Farmison & Co
A leading online butcher; ethically sourced & sustainable produce helps the nation eat better meat
- 500,000+ orders sent nationwide, with 40% repeat rate
- FY’21 sales of £12m with produce margins of 50%*
- Customers rate us excellent with over 25,000 reviews and counting
- Proud suppliers of Harrods, Fortnum & Mason & Selfridges
Born in 2011 in North Yorkshire, we set out on a mission: to get the nation to eat better meat.
Farmison & Co is one of the UK’s leading online butchers. We’re dedicated to sourcing the best tasting, ethically farmed produce, maintaining superior supply chain control to ensure quality & sustainability.
We offer the largest British butchery range online and boast a tech-driven fulfilment operation with full product traceability. To date we have shipped over 500k orders, with cumulative revenues of over £40m+.
93% of the UK population consume meat, so it’s worth doing right. The UK market is worth more than £16bn, climbing to £23bn by 2030. The online UK meat market is expected to grow from £1.6bn in 2020 to £3bn by 2030.
Over the last 30 years, retailers have put price over quality, supporting unsustainable industrial factory farming and importing meat for profit. A clear opportunity exists to establish Farmison as a world-leading brand & champion of ethical, traceable and sustainable meat.
Substantial accomplishments to date
• Ex. Asda CEO Andy Bond becomes a seed investor and Farmison & Co is born
• Acquired ‘Balsdons Butchers’ bringing Andrew Carrington as Master Butcher
• Met with HRH Prince of Wales to discuss heritage breeds
• 40,000 orders were dispatched since launch
• Won our 1st major award – ‘Online Butcher of The Year’ at the Meat Traders Journals Awards
• Awarded multiple Michelin Star trade contracts & supply to Caprice Restaurant Group
• Won ‘Online Butcher of The Year’ for the second year running
• Won ‘Best Independent Retailer’ at the Observer Food Monthly Awards
• Supplied meat to the Wedding of HRH Princess Eugenie of York
• Our Steak & Bone Marrow Burger is voted ‘best burger for home-cooks’ in The Times
• Harrods and Fortnum & Mason’s supply contracts won
• Moved into our new HQ - a 60k sq.ft state-of-the-art building!
• Won ‘Best Online Business 2019’ at the Meat Industry Awards
• Surpassed £1m Ecomm sales in 1 month*
• Introduced next day & 7-day-a-week delivery to ensure supply to millions of self-isolating Brits – welcoming tens of thousands of new customers
• Over 300,000 orders were dispatched since launch
• Our new website launches to make it easier than ever to eat better meat
• Secured over 15,000 5 star reviews
• Won ‘Online Butchery Of The Year’ for the 3rd time
• Awarded accreditations for STS and Salsa
• Selfridges supply contract won
• Additional Harrods supply contracts won
• Industry-leading traceability capability launching this year
• On track for our biggest Christmas sales to date
*Based on unaudited management accounts
Farmison & Co is predominantly an online direct-to-consumer business - >90% of revenue in 2021. Revenue streams are generated from;
• New Customers: acquired through various methods such as PPC, social & brand partnerships
• Existing Customers: strong retention rates, growth focussed on frequency and recency strategies, customer segmentation, 2nd shop optimisation
Premium Retail/Michelin Star Restaurants: Supplying some of the UK’s best retailers/ restaurants;
• Fortnum & Mason
• Grantley Hall – Shaun Rankin
Cut by Farmison & Co - opened in 2021. Located at our head office in Ripon, the store is now generating around £300k per year*
Use of proceeds
With your support we will be investing in three key areas:
• Sales growth and customer service: 60% will be used to support brand marketing and customer segmentation to better serve our loyal customer base
• Operational continuous improvement: - 20% will be used to invest in operational efficiency inc. stock management and forecasting. Further technical registrations and B Corp application
• Product innovation: 20% will be used to invest in new product development lines and recipes, for example, our sous-vide range
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.
The company has three classes of shares, A1, A2, and B1 shares with rights outlined below. All investors in this round will be receiving A1 shares.
1. A1 shares
a) Voting rights
b) Dividend rights
c) Rights to return of capital
2. A2 shares
a) Voting rights
b) Dividend rights
c) Rights to return of capital
3. B1 shares
b) Not eligible for cash dividends
c) Reduced return of capital rights (see below)
d) No transfer rights
Return of capital:
- No return of capital will be made prior to the Loan Notes (see below) having been repaid in full.
- When calculating returns of capital, holders of B Shares will receive a reduced distribution per share compared to holders of A Shares as follows:
Where the distribution per A Share is:
a) more than £3.50 per share, the B Shares will be subject to a deduction of £3.50 per share; and
b) equal to or less than £3.50 per share, the B Shares will receive nothing.
The Company is majority owned (c.85%) by Inverleith 1B Limited Partnership and any exit would require their consent.
On an Exit (asset sale, IPO, share sale or sale of subsidiary), directors and/or employees holding A2 shares shall (with Board approval):
1. be entitled to subscribe for a number of additional A2 shares at a price of £1 that would result in them receiving 10% of the amount payable to Inverleith; and
2. provided B1 shareholders will receive a distribution, John Pallagi and Gareth Whittle, will also be entitled to subscribe for A2 shares at £1 that would result in them receiving 2% of the amount payable to Inverleith
Specifically within the 10% as noted above, John Pallagi will be entitled to receive:
1. 71,250 A2 shares on the MIP scheme being enacted and prior to 26 February 2023;
2. 71,250 A2 shares on 26 February 2023;
3. 71,250 A2 shares on 26 February 2024;
4. 71,250 A2 shares on 26 February 2025;
It is the intention of the Board to propose a further 2.5% issue of A2 shares in addition to that already agreed. The company shareholders will have an opportunity to review and consent (as appropriate) to this proposal at the time the growth share scheme is put in place.
Loan note instrument:
The Company constituted the following loan note instruments on 26 February 2022. The loan notes under these loan note instruments were issued as consideration to the original shareholders of the Company’s subsidiary, Farmison Holdings Limited at the time the Company received its original investment from Inverleith 1B Limited Partnership. The key terms of these loan note instruments are as follows:
The Company owes the following amounts to Gareth Whittle, Christian Barton and Kieron Barton on the following terms:
The following arrangements are currently in place between Santander UK Plc (“Santander”) and Farmison Limited.
The below Santander arrangements are secured by:
- debentures in favour of Santander dated 21 September 2020 and 26 February 2022 granted by Farmison Holdings Limited and Farmison Group Limited;
- a share charge in favour of Santander over Farmison Limited’s shares; and
- a cross-company guarantee granted by Farmison Group Limited and Farmison Holdings Limited to guarantee the group’s obligations.
None of the funds raised will be used to repay these loans.
Farmison Limited received a grant of £160,000 from the Let's Grow North & East Yorkshire Local Growth Fund programme provided by UMi Commercial Ltd in July 2019. The Company has provided a guarantee to UMi Commercial, guaranteeing Farmison Limited’s payment obligations under the Let’s Grow Grant Offer Letter dated 31 July 2019.
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