Close

Jump to:

  • Navigation
  • Content
  • Footer
Mike's Fancy Cheese hero image

Mike's Fancy Cheese

Follow

Northern Ireland's first raw milk blue cheese, the award-winning Young Buck.

132%
 - 
Funded
£19,992 target
£28,464 from 84 investors
More
Less

Business overview

Location Newtownards, United Kingdom
Social media
Website www.mfcheese.com/
Sectors Food & Beverage Non-Digital B2C
Company number NI614642
Incorporation date 26 Sep 2012
More
Less

Investment summary

Type Equity
Valuation (pre-money) £479.8K
Equity offered 5.22%
Tax relief

SEIS

  • Idea
  • Market
  • Team
  • Updates
  • Investors 84
  • Discussion
  • Documents

Idea

Introduction

Mike's Fancy Cheese is an award-winning cheese-making business based in Northern Ireland, run by a qualified cheesemaker with experience at some of the UK’s leading dairies.

We are producing and selling Northern Ireland's first and only raw milk blue cheese called Young Buck. It is produced from a single herd of award-winning Holstein-Friesian cows based in Newtownards, County Down.

Young Buck has only been available for two months and is already available in several of Northern Ireland's top restaurants, as well as at a Michelin-starred restaurant in Dublin. It is also beginning to gain reputation down in the Republic of Ireland with Fallon and Byrne, one of Dublin's finest cheesemongers stocking it.

Recently on a visit to London we have received fantastic feedback from big supporters of ours Neal's Yard Dairy and we are looking to up production to meet their demand.

We are also looking to set up online sales offering a variety of cheese to the unserved customers of Northern Ireland.

Intended impact

I believe in the values of small production by many.

I have created an unhomogenised product of which I can be very proud, rooted in Northern Ireland but sold across the UK (and eventually internationally).

I am making cheese and sell it direct to the public, whilst showing them every aspect of the cheese-making process. By doing this I hope to instill a pride for Northern Irish produce and create a culture of secondary production and adding value to our great raw products.

I pay our farmer a very fair price for his milk, enabling him to produce the best quality milk from very well-kept cows.

At the proposed cheese-tasting events I will show people the array of tastes that can be made from the same raw ingredient and show them the joy of tastes and textures of cheese.

Substantial accomplishments to date

I am a fully qualified cheesemaker,with a diploma in dairying from the School of Artisan Food.

We have a fully fitted unit,capable of producing 22 tonnes of cheese a year. All equipment has been bought with the previous round's funding.

Young Buck recently won Silver Medal at the 2014 Irish Cheese Awards, second only to the long-established Cashel Blue.

We have already achieved an extensive list of amazing stockists. Many of Northern Ireland's top restaurants have us on their cheeseboard: James Street South,Hadskis,Ox, Bistro Este, Balloo House, Poacher's Pocket, Browns and Deanes to name but a few. And delicatessens such as Sawyer's, Sheridan's and Arcadia are selling our cheese direct to the public.

We are beginning to move down south also recently stocking one of Dublin's finest cheesemongers Fallon and Byrne and a number of restaurants including fine dining chain Ely and Michelin-starred l'Ecrivain are also stocking us.

I featured on the radio 4 food program talking about the rise of food in Northern Ireland which can be found here http://www.bbc.co.uk/programmes/b040h55g (I don't always look that grumpy).

We are now getting recognition in mainland UK, and are already stocked by cheesemonger of the year Courtyard Dairy, and hope soon to be available at Neal's Yard Dairy.

Monetisation strategy

Cheese making can be a profitable business. However, the start-up costs are high. Despite that, there is a great potential mark up from the price of milk to the price of cheese at the end. Also, I expect to be able to reduce the overhead of wages as most work can be done by me at the start. The more direct sales than can be made, the better, so as to cut-out the fees of wholesalers. I plan to buy milk at 40p/l and sell my cheese for approximately £11/kg wholesale and £24/kg direct.

I also plan to hold monthly cheese-tasting events for 40 people at a planned charge of £15 a head. The first of which was a big success.

