Investment Deck

Equity for heritage breed lovers

2022 Investment Deck

a note from our founder

I founded Farmison in 2011, on the belief that great quality meat is an essential part of a balanced diet.

Our mission is to give home cooks easy access to the very best quality, ethically reared meat and poultry.

Sourced direct from 40 sustainable British Farms, offering access to heritage British breeds, helping to ensure their survival, each order we receive benefits local rural economic supply chains.

Pallagi. Founder and CEO

Our mission also aligns with current consumer demand to eat less but better meat and to be assured it is fully traceable.

The next part of our journey is to grow from being the UK’s No 1 online butcher, and I would be delighted if you would join us.

John

Investment highlights

We set out with one mission; to encourage everyone to Eat Better Meat…for the health of the nation, the farming community and the environment.

The leading online meat offering in the UK, disrupting the online meat category which is forecast to double in size, reaching £3.0bn by 2030.

A trusted authority on British sustainable meat; guided by the Farmison Charter.

Specialists in British heritage & traditional breeds, buying from hand picked British farms using regenerative farming methods.

Supplying professional chefs and premium retail food halls, Michelin star restaurants and entertainment venues.

Importantly, inspiring home cooks to create healthy, tasty and quality meals for both everyday and special occasions.

the journey

the beginning

Farmison & Co the purveyors of fine food is born supplying restaurant quality fresh produce to the home cook.

investment from ex. Asda CEO

Andy Bond becomes a seed investor in Farmison & Co.

big milestones

Farmison & Co hits 40,000 orders despatched from our base in Ripon.

michelin star meat

Michelin StarredChef, Jeff Baker, joins the Farmison & Co team full time to oversee NPD.

don’t stop us now

For a second year in a row, Farmison & Co scoops Online Butcher of The Year at the Meat Traders Journals annual National Online Butcher’s Shop of the Year Awards.

stay local, go global

Farmison & Co moves from their 6k sq ft HQ on Canalside to a 60k sq ft state of the artbuilding on Bondgate Green.

upping the ante

Farmison & Co secures another prestigious industry award at Meat Farmison & Co’s annual awards, crowned as Best Online Business 2019.

million pound month

Farmison & Co surpasses £1m eCommerce sales in one month.

the new farmison.com

The new website launches with a host of user friendly features to make it easier than ever to eat better meat.

quality you can trust

Farmison & Co hits over 15,000 5 star reviews.

britain’s best butcher

Farmison & Co wins Online Butchery Of The Year for the 3rd time.

the butcher

Farmison & Co acquires ‘Baldons Butchers’ along with Andrew Carrington, Master Butcher, and shifts focus towardstheir new mission: to get the nation to ‘eat better meat’.

a royal meeting

Farmison & Co secures a meeting with HRH Prince of Wales to discuss heritage breeds.

award winning meat

Farmison & Co’s first major award win Online Butcher of The Year at the Meat Traders Journals annual National Online Butcher’s Shop of the Year Awards.

trusted suppliers to the best

Farmison & Co wins three Michelin Star trade contracts & secures supply to Caprice Restaurant Group.

a foodies dream

A triumph at the Observer Food Monthly awards Farmison & Co wins Best Independent Retailer at the Observer Food Monthly Awards 2018.

fresh meat

Farmison & Co appoints senior team new recruits Andy Cavanna joins the business as Commercial Director and Jen Piercy joins as Marketing Director.

meat fit for a princess

Farmison & Co supplies meat to the Royal Wedding of HRH Princess Eugenie of York.

5* burgers

Farmison & Co’s Steak & Bone Marrow Burger is voted ‘best

burger for home cooks’ in The Times.

feeding the nation

Farmison & Co expands its services rapidly including next day delivery and 7 day a week delivery to ensure its supply can reach millions of Brits self isolating welcoming tens of thousands of new customers to our flock.

new look farmison & co

Farmison & Co’s tweaked brand identity starts to get rolled out,encapsulating our brand values: honest, experts, natural, British & innovative.

reaching our goals

Over 300,000 Farmison & Co orders despatched.

Farmison’s values

Farmison & Co is dedicated to building a sustainable food business with all products and decisions guided by a set of core values which inspire the nation to eat and live better.

Expert

Award winning online service, where customers can order a wide range of the best quality, naturally farmed British meat.

Honest

We maintain close relationships with the entire value chain, including farmers and customers.

