OfficeServe single company EIS

Now closed

The business

OfficeServe is an established business providing freshly made, high-quality food to offices nationwide.  OS currently has 3,000 active accounts including Grant Thornton, Whitbread Hotels, The Gordon Ramsay Group, British Airways, JD Wetherspoon, Gate Gourmet and Eurostar.  

OS acquired Fruitdrop and Chiltern Foods as part of its high growth strategy. The combined group has sales of £10 million and is currently breaking even.  

The growth opportunity

The office foodservice market is fragmented and OS wants to raise further funding to develop its national offering and take a market-leading position. Funds raised will be used to improve operations across the combined group, implement new branding and develop packaging and products. A highly experienced and proven Chairman, formerly the CEO of a FTSE100 food retailer, has just been appointed to help implement the growth strategy. 

The financials 

Management forecasts sales to hit £55 million delivering £3.9 million EBITDA by 2020, with the opportunity to exceed that due to the scalable nature of the opportunity.  The forecasts are based on assumptions on winning new corporate customers, growth in average spend per corporate and scaling up existing national customers.

The target raise is £3 million of which £2.5m has already been secured. The investment is EIS qualifying and received advance assurance in 2015. Management believes nothing within the business has changed which could impact its EIS status.

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The details

Min. Investment
£25,000
Strategy
Growth
Amount Raising
£3 million
Type
single company EIS
Deadline
Discretionary

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