ManiLife

Idea

Introduction

ManiLife came about in 2015 when, after importing the first tonne of peanuts from the peanut estate we still source from to this day, our production partner pulled out. That summer 45 friends came together in a rugby club kitchen with two little blenders. We made 4,000 jars of peanut butter, one jar a time and a Peanut Butter Like No Other was born.

By adopting the principles one typically sees in craft categories like coffee & chocolate (single estate sourcing, meticulous roasting and small batch production) ManiLife creates a peanut butter that has regularly been lauded as the best tasting in the UK.

Our propostion is that if you love food, there is only one peanut butter and we plan to take peanut butter into the upper echelons of foodie culture.

With partners like Gousto & Mindful chef, endorsements from the likes of Yotam Ottolenghi, Joe Wicks, Ed Gamble and an upcoming cookbook with Penguin publishing - we are well on our way!

Substantial accomplishments to date

RECOGNITION

• Been crowned Best Peanut Butter by numerous publications incl, The Times, Olive, Good Housekeeping, Metro, The Sun, Men's & Women's Health and The Independent.

• More Great Taste Stars than any other peanut butter brand, including 3 products with 3 Great Taste Stars (c. 1.7% of entrants to the Great Taste Awards win 3 stars).

• A Food & Drink Great British Entrepreneur of the Year Award in 2021.

• Peanut Butter of choice for the likes of Yotam Ottolenghi, Joe Wicks, Ed Gamble (Off Menu), Frances Quinn (GBBO winner).

SALES

Supermarkets:

• Sainsbury's - in over 740 stores (incl 246 Locals), Member of Future Brands (Sainsbury's incubator program) . Over 45% of our sales are incremental to the category (if ManiLife wasn't there they wouldn't happen). (Based on 12 months to June '22 Nectar data).

• Waitrose - in over 280 Waitrose & Little Waitrose stores.

• 1st & 3rd highest value rate of sale per distribution point for kilo tubs commanding a +50% premium. (*Based on Neilsen Total Market Data YE September 2022).

Online:

• Amazon - 2nd best selling peanut butter brand in the UK commanding a 75%-100% premium to our closest competitors.

• Ocado - 2nd highest repeat rate in spreads (second to Marmite). (Based on Ocado insight data).

Highstreet:

• Costa - branded mini pots in over 1500 cafes.

• Planet Organic - best selling peanut butter brand.

• + 100s more UK independents incl. Whole Foods Market, Harrods.

• Ingredient supplier to Hotel Chocolat, Crosstown Doughnuts & Leon.

• Sell over 1.3m branded mini pots/year into the UK recipe box trade.

International:

• A European Business worth over €950k+ in retail sales value.

*Based on unaudited management accounts.

Monetisation strategy

ManiLife is a multi-channel business. We generate sales via the grocery, wholesale, online and recipe box channels in the UK and, primarily via distributors, abroad.

Use of proceeds

Spend will be split into 5 buckets

1. Innovation - 10%:

Objective - Minimum of 2 new launches/year going forward.

• ManiLife, to date, has kept it's product range intentionally narrow. We have 6 peanut butters. We plan to innovate in spreads & ancillary categories.

2. Trade Marketing & Promotions- 25%:

Objective - Increase visibility and conversion in store/on platform

• Invest in secondary space (aisle ends) in store and increase our on platform investment on Amazon - a channel we have typically outperformed and under invested in.

3. Brand Marketing - 15%:

Objective - Increase Awareness & Brand Love

• ManiLife's brand marketing strategy revolves around driving net promoter score = Our spend skews away from big billboards towards investing in delighting our consumers and driving evangelism.

4. Supply Chain - 35%:

• Objective - Expand our capacity, accelerate innovation, improve margins.

5. Working Capital - 15%:

• Fund our cash cycle as we look to grow - we expect this to be supplemented with traditional debt financing.