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White Car

Leisure & Tourism
UK - London
Date Rated:
Valuation (Pre Money):
Industry: Leisure & Tourism
Location: UK - London
Platform: Crowdcube
£850,000 Expansion
Valuation: £6,703,470
Date Rated: 17/11/17



Tax Status: None

Business Summary

White Car offers a simple way to rent a quality vehicle for a flat-rate charge. The service is currently available at Heathrow, Gatwick, Manchester and Edinburgh airports and has generated over £600k since launching last July. These funds will be used to expand the business to new locations.

Financial Overview

Year 5
Date (y/e) Year 1 Year 2 Year 3 Year 4 Year 5
Sales Year 1£1,163,000 Year 2£8,116,000 Year 3£23,050,000 Year 4£45,829,000 Year 5£74,359,000
Gross Profit Year 1£811,000 Year 2£6,296,000 Year 3£17,855,000 Year 4£35,587,000 Year 5£58,029,000
GP as % sales Year 170% Year 278% Year 377% Year 478% Year 578%
Overheads Year 1£1,603,000 Year 2£5,554,000 Year 3£13,587,000 Year 4£27,409,000 Year 5£44,500,000
Operating Profit Year 1-£809,000 Year 2£666,000 Year 3£4,136,000 Year 4£7,935,000 Year 5£13,191,000
OP as % sales Year 1-70% Year 28% Year 318% Year 417% Year 518%
Closing Cash Year 1- Year 2- Year 3- Year 4- -

Note: This financial information has been sourced from the company on 14/11/2017 or from public sources. Financial data is NOT verified by Wheatfromchaff Ltd.
The CEO has received awards for his leadership, but there is less information available about other key team members. Most notably, there is no information about the current Marketing function.
The CEO has had a long career with significant experience at senior levels and he has achieved multiple exits before. An extensive network of NED's provides further experience to call on.
The CEO has committed up to two years to the project on zero salary but has received loans of £55k for expenses and will be paid £125k pa so his financial risk is minimal.
The car rentals market is large and still growing strongly. White Car has shown an early ability to identify and engage its customers - enough that some of them have joined the board!
The service is operational and receives good reviews, both from renters and leasers. White Car has attracted a significant number of customers to date and plans to expand.
White Car is gaining traction with its service but there are somewhat similar competitors and White Car's rapid launch also demonstrates a lower barrier to entry for new competition.
While the marketing budget seems small and projected growth rapid, we note that CAC appears to increase over time and White Car is generating a good ROI for its advertising spend.
There is insufficient information available to fairly rate this aspect of the business
If the projected revenues can be achieved then investors will stand a good chance of seeing significant returns. This is also supported by recent acquisitions in this space.


White Car has returned to Crowdcube after its initial round last May. Since then the company has launched and started to generate revenues in a very impressive time frame. It has expanded to multiple sites in the UK and now will begin to expand further afield. Despite the low marketing budgets, that expansion does appear to be adequately resourced taking in to account current KPIs. That said it would be re-assuring if these assumptions had been made by an experienced marketeer, who is yet to be hired.

There is unfortunately little information available about the management team, but the CEO is experienced and has demonstrated his ability in various previous roles.

Related Links

Crowdcube Pitch


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