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Leisure & Tourism
UK - North West
Date Rated:
Valuation (Pre Money):
Industry: Leisure & Tourism
Location: UK - North West
Platform: Crowdcube
£100,000 Expansion
Valuation: £689,180
Date Rated: 21/09/17



Tax Status: SEIS & EIS

Business Summary

Homefans is a travel operator aiming to help international football fans enjoy a great travel experience while discovering and exploring closely other football cultures. Homefans has built a community of more than 250 travellers in 10 months and has gained two strategic partnerships. This round of investment will be mainly used to fund marketing, hire staff and launch new trips.

Financial Overview

Date (y/e) Aug-17 Aug-18 Aug-19 Aug-20 Aug-21
Sales Aug-17£48,493 Aug-18£199,603 Aug-19£540,989 Aug-20£1,368,702 Aug-21£2,559,473
Gross Profit Aug-17£11,922 Aug-18£54,064 Aug-19£174,956 Aug-20£504,230 Aug-21£994,099
GP as % sales Aug-1725% Aug-1827% Aug-1932% Aug-2037% Aug-2139%
Overheads Aug-17£6,441 Aug-18£60,653 Aug-19£143,345 Aug-20£226,884 Aug-21£384,351
Operating Profit Aug-17£5,481 Aug-18-£6,590 Aug-19£31,611 Aug-20£277,346 Aug-21£609,748
OP as % sales Aug-1711% Aug-18-3% Aug-196% Aug-2020% Aug-2124%
Closing Cash Aug-17£105,481 Aug-18£98,891 Aug-19£130,502 Aug-20£407,848 £1,017,596

Note: This financial information has been sourced from the company on 22/09/2017 or from public sources. Financial data is NOT verified by Wheatfromchaff Ltd.
The Founders complement each other with proven managerial expertise and a balanced set of product and business development skills.
Although the Founders are young entrepreneurs and there are no advisors supporting them, they have gained significant industry knowledge and commercial experience testing the market.
The Founders are already full-time and they have invested £18k in the business but the time committed to Homefans has been limited so far.
Although the football travel market is worth £1.3bn for the top five European Leagues, given the number of clubs covered to date, the addressable market will be much smaller.
The platform is functioning well, it has gained relevant social traction and the client database seems to be growing steadily. There are however only a few trips available currently.
Similar offerings are available in the market and the concept is easily replicable, however, Homefans could be able to gain market share with its cheaper and personalised service.
Given the intended increase in market coverage, sales projections are a challenge and overheads could rapidly ramp up damaging the already low expected profit margins.
The cashflow forecast suggests there is considerable headroom but the average trip will need to deliver over 30% of gross margin to cover the required costs and achieve break-even.
If the team achieve these sales projections and find a buyer, investors could expect in excess of 10-fold returns within five years and they will enjoy the most tax efficient scheme.


The team has tested the market and proven the concept and shown they are able to manage the company. The idea is appealing but there are no barriers to entry and well-backed players could easily replicate the service and offer a more diversified range of trips and although Homefans has achieved decent traction without a big marketing budget, a larger offering may make the company far more difficult to manage with the added risk of increasing staff and marketing costs. However, if the team can deliver a £2m turnover while keeping overheads low and securing further partnerships to lower the costs of sales, investors could expect reasonable returns within five years.

Related Links

Crowdcube Pitch


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