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Blake Mill

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We are a men's fashion brand combining original, community-inspired design with advanced data analytics.

119%
 - 
Funded 23 Dec 2022
£300,001 target
£359,392 from 111 investors
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Business overview

Location Guildford, United Kingdom
Social media
Website www.blakemill.co.uk
Sectors Clothing & Accessories Mixed Digital/Non-Digital B2C
Company number 06686612
Incorporation date 2 Sep 2008
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Investment summary

Type Equity
Valuation (pre-money) £4.5M
Equity offered 7.34%
Share price £1.75
Tax relief N/A
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Business highlights

  • Annual gross revenues over £1.1m August 2022 YTD*
  • Over 20,000 customers to date
  • 40% returning customer rate
  • Since Jul 22 50%+ of new designs registered with UK IP Office
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Key features

  • Secondary Market
  • Seedrs nominee min. £10.50 +
  • Direct investment min. £25,000.00 +
  • Idea
  • Key Information
  • Investor Perks
  • Team
  • Updates
  • Investors 111
  • Discussion
  • Documents

Idea

Introduction

Blake Mill delivers community inspired fashion.

We are a men’s fashion brand focused on unique design. We create all sorts of designs – bold and brash to subdued and subtle. Some will appeal to a large community, others to a specific niche. Before we launch any new Blake Mill product though, we ask “Do you like this?”. The result is fashion that our customers become engaged with – garments into which they have invested time and energy helping to choose.

*Revenue information from management accounts

Substantial accomplishments to date

2015

· Steve and Ross launched the original business as a wholesale shirt manufacturer in a 19th century converted textile mill in Bollington, UK learning everything there is to know about making excellent quality shirts.

2017

· Ken joined Ross and Steve to re-engineer the business from wholesale to direct to consumer

· Outsourced production to manufactures after careful process of selection by Blake Mill management

· By mid-year Ken and Steve had jointly splashed out over £1 million to help finance development of the business

2018

· Our online store, www.blakemill.co.uk was launched in April

· Monthly online revenues* climbed from under £2,000 to over £58,000 from Aug. to Nov. 2018

2019

· Moved head office to central Manchester from Bollington

· Outsourced all warehousing and fulfilment

2020

· Launched short sleeve shirt range

· Set up dedicated customer support function

· Began development of statistical analysis tools for inventory and advertising management optimisation

2021

· Began community collaborations for new design selections

· Launched button down collar range

2022

· Launched Lux Jersey range & Limited edition range of long and short sleeve shirts

· Restarted sales to the US and select EU countries

· Hired UK Lead Buyer

· Engaged over 35 influencers with an aggregate of over 15 million followers since February

· Began formal registration of designs with UK IP Office

Monetisation strategy

We currently generate revenue from customers buying from our website www.blakemill.co.uk. We have numerous other Blake Mill URL’s that point to our UK website including www.blakemill.com and www.blakemill.de. The majority of our customers are in the UK. We plan to expand sales into the US and continental Europe via our online platform in 2023.

A small portion of our revenue is generated by a few UK retailers who pay for our product in advance of receiving it. By expanding our retail network we will strive to enhance revenue and brand recognition.

All of our marketing is online including paid advertising, influencer marketing and email marketing. Our average customer lifetime value is £143 from Apr 2021 to Mar 2022. This is almost 3.5 times our customer acquisition cost from 2020 to 2021 of £42 per unit.

Use of proceeds

Your investment will help us to fuel 4 drivers of growth:

1) Marketing: We plan to further invest in impactful digital assets (video and imagery) to broadcast across a growing (and changing) landscape of paid & social channels.

2) Product Range Expansion: This funding will help us expand our product range across the wardrobe, leveraging broader market appeal and increased incentive for repeat customers in order to rapidly grow revenue.

3) Geographical Expansion: Leveraging efficient global distribution capability from our UK facilities we will target logistics and marketing spend to the US and Europe.

4) Technology/R&D: Using existing technologies we have begun digitally prototyping new garments. We plan to uniquely label every garment facilitating traceability of raw materials used and establishing a base for a resale market for our proprietary designs. Technology will facilitate expansion of our community driven design process with anticipated projects in 3D printed garment components and in Web 3.0.

Key Information

Debt

The company has the following outstanding loans:

Warp Global, Inc (an Ontario, Canada Limited company 100% owned by Ken Price who is Director, CEO and shareholder in Blake Mill) has an outstanding unsecured, interest-free loan with the Company amounting to £156,061. This loan does not have a maturity date.

Radhka Seth (a shareholder in Blake Mill) has an outstanding unsecured loan at 7% interest with the Company amounting to £25,000. This loan does not have a maturity date.

The Company has taken out an unsecured Bounce Back Loan at 2.5% interest with HSBC amounting to £50,000 on 10th May 2020, with £46,647.00 outstanding. The maturity date for this loan is 8th November 2027.

The Company has taken out an unsecured loan at 11.80% interest through the Recovery Loan Scheme with the Funding Circle amounting to £210,000 on 12th May 2022, with £196,818 outstanding. The maturity date for this loan is 12th June 2027.

A Director has an outstanding unsecured, interest-free loan with the Company amounting to £320,835.08. This loan does not have a maturity date.

A Director has an outstanding unsecured, interest-free loan with the Company amounting to £158,613.81. This loan does not have a maturity date.

A former Director (Jane French, the wife of Stephen French who is Director, COO and shareholder in Blake Mill) has an outstanding unsecured, interest-free loan with the Company amounting to £571,685.60. This loan does not have a maturity date.

Funds from this round will not be used to repay these loans.

Share Classes

The company has the following Share Classes:

1) Preference Shares
■ 1x participating preference on liquidation and exit. Preference shareholders will receive their initial investment amount first before the remaining proceeds are distributed between all shareholders pro rata. The value of the preference totals £49,996.25.
■ No voting rights.

2) Ordinary Shares
■ Voting Rights
■ No exit or liquidation preference

Investors in this round will receive Ordinary Shares.

Investor Perks

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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.

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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 webpage has been approved as a financial promotion by Seedrs Limited ("Seedrs"), which is authorised and regulated by the Financial Conduct Authority. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Seedrs platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Seedrs platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

Seedrs does not make investment recommendations to you. No communications from Seedrs, 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. Seedrs 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 Seedrs, 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 £4,520,775

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.

Pitch type

There are 5 types of investment pitch available on Seedrs.

  • Equity
  • Convertible
  • Fund
  • Cohort
  • Secondary

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.

Seedrs nominee

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Seedrs nominee.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Seedrs Nominee). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

Learn more here

Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

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