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White Rabbit

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Delicious Italian food everyone can enjoy, whether following a plant-based diet, gluten-free or otherwise

167%
 - 
Funded 23 Mar 2021
£300,002 target
£503,597 from 689 investors
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Business overview

Location Oxford, United Kingdom
Social media
Website www.whiterabbitpizza.co.uk
Sectors Food & Beverage Non-Digital Mixed B2B/B2C
Company number 09398865
Incorporation date 21 Jan 2015
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Investment summary

Type Equity
Valuation (pre-money) £12.5M
Equity offered 3.87%
UK tax relief

EIS

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Business highlights

  • 157% average year on year revenue growth
  • £2.4m revenue so far in financial year 20/21*
  • 1700+ stocking points incl. Sainsbury's, Waitrose & Ocado
  • 33% more shoppers YOY, with 68% increase in repeat shoppers YOY
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Key features

  • Secondary Market
  • Nominee investment min. £11.84 +

Idea

Introduction

We're on a mission to create delicious Italian food that everyone can enjoy, whether they are following a plant-based diet, gluten-free, or otherwise!

Our food is made in a custom-built bakery, designed from scratch by our Italian maestro Teo, who creates all our recipes and hand picks every supplier.

We are stocked in the likes of Sainsbury's, Waitrose, Ocado and many independents such as Whole Foods, Planet Organic and Selfridges. We've recently added a frozen extension to our manufacturing line, meaning we can act on our huge plans for foodservice, supplying frozen bases to the countless restaurants and pubs in need of scrumptious gluten-free pizza bases.

An obsession for quality and total control of our product has been key to our success to date; we are able to stay responsive as we scale, quickly moving the goalposts of our category with constant innovation.

The food we make has always been led by our consumer, and we are genuninely ecstatic to offer them a chance to invest.

Substantial accomplishments to date

2015:

- White Rabbit is born: Nick & Teo spot a gap in the market after repeated requests for plant-based/gluten-free alternatives to Teo's pizzas at The White Rabbit Pub

- A year is spent developing the recipe in a kitchen above the pub

2016:

- Landlady of White Rabbit Pub becomes first investor

- Founders move into a 750sqft unit in East Oxfordshire and build their first production line

- Pizza range launches with Planet Organic

2017:

- Free From Food & Great Taste awards won

- The guys find investment from value add angels in the industry; this allows them to expand their site and launch 2 lines with Sainsbury's

2018:

- Launch with Ocado

- Launch with Waitrose in their new Vegan & Vegetarian fixture

2019:

- Investment in the bakery, packaging and a new recipe developed by Teo sees White Rabbit launch our first sourdough, gluten free pizza with a raised crust to retail

- More Great Taste & Free From awards won and shortlisted for the Grocer's New Product of the Year

2020:

- Further distribution gains with Sainsbury's & Waitrose

- White Rabbit enrolls in Sainsbury's' Future Brands scheme

- Teo develops White Rabbit's first plant based pizza on his signature wood fired, wheat crust base, and it wins distribution in Sainsbury's main pizza fixture Jan '21

- Jan '21 launches for White Rabbit's new mini focaccias

Monetisation strategy

White Rabbit currently sell on and offline across retail and out of home. We supply major supermarket chains as well as independent stores, and our frozen pizza bases are sold to various foodservice customers.

Our current range of gluten-free, plant-bases pizzas have over 1700 U.K. grocery stocking points, with average year on year revenue growth of 157%*.
We plan to build on these foundations by:

- Building breadth and depth of distribution of our current range across new and existing retail customers

- Expanding from our core range of pizzas to bring other plant-based, free from Italian foods to market

- Using our newly built frozen capacity to unlock the huge potential in supplying the foodservice industry with our products, initially our frozen gluten-free pizza bases

- Bringing the White Rabbit brand to strategic export markets

Over the next three years, we aim to establish ourselves as the go-to brand for delicious, plant-based or free-from Italian food.

*Based on unaudited management accounts

Use of proceeds

With only a small, talented team and range of delicious pizzas, we've laid the foundations for even more explosive growth in the coming years.

The funds from this round of investment will help us achieve these plans in four crucial ways:

- Supporting the development and launch of Teo's new products

- Growing our commercial and operations teams

- Expanding our frozen storage capacity

We already have three new product launches planned for January 2021 with our major retail partners, but we don't want to stop there! Beyond retail, we hope to acquire more major foodservice customers and establish a presence in at least one targeted export market.

All investors in this round are receiving the same class of share as our current shareholders.

We would love as many of you as possible to follow the White Rabbit and join us for the next stage of our journey

Nick & Teo

Key Information

Outstanding debt

The company has the following outstanding loans:

1. A Bounce Back loan of £50,000, interest-free for 12 months, and 2.5% thereafter. This is to be repaid over 60 monthly installments starting in May 2021.

2. A £50,000 bank loan with an interest rate of 5.65%, repaid over 34 monthly installments from December 2019.

3. Three shareholder loans of a total of £210,000. These have an interest rate of 8%. No repayment date has been agreed upon and there are no agreements in place for these.

4. One shareholder loan of £80,000. This has an interest rate of 6%. No repayment date has been agreed upon and there is no agreement in place for this.

5. Two director loans totalling £29,699. These have an interest rate of 6% per annum but do not have an agreed repayment date or an agreement in place for these.

None of the funds raised will be used to repay these loans.

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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 White Rabbit has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 18 January 2021 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 £12,514,466

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 Republic Europe.

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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.

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Secondary market

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