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Farm Girl

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Established London cafe and healthy takeaway brand looking to expand to 35 sites by 2027!

136%
 - 
Funded 26 Nov 2022
£400,002 target
£545,594 from 264 investors
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Business overview

Location London, United Kingdom
Social media
Website www.thefarmgirl.co.uk
Sectors Food & Beverage Mixed Digital/Non-Digital B2C
Company number 11826865
Incorporation date 14 Feb 2019
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Investment summary

Type Equity
Valuation (pre-money) £9M
Equity offered 5.71%
Tax relief

EIS

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Business highlights

  • One of London's best cafes (Vogue, The Times, Evening Standard)
  • £2M revenue in the last 6 months (May-Oct 2022)*
  • £140% YoY revenue increase*
  • 800 customers a day
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Key features

  • Secondary Market
  • Nominee investment min. £11.55 +

Idea

Introduction

Farm Girl pioneered the healthy brunch culture in London and quickly became a phenomenon. We opened our first cafe in Notting Hill in 2015 and today there are 5 Farm Girl cafes across London. Voted in the top 10 cafes in London time and time again, we decided to build on this success by launching Roll Baby: an alternative to a sandwich that is healthy, fast and gluten free.

Our focus is on serving London the best coffee and freshest food with friendly service all inside beautifully decorated spaces. Our Roll Baby rolls are made fresh every day in our production kitchen. We work with trusted suppliers and trained chefs, we don’t hide any nasty ingredients, and our coffee beans are roasted locally by Aussies in Winchester and crafted by trained & skilled baristas. We are the real deal and our coffee is DAMN GOOD!

With nearly 100k followers, our customer base is dedicated and loyal. Our ambition is now to have 10 Farm Girl and 25 Roll Baby sites across London by 2027. Let’s eat better!

Substantial accomplishments to date

Farm Girl pioneered the healthy brunch culture in London and quickly became a phenomenon. Since then, we have:

· Established 6 thriving sites since launch: 5 x Farm Girl cafes and 1 x Roll Baby shop

· Brought in just under £1m revenue from June to August 2022*

· Grew our August YoY revenue by 114% (based on August 2021 vs August 2022)*

· Reached a daily average of 800 customers per day across our 6 sites

· Provided the breakfast and Coffee for the 'In Goop Health' summit in 2019

· Grown our community to nearly 100k Instagram followers

· Repeatedly recognised in the media as one of London's top cafes, with features including:

- BBC healthy food trends global tv interview (2018)

- Conde Nast Traveller’s '50 best brunches' 2022

- Featured in Forbes Lifestyle section

- Time Out's 'The Very Best of Notting Hill' and 'West London's best coffee shop'

- Named a 'West London Phenomenon' by The Times

- 'Most talked about Wellness Cafe' by Women’s Health

- 'Top 7 restaurants in West London' by Soho House

- Mo Gawdat's podcast How the Farm Girl built a thriving big city business

*based on unaudited management accounts

Monetisation strategy

The Farm Girl group consists of two core brands: Farm Girl as a primarily eat-in all day brunch concept and Roll Baby as a healthy, tasty and nutritious grab & go concept. Farm Girl offers all-day brunch from the morning until the late afternoon, seven days a week, earning revenues from a seasonal menu of hot and cold food, coffee and other hot and cold beverages. Farm Girl customers enjoy our delicious food and drinks in Farm Girl cafes, as takeaway, or as deliveries.

Roll Baby sells a selection of fresh rice paper summer rolls, pastries, coffee and cold beverages - serving our busy customers, and earning revenues, seven days a week from the morning until the evening. Roll Baby customers purchase their food and drinks in store as eat-in or takeaway, or order for deliveries.

Use of proceeds

We have ambitious growth plans for both our Farm Girl brand (adding on average one all-day brunch cafe with 50-70 seats each year) and our Roll Baby brand (adding 4-5 sites each year). We are constantly monitoring the market in order to identify and secure attractive new locations and currently have a strong pipeline of sites in various stages of development, with several already secured under agreed Heads of Terms.

Funds raised will be used primarily to deliver new Farm Girl and Roll Baby sites and we aim to secure, refurbish and launch 1 Farm Girl and 3-4 Roll Baby sites over the next 12-18 months. In our experience, opening a new Farm Girl cafe requires a total investment of up to £250k, while the smaller Roll Baby sites require an investment of around £80k each.

