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Troubadour Goods

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London-based menswear brand specialising in minimalist bags designed for maximum performance.

124%
 - 
Funded 11 May 2020
£500,003 target
£621,240 from 120 investors
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Business overview

Location London, United Kingdom
Social media
Website www.troubadourgoods.com
Sectors Clothing & Accessories Mixed Digital/Non-Digital Mixed B2B/B2C
Company number 07870731
Incorporation date 5 Dec 2011
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Investment summary

Type Equity
Valuation (pre-money) £5.4M
Equity offered 10.23%
Tax relief

EIS

Co investor Pembroke VCT

Pembroke VCT plc is a is a venture capital trust focussed on early stage investments in the leisure and luxury brands sectors.

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Business highlights

  • Troubadour designs, creates and sells premium bags & accessories
  • We combine performance design with a clean, modern aesthetic
  • Distributed in 60+ wholesale doors and a robust web business
  • New product range has driven rapid growth with potential for more
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Key features

  • Secondary Market
  • Seedrs nominee min. £16.72 +
  • Idea
  • Key Information
  • Team
  • Updates
  • Investors 120
  • Discussion
  • Documents

Idea

Introduction

Troubadour is a London-based brand that designs, creates and sells premium men’s bags and accessories. Our products combine performance design with a clean, modern aesthetic and incredible craftsmanship.

We sell our products directly to customers through our website and via more than 60 of the best stores in the world. Some of these stores are temporarily closed due to COVID, but we expect all to be back open by summer.

Among other well-known names, our retail partners include Harrods, Liberty of London, and Harvey Nichols in the UK, Nordstrom, Bloomingdales, and Mitchells in the US, and Matches Fashion, Farfetch, and East Dane online.

We began selling seven years ago and have had a compound revenue growth rate of 56% between 2013 and 2019.* We are backed by a London-based venture capital firm and have a team made up of talented industry professionals.

We believe we have built a strong foundation of a great team and fantastic products. This provides the basis for continued expansion of our brand awareness and distribution.

*Source: unaudited financial accounts

Intended impact

Troubadour was born out of a desire for a men’s overnight bag that was appropriate for the office, but not so formal as to be out of place in a more casual setting. Performance is at the heart of our design process, with the team thoughtfully tailoring each piece to meet the lifestyle needs of the Troubadour shopper.

Before creating Troubadour, we spent 18 months getting to know the top designers, tanneries, and artisans in Europe and around the world, and many of those relationships continue today. We spend significant time with our clients and retail partners to make sure we develop a complete, in-depth understanding of the functional requirements of every piece we create.

At the centre of everything that Troubadour does is the concept that modern design should emerge from a thoughtful idea, innovative production techniques and quality materials, combined with interesting, straightforward and uncomplicated aesthetics.

Substantial accomplishments to date

Troubadour is proud to work with over 60 of the world’s best stores and brands. We also work with non-traditional retailers including Four Seasons, Ritz Carlton, and Equinox.

In 2017, Troubadour was named a Walpole Brand of Tomorrow by the prestigious British luxury organisation. Brands of Tomorrow are selected for a 12-month programme based on the expectation that they “will pioneer growth, export goods and services, create employment and drive innovation in luxury in the coming decades.”

Troubadour has done collaborations with a number of world renown brands. These collaborations include cutting edge British tailors Thom Sweeney and British essentials brand Sunspel that is famous for clothing James Bond.

Troubadour has been a case study for classes at the Harvard Business School.

We believe our greatest accomplishment to date is our extremely committed customer base and well respected brand name. We have built a following that includes a strong core of Troubadour collectors who have made multiple purchases and follow the brand closely.

Monetisation strategy

Troubadour has two main sales channels: direct retail (through our online store and pop-ups) and wholesale.

Our direct retail sales business generated 42% of our revenue in 2019. Direct sales are grown through press coverage, social media, and advertising as well as our loyal base of returning customers.

Wholesale sales were responsible for 58% of our revenue in 2019. These sales are made to our retail partners who then sell our products on to their customers. We are very selective in which wholesale accounts we work with, and only sell to stores that have the highest levels of customer service and satisfaction.

In 2019, our direct retail sales grew 54% and our wholesale sales grew by 63%. We plan to continue growing both channels meaningfully in the years ahead and believe that there is ample opportunity in the market to do so.

Use of proceeds

We are backed by Pembroke VCT, a luxury-focused venture capital firm based in London. They are a fantastic partner for us. We are also backed by a handful of experienced angel investors who provide valuable advice and introductions.

Approximately half of the funds raised in the current round will be used to support sales growth to our customers and retail partners. The other half will be used to fund working capital requirements from our forecast growth plan. This working capital is primarily allocated to additional inventory and expected accounts receivables growth, as many of our retail partners receive payment terms.

Reward: As a token of appreciation to our investors, if you invest £250 or more you will receive 20% off all future Troubadour purchases you make for the life of your investment.

Key Information

Please note that the company has in place a convertible loan totalling £250,000 from a venture capital trust.

This loan has an interest rate of 10% p.a., payable quarterly, and a maturity date of 29 February 2024.

This loan (and any accrued interest) is convertible to equity under the following circumstances, should the lender choose to convert:

• when the company next issues shares, at a 25% discount to the share price of such issuance; or
• between 1 March 2021 and 29 February 2024 at a share price of £6.69, less 10% interest on £6.69 compounding annually; or
• on a sale of the company, at a 25% discount to the share price paid in such sale

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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.

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Seedrs Limited is authorised and regulated by the Financial Conduct Authority (No. 550317).

© Seedrs Limited 2021. All rights reserved. Seedrs is a registered European Community trademark (No. 008771537) and registered United States service mark (No. 85423072) of Seedrs Limited, a limited company registered in England and Wales (No. 06848016), with registered office at Churchill House, 142-146 Old Street, London EC1V 9BW, United Kingdom, VAT No. GB 208 3065 32. Seedrs.com is a website owned and operated by Seedrs Limited.

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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.
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 rounded from £5,448,705

Pitch type

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