not issued within seven
(7) days of the due date it shall (subject to
the limitations set out in this guarantee),
on demand in writing by such Bondholder,
pay to him such sum as shall be equal

to the amount in respect of which such
default has been made, provided that
Leon’s maximum aggregate liability under
this guarantee shall not exceed an amount
equal to the aggregate of the Outstanding
Amount and Leon Return(s) due to such
Bondholder.
13.2 Upon payment in full by Leon of the
Outstanding Amount of any outstanding
Leon Bonds, such Leon Bonds shall be
deemed to have been repaid and cancelled
and no further £eon Pound Cards shall be
issued in respect of those Leon Bonds.
13.3 Leon shall be liable as if it were a principal
debtor for all monies or money’s worth
payable pursuant to the Leon Bond
Instrument (notwithstanding that, as
between the Company and Leon, Leon is
a surety only) and shall not be exonerated
or discharged from liability under this
guarantee:
13.3.1 by time or indulgence being given to, or
any arrangement or alteration of terms
being made with, the Company; or
13.3.2 by the liquidation, whether voluntary
or compulsory, of the Company or by the
appointment of an administrative
receiver or an administrator in relation
to the Company or its assets; or
13.3.3 by any act, omission, matter or thing

whatsoever whereby Leon, as surety
only, would or might have been so
exonerated or discharged.
13.4 Each of the covenants and guarantees
contained in this paragraph 13 shall be
a continuing covenant and guarantee
binding on Leon, and shall remain in
operation until the Outstanding Amount
of the outstanding Leon Bonds has been
fully paid or satised.
26 27
13.5 This paragraph 13 shall be deemed to
contain, as a separate and independent
stipulation, a provision to the effect that
any sums of money or money’s worth
which may not be recoverable from
Leon by virtue of a guarantee (whether
by reason of any legal limitation,
disability, incapacity or any other fact or
circumstance and whether known to the
Bondholders or not) shall nevertheless
be recoverable from Leon by way of
indemnity. Notwithstanding anything
to the contrary set out in the Leon Bond
Instrument, the maximum aggregate
liability of Leon under this guarantee
shall not exceed an amount equal to the
aggregate Outstanding Amounts and Leon
Return(s) due to Bondholders.
13.6 Each Bondholder shall be entitled to

determine from time to time when to
enforce this guarantee as regards his
outstanding Leon Bonds and may from
time to time make any arrangements or
compromise with Leon in relation to
the guarantee given by this paragraph
13 which such Bondholder may think
expedient and/or in his own interest.
13.7 Any payment to be made by Leon under
the Leon Bond Instrument shall be made
without regard to any lien, right of set-
off, counterclaim or other analogous right
to which Leon may be, or claim to be,
entitled against any Bondholder.
13.8 Payment by Leon to any Bondholder
made in accordance with this paragraph
13 shall be deemed a valid payment for
all purposes of this paragraph 13 and shall
discharge Leon from its liability under this
paragraph 13 to the extent of the payment,
and Leon shall not be concerned to see to
the application of any such payment.
13.9 In relation to any demand made by a
Bondholder for payment by Leon pursuant
to this paragraph 13, such demand shall be
in writing and shall be accompanied by the
relevant Leon Bond Certicate (with the
notice of redemption duly completed) and
shall state:
13.9.1 the full name and registered address of

such Bondholder and the Outstanding
Amount which is claimed;
13.9.2 that none of the Leon Bonds in respect
of which such demand is made has been
cancelled, redeemed or repaid by the
Company;
13.9.3 that the sum demanded is due and payable
by the Company, that all conditions and
demands prerequisite to the Company’s
obligations in relation to those Leon Bonds
have been fullled and made, that any
grace period relating to those obligations
has elapsed and that the Company has
failed to pay the sum demanded;
13.9.4 the date on which payment of the
Outstanding Amount (or part thereof in
respect of which the demand is made)
should have been made to the Bondholder
by the Company; and
13.9.5 the address to which payment by cheque
is to be sent at the Bondholder’s risk.
13.10 Leon may rely on any demand or other
document or information appearing on
its face to be genuine and correct, and to
have been signed or communicated by the
person by whom it purports to be signed
or communicated. Leon shall not be liable
for the consequences of such reliance and
shall have no obligation to verify that the
facts or matters stated in any such demand,

document or information are true and
correct.
14. Warranties and Undertakings
14.1 The Company undertakes to the
Bondholder that:
14.1.1 it will perform and observe the
obligations imposed on it by the Leon
Bond Instrument;
14.1.2 it will comply with the provisions of the
Leon Bond Certicates; and
14.1.3 the Leon Bonds are held subject to and
with the benet of the terms and conditions
set out in the Leon Bond Instrument and
are binding on the Company.
14.2 The Company and Leon severally warrant
to the Bondholder on the date of the Leon
Bond Instrument that:
14.2.1 (in case of the Company only) it has
the power and authority to issue the
Leon Bonds and to exercise its rights and
perform its obligations under the Leon
Bonds;
14.2.2 it has the power and authority to enter into
the Leon Bond Instrument and to exercise
its rights and perform its obligations under
the Leon Bond Instrument;
14.2.3 it has taken all necessary corporate,
shareholder and other action to authorise
the execution, delivery and performance
of the Leon Bond Instrument; and

