THIS™

Idea

Introduction

THIS™ makes plant-based products, designed to make animal-based products feel like a massive waste of money.

Having launched just under 3 years ago, THIS™ is now the fastest-growing meat alternative brand in the UK (333% for FY 2021). THIS™ has also recently hit an annualized revenue of £17.5million (based on Jan 2022 sales*). Revenue growth has been fairly punchy since launch:

£5.5m in year 1 (2020)*

£11.8m in year 2 (2021)*

THIS™ was created when Andy & Pete (co-founders) checked out meat-free food - as meat-lovers at the time, and decided that they didn't overly want any of it. After successfully exiting their meat-based restaurant business, Chosen Bun, Andy and Pete set out to make the most realistic meat alternatives in the world.

THIS™ has a range of 11 products, which are now in over 10,000 distribution points across all major UK retailers. The brand has also partnered with leading restaurant chains in the UK.

*based on unaudited management accounts

Substantial accomplishments to date

Monetisation strategy

THIS™ is on a mission to shatter meat-eaters preconceptions of plant-based food, one rasher or nugget at a time. THIS™ products are now available in over 10,000 retail points and restaurants across the UK (with around a 70:30 retailer/restaurant revenue split).

Almost all of the brand's restaurant partners co-brand, which means they find it beneficial to call out THIS™ on their menus. That of course also helps raise THIS™ brand awareness and loyalty.

THIS™ is also listed with major wholesalers too, including Bidfood, Brakes, Wholegood, Blakemore, and VegExpress which supply to hotels, pubs, cafes, caterers, restaurants and independent shops, and rapid delivery retailers (including Getir, Gorillas, Zapp & GoPuff) nationwide.

As well as aiming to massively increase distribution, THIS™ is also investing heavily into building a formidable innovation engine within the company, so that they can deliver loads more plant-based innovation to the category.

Use of proceeds

Topline aims are to accelerate growth, grow brand awareness, and drive trial and penetration (recruitment of new customers to plant-based). This investment will be used for:

• Brand marketing: in 2022, THIS™ plans to increase the marketing spend, focusing on Above the Line projects for the first time. They've achieved a huge amount with fun(ny) PR stunts and Instagram, but it’s time to get properly famous.

• Innovation: in 2022 THIS™ plan to build and launch a state-of-the-art innovation centre in West London. That will provide the Innovation team with a pilot production facility, Food Science Laboratory, and a fully equipped commercial kitchen.

• Manufacturing: throughout 2022 and alongside our manufacturing partners, THIS™ plans to invest in manufacturing equipment to support new launches and bring lasting efficiency savings to several product lines.

• Working Capital: these funds go to support revenue growth (i.e. trade debtors & inventory holding).