Key Information

Group Structure

Investors in this round are investing into and will become shareholders of Farm Girl Holdings Ltd (Company number: 11826865). This is the holding company for the group.

Prior to the establishment of the holding company Farm Girl Holdings Ltd on 14 February 2019, all subsidiaries traded as independent entities each directly owned by Anthony Hood (50%) and Rosanna Hood (50%).

The group structure is as follows:

Material Debt

The company has the following outstanding loans:

1. £425,000 loan from NatWest at an interest rate of 3.67% per annum over the Base Rate. The loan has been restructured due to covid/lockdowns and the following monthly repayments have been agreed with NatWest: (i) £1,028 per month from April 2022 to September 2022; (ii) £3,000 per month from October 2022 to March 2023; (iii) further payments to be agreed prior to 15 April 2023.

2. £250,000 Bounce Back Loan (5 separate BBLs taken by 5 of the subsidiary companies in the Farm Girl Holdings Ltd group) at an interest rate of 2.0% per annum. The loans are to be repaid in 2030 and 2031.

3. £400,000 Directors Loan at an interest rate of 0% per annum. The loan has no specified repayment date and is considered a long-term instrument.

4. £75,000 arrears to HMRC resulting from the COVID-19 pandemic. There is currently no agreed repayment schedule, however the Company is repaying this arrears intermittently when there is sufficient business cash flow.

5.£35,000 arrears for property rent to be repaid in monthly installments by December 2023.

The funds raised from this investment round will not be used to repay these loans.

Convertible Loans

The company has the following outstanding convertible loans, which may convert to equity after this round and dilute existing shareholders:

£325,000 convertible loan notes (CLN) from 9 individual investors, with the following key terms:
Interest rate: 8.0% p.a. PIK (paid in kind)
Conversion trigger: any new equity capital issue (conversion at the option of CLN holders)
Conversion price: 10% discount to the share price at new equity capital issue
Valuation Cap: none
Share class: CLN convertible into ordinary shares
Repayment date: 17 December 2023

Investor Perks

Upon closing of the funding round, the Company will request your correct mailing address for the gifts above, and you will be able to redeem your perks through their mobile apps. Information on how to sign up for these will be emailed to you, and once your accounts are set up you will be able to redeem your perks in any of Farm Girl Holdings Ltd locations.
For any queries regarding your perks, please email investment@thefarmgirl.co.uk.

Please note that any discounts, rewards and/or offers listed by a company in its campaign are subject to the terms and conditions applied by that company. It is the company’s responsibility to honour such discounts, rewards and/or offers and Seedrs does not take any responsibility for them.

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If you successfully purchase a share lot of this business, you will be granted access.

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Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This campaign for Farm Girl has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 13 October 2022 as a financial promotion. Republic Europe is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. In approving this campaign, Republic Europe has concluded that the information, taken as a whole, is "fair, clear and not misleading." This means that for factual statements we have reviewed evidence of their accuracy, and that for aspirational statements we believe they are phrased appropriately in light of their speculative nature. You should note that in the case of factual statements, the evidence we review is provided by the business, and we do not audit it, which means that we may not be able to identify forged or altered evidence. You should further note that in the case of aspirational statements, the nature of the type of businesses presented on the Republic Europe platform is such that they are likely to have high ambitions, and we may approve statements that convey those ambitions even where we do not believe, or we do not have a view on whether it is likely, that they will be fully realised. The pre-money valuation and investment sought in the campaign are those set by the business: they are not reviewed or established by us, and the valuation is not an independent view of what the business is worth. Given the nature and type of businesses presented on the Republic Europe platform, it is possible that the business has very little cash remaining prior to receiving this investment, and the investment sought may be necessary for the business's on-going existence.

Republic Europe does not make investment recommendations to you. No communications from Republic Europe, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Republic Europe does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Republic Europe, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £9,009,000

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

The investee business is responsible for setting its own valuation, it has not been prescribed by Seedrs.

Pitch type

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Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

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Nominee investment

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

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Secondary market

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Direct investment

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Business Involvement

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We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

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Security Token

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