Need some help? Close Help


UK - East
Date Rated:
Valuation (Pre Money):
Industry: Retail
Location: UK - East
Platform: Crowdcube
£750,000 Expansion
Valuation: £10,744,986
Date Rated: 07/08/17



Tax Status: EIS

Business Summary

Enertor is an insole with patented D3O technology providing users injury protection, pain-relief and increased comfort and performance. Enertor was launched in almost 500 stores in the UK and has secured a 10-year exclusive endorsement agreement with Usain Bolt. This round of investment will be mainly used to fund the acquisition of stock and to support the marketing activity.

Financial Overview

Date (y/e) Dec-17 Dec-18 Dec-19 Dec-20 Dec-21
Sales Dec-17£2,151,035 Dec-18£4,250,461 Dec-19£7,953,289 Dec-20£14,157,395 Dec-21£23,760,517
Gross Profit Dec-17£1,245,740 Dec-18£2,732,216 Dec-19£5,363,283 Dec-20£9,697,986 Dec-21£16,368,911
GP as % sales Dec-1758% Dec-1864% Dec-1967% Dec-2069% Dec-2169%
Overheads Dec-17£2,280,505 Dec-18£2,829,968 Dec-19£4,158,841 Dec-20£6,660,756 Dec-21£11,183,782
Operating Profit Dec-17-£1,034,765 Dec-18-£97,752 Dec-19£1,204,442 Dec-20£3,037,230 Dec-21£5,185,129
OP as % sales Dec-17-48% Dec-18-2% Dec-1915% Dec-2021% Dec-2122%
Closing Cash Dec-17- Dec-18- Dec-19- Dec-20- -

Note: This financial information has been sourced from the company on 07/08/2017. Financial data is NOT verified by Wheatfromchaff Ltd.
The management team has demonstrated competence to date in building a product and generating brand awareness and all the key roles are covered with the required skills.
The industry is well known by the product developers and the management team has strong start-up and commercial experience and the further support of a marketing advisor.
The Founders, friends and family have invested over £2m into the business and a 7% share option pool has been established to retain and attract more talent.
The foot orthotics segment is worth over £2.2bn globally with an estimated market penetration of just about 5% and the company is increasing its international presence.
Given the large number of ambassadors and the Usain Bolt support, the product has achieved brand awareness and initial commercial traction rapidly and other products are also in development.
The company has exclusivity using the D3O material for the next year and it could be extended for another five years and they also have a ten-year Ambassador agreement with Usain Bolt.
A strong pipeline with retailers in over 10 markets and a clear expansion plan makes sales projections look reasonable and local partners will provide further marketing support.
There is insufficient information available to fairly rate this aspect of the business
Given its qualities and projected growth, Enertor could be able to attract a strong sales multiple upon exit and if the plan is delivered, investors could expect at least a five-fold return.


The team has demonstrated that they can secure distribution deals with retailers in different countries and the product is already listed in 10 markets with expectations to be in over 20 by the end of the summer with confirmed purchase orders.

It would be re-assuring to have a more detailed breakdown of overheads as they could easily ramp up given the need for marketing funds and set-up costs in new markets, and this could lower the company's profit margins.

Investors should also note that the company's competitive advantage is currently based on their exclusive license to D3O technology and once these underlying patents have expired in 2022 this could leave the company exposed to competitors accessing similar technology elsewhere, without further R&D on their part.

Related Links

Crowdcube Pitch


Right To Reply

Are you the entrepreneur? If you would like to publish a comment on our rating, please contact the ratings team.

Latest Forum Comments

Read All Comments


The views and opinions expressed on this bulletin board are the sole property and responsibility of the author. Neither Crowdrating nor Wheatfromchaff Ltd, nor any of the directors or officers of Wheatfromchaff Ltd accept any responsibility or liability for them. Readers should be aware that comments do not constitute investment advice and may be inaccurate. Please seek to verify and take advice on all comments before relying on them in the context of any investment decisions you may make. if you wish to use the bulletin board please be aware you are accepting full responsibility and liability for what you write. Please look here for more specific rules we impose on people using our bulletin boards. We moderate all bulletin boards and we reserve the right not to publish your comments.


Your capital is at risk when you invest in shares and debt securities. You can lose some or all of your money and may not be able to realise your investment. Therefore you should should never invest more than you can afford to lose. If in doubt about the suitability or tax implications of any investment, please seek independent financial advice. 

Information published on this website and any other reports or ratings published on or by Wheatfromchaff Limited (trading as Wheatfromchaff) have been prepared by us in the United Kingdom for information purposes only. Wheatfromchaff Ltd is Authorised and Regulated by the Financial Conduct Authority FRN: 751017. 

No content on this website or on any reports or ratings published on this website nor any copy of it, nor any other reports or copies of them published on may be reproduced, redistributed or copied in whole or in part for any purpose. Any and all reports have been approved by, and are being distributed in the UK and the European Union (EU) only and are not to be distributed in any other jurisdictions where their distribution may be restricted by law and persons into whose possession this or any other reports come should inform themselves about and observe such restrictions.

This report and any other reports published on do not constitute an offer or a solicitation to buy or sell any securities referred to herein. It should not be so construed, nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. The information on this website or in reports or ratings published by Wheatfromchaff, or on which this or any other reports are based, has been obtained from sources that Wheatfromchaff believes to be reliable and accurate, and in accordance with COBS 2.4 of the FSA Handbook we have verified it to the best of our ability. However, it has not been independently verified and no representation or warranty, express or implied, is made as to the accuracy or completeness of any information obtained from third parties. The information or opinions are provided as at the date of this report or any other report publication dates and are subject to change without notice. The information and opinions provided in this and any other reports take no account of the investors/ individual circumstances and should not be taken as specific advice on the merits of any investment decision. Investors should consider any or all of the reports or ratings we publish as only a single factor in making any investment decisions.  

Wheatfromchaff does not accept any liability whatsoever for any direct or consequential loss however so arising, directly or indirectly, from any use of this report nor its contents. Investors may receive back less that they invested as investments may fall as well as rise in value. Investors should obtain independent advice based on their own circumstances before making investment decisions. By accepting this report you agree to be bound by the foregoing limitations.

The Ratings we publish have been approved and issued at Financial Promotions in the United Kingdom by Wheatfromchaff in the United Kingdom who is Authorised and Regulated by the Financial Conduct Authority FRN: 751017. Wheatfromchaff Limited registered office is Kilver Court, Kilver Street, Shepton Mallet, Somerset, BA4 5NF and telephone number +44 (0) 1749 347 577. Telephone calls may be recorded. VAT No: 214 0196 49

© Wheatfromchaff Ltd All Rights Reserved February 2017