British

Buying direct from hand picked, sustainable British Farms,

Innovative

From product development to technology enablement, Farmison & Co has an embedded culture of innovation.

Natural

The Farmison & Co charter includes always British breeded, naturally fed, always free range, and traditionally reared.

Farmison

& Co is currently in the process of obtaining B-Corp accreditation

David Harrison, Farmer, with his Galloways

consumers’ attitudes to food are changing

Consumer are now increasingly demanding sustainability, inspiration and convenience.

Health and sustainability

77% of consumers are actively trying to lead a healthier lifestyle with quality food an easy way to boost health.

People are increasingly aware of livestock’s environmental impact and reducing this impact is key to consumers.

Inspiration and variation

Taking the “boring” off the to do list

including the food shop. Variation in the product range is key.

Cooking is now an experience, with consumers spending more on food that inspires; a wide selection of choice is key to this

Animal welfare: 38% of consumers saying they would only eat free range meat. Traceability throughout the supply chain is key.

Consumers are willing to pay a premium for sustainable products (provenance, sourcing).

Sources: Eating Better public attitudes to meat consumption survey

Consumers are falling back in love with cooking at home and want to discover new flavours and cooking ingredients.

Consumers are looking for support and inspiration for eating at home in the form of choice and selection.

Convenient yet high quality

Increased demand for restaurant quality at home cooking experiences to provide a more convenient, lower cost alternative to eating out.

Consumers are seeking brands/services that are that are convenient and specialists in their field, direct delivery is key to this

Increased focus on health and wellbeing; eating high quality products is key to this.

9 in 10 people buy products that they can relate to and believe it is important to use environmentally friendly, locally sourced and ethical ingredients.

the global meat market is large and growing

We operate in one of the fastest growing categories of the global meat industry. UK online sales are forecast to grow 5x between 2015 and 2030. High growth is underpinned by online retail where, sales are forecast to reach £3.0bn in the UK by 2030, driven by:

Farmison & Co are specialists in heritage breeds and supply an unrivalled range

The authority on meat, from farm to fork

Everyday range

Consisting of everyday staples, this range appeals to the mass market and increases the frequency that customers purchase.

Premium range

Attracts new customers with superior cuts that are prepared with classic master butchery skills.

Chef prepared range

Consists of value added products such as beef wellington, inspiring home cooks and delivering enhanced margin.

Pantry range

Offers customers additional accompaniments, providing additional customer choice and boosting AOV.

high customer sentiment and loyalty

Customers are contributing more each year

Customer experience is well managed, improving retention

AOV is growing with range extension

CAC is well managed through an effective marketing strategy

“I absolutely love the amazing quality and choice that Farmisons offer, with thoughtful and intelligent information on the rare breeds they have sourced and the farmers who they work with.”

Alison K

authentic industry voice with purpose led values, in a category underserved by brand offerings

Underpinned by values that translate into high quality products and truly engages the customer

Sustainable principles

We partner with small local farms, striving towards carbon neutral or negative.

All animals reared to the highest standards

All animals are bred to the highest welfare standards. Reared freerange & naturally fed, with minimal human intervention.

Innovative carcass balance

We operates a nose to tail philosophy. All parts of the animal are used and nothing goes to waste.

Commitment to plastic reduction

We have committed to further reducing the use of single use plastics in products by 90%.

well invested operational infrastructure with proven ability to scale

Demonstrated throughout 2020:

• Implemented next day delivery, 7 days a week.

• Doubled revenue to over £12m.

• Invested over £150,000 in logistics and equipment to ensure continued demand can be met.

• Well invested new platform £250k with a further £150k in 2021.

• Grew our workforce by more than 3x to 100+.

• Safeguarded the livelihoods of 40 smallholdings and farms throughout the pandemic.

• Guaranteed a price to farmers enabling them to plan for the future and grow their herds.

• Acquired 30% of overall database in just 2 months (March & April 2020).

A new, customer focused website launched on 8th March 2021.

Farmison & Co has invested significant spend to enhance the customer journey and increase customer retention.

a well invested facility with headroom for growth

● Our facility has the ability to service the business plan and forecast growth in the company, as demonstrated by over 3,900 orders dispatched on the busiest day in December 2021.

● Maturing meats for up to 100 days in over 2,500 sq foot of dedicated maturation rooms.

