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Peters' Cleaners

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Using technology to make dry cleaning accessible 24/7 in convenient locations; slashing costs.

116%
 - 
Funded 11 Nov 2021
£250,000 target
£326,670 from 234 investors
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Business overview

Location Peterborough, United Kingdom
Social media
Website www.peterscleaners.co.uk/
Sectors Home & Personal Mixed Digital/Non-Digital B2C
Company number 09952953
Incorporation date 15 Jan 2016
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Investment summary

Type Equity
Valuation (pre-money) £2M
Equity offered 12.73%
Tax relief

EIS

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Business highlights

  • Staff free 'shop' for dry cleaning & laundry. 2 fully operational
  • Operating costs 85% less than a shop
  • We estimate the UK market to be worth £250m and to be ripe for disruption. Stagnating competition.
  • Fundraising to step change the business and grow market share
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Key features

  • Secondary Market
  • Seedrs nominee min. £10.00 +
  • Pay by Bank payments not accepted

Idea

Introduction

At Peters’ Cleaners, we’re on a mission to deliver dry cleaning for how we live now. No queues, no outdated opening hours, no high prices for low quality; just great service and convenience.

We’re marrying nearly 60 years’ cleaning experience with modern technology to remove the limitations of traditional shops, by rolling out our 24/7 fully automated pods - staff-free 'shops’ designed for quickly and easily dropping off dirty clothes, and collecting clean ones.

We plan to place our pods in high footfall locations that our customers visit regularly; commuter train stations, business parks, supermarket car parks… Customers simply scan to drop off and scan to collect at any time on any day.

It’s quicker and more convenient for customers and costs 85% less than a shop to operate. A WIN WIN!!

We have a passion for customer service, extensive cleaning experience and are poised to revolutionise the industry. So join us on our mission to get the country to ‘Drop Their Trousers’.

Substantial accomplishments to date

1. Recognised shops can be restrictive and expensive so developed a new route to market - our 24/7 fully automated pods.

2. Pods have been designed, built and two are operational.

3. Pods use proven technology used daily in 5 & 6 star hotels.

4. Exclusive license on the pod technology for 5 years, and a patent pending for the pod.

5. Secured contracts with LNER and British Land.

6. Equipped and staffed cleaning hub can clean over 70k items/annum and be quickly scaled to clean over 100k.

7. Won 8 awards in 4 years including Best Dry Cleaner 2020 and 2021.

8. 99.9% customer satisfaction rating.

9. Our business model has been approved for franchising.

10. Had initial meetings regarding expansion to the US when ready.

Monetisation strategy

We have a cost plus pricing model in line with market rates. Our standard turnaround is 2-working days but we deliver the same day or next day for an upcharge.

Customers register their credit cards with us and payment is taken before items are cleaned ensuring good cashflow and no bad debt issues.

We have an established cleaning hub that has the potential to service 9 pods, with 1 shop for larger items creating a hub and spoke model that can easily be replicated.

Our plan is to expand quickly by using a blend of organic growth and franchising, placing pods in commuter train stations, business parks, supermarket car parks... places our busy customers visit regularly.

We will use a mix of above and below the line marketing, PR, Geo Targeted campaigns and our CRM to educate the market and expand our customers base. Here's a look at our latest advert:

Use of proceeds

Our pods are developed, our cleaning hub operational and we have over 7,000 customers that are happy with our pricing and cleaning. We are ready to grow!

The funds raised in this round will primarily be used for marketing, equipment, working capital, growing our team and preparing to franchise.

1. Marketing - £135k for web improvement, geo targeted marketing both above and below the line & PR

2. Equipment - £80k to purchase/ install further pods and expand our current cleaning hub

3. Franchising - £45k to prepare for franchising and get first franchisee on board

4. Management - £55k to expand the team

5. Working Capital - £85k

Key Information

IP for pods

Please note that the technology for the Pods (the conveyer and the relevant software for operation) is licensed off a third party, and therefore this third party holds the IP. The company has an exclusive license agreement for a period of 5 years until July 2026.

Outstanding debt

The company has the following outstanding debt:

1. An overdraft facility of £45,000. At the point that this campaign went live, the company has used £31,694 of this overdraft. The utilisation of the overdraft fluctuates according to cashflow needs.

2. Deferred VAT of £19,547 to be repaid from cashflow.

3. A bounce-back loan of £50,000 with a 2.5% interest rate. This is to be repaid over 59 monthly instalments starting in May 2021.

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

Company history

The investee company was previously known as Wolery Consulting Limited (09952953). This company purchased the assets and IP from a company called Peters Cleaners Limited (00895883) in June 2016, from unrelated parties. The company has since dissolved and Wolery Consulting Limited has been renamed as Peters Cleaners Ltd.

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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.

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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 £2,000,000

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.

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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).

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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.

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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.

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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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