I think these events would not only give the public a greater awareness of my own produce, but help spread the popularity of artisanal foods generally. We have a mixture of direct sales and wholesale. Moving forward we also are looking at setting up an online store.

Use of proceeds

We are already fully functioning and we are looking to increase this production as smoothly as possible to make sure no quality of the product is lost.

The proceeds of this round of funding are to buy more milk to up production, buy shelving to store more cheese and to employ another member of staff to enable us to up production and also attend more direct markets and events.

It will also be used to buy packaging and set up an online store to sell the cheese direct.

Market

Target market

The Target Market would include:-

1. UK and Ireland cheese wholesalers. I anticipate that the majority of my cheese would be sold to UK cheese wholesalers. I would hope to use publications like the Guild of Fine Food's Fine Food Digest (which has already profiled this new venture) to spread word of my cheese to UK and Irish delis. Through these channels it would also be sold to the expanding US artisan cheese market in the near-future.

2. Young local ethical foodies. I believe there is currently a vibrant young-person food movement and by showing them the craft of cheesemaking and the quality cheese I produce, I would hope to build strong relationships and show many ways of utilising the cheese in recipes to build a long-term following.

3. Local restaurants. Northern Ireland has a selection of world class restaurants that pride themselves in their use of local produce and I hope to fill the gap of local cheese for these restaurants.

Characteristics of target market

I have previously worked for Leicestershire Handmade Cheese on Sparkenhoe Farm, and have built strong relations with Neal’s Yard Dairy, who have given strong indications of support for this venture. The cheese I plan to produce would be aimed at the needs of, for example, Neal’s Yard Diary, as my experience shows that demand for unpasteurised blue cheeses is currently outstripping supply.

This still holds true, as many wholesalers and shops I have spoken with are crying out for more raw milk blue cheese.

Marketing strategy

Like other Irish cheese-makers, I plan to send my cheese to England and distribute it to wholesalers.

However, I would also expect strong sales in Northern Ireland, and plan to have a presence at Belfast’s St George's Market, which runs a weekly craft food market, featuring local producers selling the very finest Northern Irish foods. Not only would I expect this market stall to encourage direct sales, but it would also allow people to actually taste the cheese before they buy it. Again by hiring another member of staff it means we could have a presence here and continue to make the same volume of cheese.

I have a strong link with multi award-winning Belfast fine food store, the Arcadia Delicatessen. It stocks a large range of cheeses, and I soon hope to have my own products on offer there. I also plan to run a number of “meet the cheesemaker” events through them. I have also begun to cultivate a strong media presence, both traditional and online. I have been featured on the BBC, in food blogs, and have begun to develop a social media following which I expect will be a powerful tool in developing my brand.

Competition strategy

One of the main competitors in the market for unpasteurised blue cheese is Stichelton, which I believe to be at full production capacity. Another similar high-end Stilton producer is Colston Bassett.

My experience of this market leads me to think that there is an enormous demand for artisanal, hand-crafted products such as mine, and I believe that the rarity of such cheese has sparked major interest. I have spent the past two years training and making cheese to ensure the quality and safety of my product. I believe that many new blue cheese makers produce a product which lacks the taste of my proposed three month ripened raw milk cheese.

Although I would expect to be the sole producer of raw milk blue cheese in Northern Ireland, I plan to use this position to not only attract a major market share, but also to mentor and otherwise help up-and-coming cheesemakers.

By making it day in, day out, I will ensure a product of the highest quality. Whilst most cheesemakers have to hire other people to make the cheese for them as the business grows, I feel I have found the most efficient size to ensure output of the highest quality with the lowest possible overheads.

Open an account to get access to the team members of Mike's Fancy Cheese

Sign up

Already have an account? Log in

To comply with financial regulations, we can only show full campaign details to registered users.

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

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

Share on:

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 Mike's Fancy Cheese has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 18 June 2014 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 £479,808

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

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

Learn more about pitch type on Seedrs

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).

Learn more about investing and pre-emption rights.

Warning

You are following a link outside of europe.republic.com.

None of the information in constitutes part of the campaign and it has not been approved or reviewed by Seedrs.

ContinueCancel