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Food & Drink
UK - South West
Date Rated:
Valuation (Pre Money):
Industry: Food & Drink
Location: UK - South West
Platform: Crowdcube
£750,000 Expansion
Valuation: £12,755,102
Date Rated: 27/09/17



Tax Status: EIS

Business Summary

field&flower is a premium box delivery service of ethically sourced meat, sustainable fish & cheese with nationwide coverage aiming to become a major online food retailer. field&flower already has over 4,5k active subscription customers and has a new e-commerce site with over 200 products. This round of investment will be mainly used to fund the digital marketing plan and to develop a mobile app.

Financial Overview

Date (y/e) Jul-18 Jul-19 Jul-20
Sales Jul-18£5,449,877 Jul-19£11,226,612 Jul-20£17,534,870
Gross Profit Jul-18£1,672,673 Jul-19£3,672,494 Jul-20£6,482,370
GP as % sales Jul-1831% Jul-1933% Jul-2037%
Overheads Jul-18£1,874,706 Jul-19£3,035,935 Jul-20£3,848,129
Operating Profit Jul-18-£238,366 Jul-19£576,892 Jul-20£2,471,574
OP as % sales Jul-18-4% Jul-195% Jul-2014%
Closing Cash Jul-18£171,806 Jul-19£455,224 Jul-20£2,837,445

Note: This financial information has been sourced from the company on 27/09/2017. Financial data is NOT verified by Wheatfromchaff Ltd.
The Founders have developed a balanced set of skills but the business currently seems extremely dependent on them, although they intend to strengthen the marketing function after this round.
Although this is the Founders' first venture, they have gained the right experience to manage the business and have a wide board of experienced advisors.
The Founders have invested over seven years and £131k as Directors loans into the business and they could be substantially rewarded if an exit can be achieved.
field&flower has estimated a potential addressable market of about £1bn from an overall market worth £4bn and expects to enjoy the increasing interest on identified, ethically sourced food.
Many positive testimonials support the product's quality and the business has gained strong social and commercial traction with thousands of followers and active customers.
The online meat market appears fragmented and the company should be able to gain market share with its quality approach with competitive prices that major retailers will find it difficult to match.
Given the current company's capacity and the intended marketing expenditure in this round, initial growth seems realistic and profit margins could be improved given low fixed costs.
Although this round provides enough working capital to achieve break-even, the company has limited headroom in the forecast and some outstanding loans to pay off.
Although the company seems less risky than other crowdfunding investments, given the high entry valuation investors should not expect more than modest returns in a three year timeframe.


field&flower has taken good care of its providers and has built an interesting e-commerce site with a wide offering of premium products at competitive prices. Word of mouth alone has provided the business with a large customer base with thousands of subscription customers already therefore the a well funded marketing strategy supported by recurrent revenue streams should support strong growth.

Investors should be aware however that the company has over £600k of debt, including £190k of bank debt and £200k of "family bonds" that are all being repaid currently on a monthly basis, although the £131k of Directors Loans will not be repaid until there is an adequate cash surplus. This is quite high gearing for a business that is barely breaking even, so if there is any underperformance, given the limited headroom in the forecast, investors should be comfortable that some of their expansion capital will most likely be used to satisfy the monthly interest and repayment schedule.

Related Links

Crowdcube Pitch


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