● Expert butchery innovation and full carcass balance offering.

● Purpose built pick/pack/despatch service (in-house).

● Dedicated Click and Collect area.

compelling track record ofgrowth

• Customers value our purpose driven, value added approach, demonstrated by the significant number of customer referrals.

• We have a loyal customer database of over 150,000 customers.

• Revenue forecast to reach c£27m by 2025.

• Farmison & Co has also demonstrated that the model can be profitable, delivering EBITDA of £0.7m in 2020.

Dexter Breed Tomahawk

an award winning proposition

Farmison & Co is the UK’s leading online butcher having won numerous awards.

In the last 12 months, an incredible 250 pieces of press coverage

Won national Online Butcher Business of the Year 2020

Voted No.1 by Good Housekeeping for ‘Best Meat Food Box Delivery’

The Times voted Farmison & Co’s hand pressed steak & bone marrow burger as the best home-cook burger

£30,000

£25,000

Revenue is driven by a combination of:

Volume Number of customers, number of orders and customer reorder frequency.

Revenue has grown strongly recently as Farmison & Co has successfully enhanced each of these metrics.

£10,000

£5,000

Cut by F&Co

£20,000 £- £- £-

£127 £288 £306 £324 £344 Pet Food £- £- £9 £32 £27 £33 £40 £47 Wholesale £2,368 £1,966 £2,093 £777 £711 £1,976 £3,078 £3,386 Ecomm £2,539 £3,399 £9,955 £11,141 £9,522 £14,819 £20,235 £23,665 Turnover (£000's)

£15,000 2018 A 2019 A 2020 A 2021 A 2022 A/F 2023 F 2024 F 2025 F

FY20 & FY21 saw a substantial increase in sales on FY19 due to significant growth in customers serviced through the Covid pandemic.

Revenue is forecast to continue to grow as Farmison & Co.

Farmison & Co’s rapid growth is set to continue as the Company leverages its growing brand awareness and loyal customer base.

CM1 % - Produce margin CM2 % - Profit after operational costs such as payroll, courier costs, packaging, card charges CM3 % Profit after acquisition marketing

an experienced and ambitious Farmison & Co team

The business has hired key people, bringing significant expertise that is capable of delivering the next phase of growth.

John Pallagi CEO and Founder

Michelle Kennedy COO

Andy Cavanna Commercial

Liam Duggan Finance

Jeff Baker Executive Development Chef

Wayne Standley Operations

Management Team Board Support

Inverleith team

Ben Thomson Chairman and partner

Paul Skipworth Managing Partner

Martin Payne Investment Director

Inverleith team Christine Cross Chair

Gareth Whittle

Board Member / Previous lead investor

investment sought

Farmison & Co’s Lead investors are Inverleith LLP

Inverleith LLP is a specialist consumer focused investor with a strong operational and collaborative approach targeting investments in high growth consumer categories.

The firm has backed some of the leading brands in the UK over the last five years, including:

Equity for Heritage Breed Lovers

“John and his team at Farmison have created one of the World’s first meat brands, with real passion and true purpose. We believe Farmison is disrupting an industry, and showing the right way to do business”

BEN THOMSON, CHAIR OF INVERLEITH LLP

use of funds

Importantly, this investment will enable us to accelerate our mission to give home cooks easy access to the very best quality, ethically reared meat and poultry. With your support we will be investing in three key areas:

● Product innovation

● Continuous operational improvement

● Sales growth and Customer service

We have identified additional exciting opportunities ahead and development of new revenue channels. These plans are in the pipeline but would be accelerated should we raise additional funding in this campaign.

Product innovation

Investing in new product development lines and recipes, for example our sousvide range.

Continuous operational improvement Investing in operational efficiency, including stock management and forecasting. Further technical registrations and B Corp application.

Sales growth and Customer Service

Supporting brand marketing and customer segmentation to better serve our loyal customer base.

traceability

Farmison & Co’s is proud to announce a leading traceability project

From next month customers will have the ability to scan a QR code on pack that will take them to our website to tell them more about where their produce has come from. Along with some other accessible information that we feel is important and relevant.

Such as:

● A video of the farm

● Location of the farm

● Maturity

● Cut type

● Recipe instructions

This is a leading change in the market giving the consumer true confidence of the food they are eating.

It can’t get much more traceable than that!

Thank you… we look forward to sharing the journey with you to eat better meat