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8 | The Grocer | 24 August 2019 Get the full story at thegrocer.co.uk
Supreme Imports eyes
flotation for 88 Vape
88 Vape products include £1 e-liquids and vaping kitsElena Cherubini
Supreme Imports is con-
sidering floating its 88
Vape brand as a stan-
dalone business after
returning to profit growth
following its aborted IPO
last year.
MD Sandy Chadha
told The Grocer it was
mulling a pureplay float
of its vaping business,
including the manufac-
turing side Vapenation,
but “no plans have been
discussed further”.
88 Vape products
include £1 e-liquids, vap-
ing kits and accessories.
The wider business,
which also manufactures
sports nutrition products
and sells branded and
licensed batteries and
lightbulbs, had planned
to float on the AIM mar-
ket of the London Stock
Exchange last year, tar-
geting a valuation of
£120m-£140m.
The listing, however,
was pulled after investors
raised concerns about
profitability in the retail
sector, with Supreme’s
products stocked by the
likes of Sainsbury’s,
Asda, Iceland, Aldi,
Poundland and Amazon,as well as Bestway
Wholesale.
In January, Chadha
told The Grocer a future
IPO was not completely
off the table but that, in
the short-term, the busi-
ness was focusing on
rebuilding profit growth.
“The last float could
have been a disaster due
to timing,” Chadha said.Accounts showed
Supreme Imports pre-tax
profits more than dou-
bled to £12.7m in the year
to 31 March 2019, driven
by strong sales from its
vaping arm.
In FY2018, profitability
slumped 21% to £5.4m as
it was hit by one-off costs
related to the failed pub-
lic offering.
Revenues jumped
10% to £80.2m in the
year ended March 2019,
reflecting a “pleasing
performance”, but failing
to meet Supreme’s fore-
casts set at £84m.
Strong growth in the
vaping category was the
“main attribute to the
success”, said Chadha.
The Manchester-based
business expects turno-
ver to reach £110m in the
current financial year.The Great British
Porridge Co has secured
a £60k cash boost from
Dragons’ Den’s Tej
Lalvani.
The Sussex-based all-
natural porridge maker
appeared on Sunday 18
August’s episode of the
investment reality show
and received investment
proposals from all five
‘Dragons’.
Founder Jacqueline
Barleycorn and business
partner Matt Hunt picked
Lalvani’s £60k offer, in
exchange for a 22% share
of the business.Great British Porridge Co
appeared on Dragons’ DenGreat British
Porridge Co in
Dragon fund
Peter’s Yard’s crispbreads
are listed in supermarketsBelgium’s Lotus
Bakeries, recent acquirer
of snack brands Bear,
Nakd and Kiddylicious,
has launched an incu-
bator fund and made
another investment in
the UK healthy snacking
sector.
Lotus’ new ven-
ture capital vehicle has
taken a minority stake
in healthy sourdough
crispbread producer
Peter’s Yard as its first
investment.
It has acquired 20% of
the Shrewsbury-based
brand’s equity for an
undisclosed sum. TheLotus Bakeries’ new incubator
scheme invests in Peter’s Yard
deal could also lead
to the possibility of a
phased full takeover.
Peter’s Yard’s crisp-
breads are a “healthy
alternative to bread”
listed across the main-
stream UK supermar-
kets, with around £3m ofannual sales in 2018.
“Having established
the Peter’s Yard brand
with strong foundations,
we are now investing in
growing awareness and
distribution in the UK
and supporting focused
innovation and selec-
tive export growth,” said
Peter’s Yard co-founder
Ian Tencor.
The deal is the first
from Lotus’ new FF 2032
incubator fund, which
will invest up to €30m
targeting minority inter-
ests in European and US
brands “in the coming
years”.Fulfil Nutrition offers a
12-strong protein bar range
Irish confectionery bar
startup Fulfil Nutrition
is planning to expand
further into the UK mar-
ket after securing a
“significant minority
investment” from con-
fectionery giant The
Hershey Co.
Fulfil Nutrition plots
expansion in UK
Fulfil, whose range
includes a 12-strong pro-
tein bar lineup, has been
pursuing an “aggres-
sive expansion strategy”
since its launch in 2016,
securing listings within
all major UK retailers
after entering the market
two years ago.
“The people within
Fulfil really believe
in the potential of
the brand to become
a global player and
Hershey’s investment is
a real endorsement of
this belief,” CEO Brian
O’Sullivan told The
Grocer.