14.2.4 it has been duly incorporated under the
laws of England and Wales.
15. VARIATION
15.1 All or any of the rights for the time being
attached to the Leon Bonds may from time
to time (whether or not the Company is
being wound up) be altered or abrogated
with the sanction of an Extraordinary
Resolution. All the provisions of the
Company’s articles of association as to
general meetings shall apply as though
the Leon Bonds were a class of shares
forming part of the capital of the Company
(which includes the right to receive notice
of, attend, vote and speak at such meeting
(which will be held on at least 14 days
notice)), but so that:
15.1.1 the necessary quorum shall be two Leon
Bondholders (present in person or by
proxy);
15.1.2 every Leon Bondholder present in person
at any such meeting shall be entitled on a
show of hands to one vote and every such
Leon Bondholder present in person or by
proxy shall be entitled on a poll to one vote
for each Leon Bond which he holds;
15.1.3 Leon Bondholders present in person or by
proxy may demand or join in demanding a
poll; and
15.1.4 if at any adjourned meeting a quorum

as above dened is not present, Leon
Bondholders then present in person or by
proxy shall be a quorum.
15.2 Any such alteration or abrogation approved
as aforesaid shall be effected by a written
instrument executed by the Company
and expressed to be supplemental to the
Leon Bond Instrument. Modications
to the Leon Bond Instrument which are
of a formal, minor or technical nature,
or made to correct a manifest error, and
which do not materially adversely affect
the interests of the Leon Bondholders,
may be effected without the sanction of an
Extraordinary Resolution and expressed
to be supplemental to the Leon Bond
Instrument and notice of such alteration or
abrogation or modication shall be given
by the Company to the Leon Bondholders
as soon as reasonably practicable.
LEON & ITS ADVISERS
The Company
Leon Naturally Fast Food plc
The Guarantor
Leon Restaurants Limited
both of
4th Floor
St Margaret’s House
18-20 Southwark Street
London

SE1 1TJ
Financial Adviser
Reeves Financial Planning
Limited
Third Floor
24 Chiswell Street
London
EC1Y 4YX
Registrars and Receiving
Agents
Neville Registrars Limited
Neville House
18 Laurel Lane
Halesowen
B63 3DA
Legal Advisers
Lawrence Graham LLP
4 More London Riverside
London
SE1 2AU
Auditors
Rees Pollock
35 New Bridge Street
London
EC4V 6BW
29
GLOSSARY
The following definitions apply to this Invitation Document (unless the context
otherwise requires):
“Club Member” a member of the Leon Club

“Company” Leon Naturally Fast Food plc, a company
incorporated in England and Wales with
registration number 8106329 registered office
is at 4th floor St Margarets House
18-20 Southwark Street London SE1 1TJ
“FSA” the UK Financial Services Authority, or any
successor authority
“FSMA” the UK Financial Services and Markets Act 2000
(as amended)
“Invitation” the invitation to apply for Leon Bonds, on the
terms and conditions set out in this Invitation
Document
“Leon” Leon Restaurants Limited
“Leon Bonds” or “Bonds” the non-convertible non-transferable bonds of the
Company constituted by the Leon Bond Instrument
“Leon Bondholders” or
“Bondholders” holders of Leon Bonds
“Leon Bond Instrument” the instrument of the Company and Leon (acting
as guarantor) dated 25 June 2012 constituting the
Leon Bonds, copies of which are available at


www.leonrestaurants.co.uk/theleonbond
“Leon Bond Certificate” a certificate evidencing title to the Leon Bonds
“Leon Group” Leon and its subsidiaries (including the Company)
“£eon Pounds” a notional currency equivalent, at all times, to
pounds sterling which can be redeemed in Leon
stores by making purchases of Leon goods and
services
“Reeves” Reeves Financial Planning Limited

Joseph, Liza, Henry & Edmund in France, 1977
Claire in Violet Cafe
Allegra, 1976
George, 2011
Leon, Old Compton Street, 2011
Henry with his dad, Lanzarote, 1975
Lisa and Anita, Mallorca 1973
Maggie at the Leon Pie Fest, 2010
Georgia and her Mum, 1972
Jossy on Dartmoor, 1978
One of Petra’s cakes
Marion and John in Tollesbury 1972
Liza, Sadie, Kate & Joseph, August 1980
Tom Herbert, 1984
Molly, Liza, Emma, Jossy, Kate, Henry & Anna, 1976
George, 2011
Cookbook library at Leon Old Compton Street
Anita’s birthday, 1975
Petra, Jeremy, Mima and Hattie, 1978
Johnny, aged one
Leon, Nita, Tim, Marion & Joe, Portugal 1964
Claire at the Leon Pie Fest, 2010
Jo Jo and Katherine, 1977
Leon on his ship of the desert 1959