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with profit currently reinvested back into the busi-
ness. It’s exactly how it should be, he says. “This time is
about growth and building the category. There’s always
investment up front. The model makes money at prod-
uct level, but you have to invest to grow the market.”
It applies to the industry at large, he adds. “Recipe
boxes are less than 10 years old and the industry itself
is probably a lot closer to profitability than other chal-
lenger industries like car sharing businesses.
“We’re much leaner than a traditional business
model. We’ve got the business to this size with only 12
people. We have tech overhead and people overhead
but no big infrastructure in, say, marketing, and there’s
less than 1% waste in our operations.
“We also work directly with our growers and packers.
We use technology to predict what customers are going
to eat and need and order – we can predict using our
algorithms six to 12 weeks out – so we know how many
chickens we need to grow way out at 12 weeks and start
refining that down. The model is much more efficient,
which gives us confidence we can grow in the future.”
And armed with its most recent £6m cash injection –
plus high-profile backers that include sports stars Andy
Murray, Victoria Pendleton and Will Greenwood – Lee
is currently looking at the potential growth that comes
from going beyond recipe boxes, too.
About two months ago it launched a range of frozen
meals prepared with the same ingredient credentials
as its recipe boxes that anyone can buy direct, individ-
ually or in bundles. Would it consider selling through
retail? “We’ve been approached. We’re a D2C model so
we know our customers intimately and that’s our pre-
ferred route. Would we do it? Never say never.” Earlier
this month too, it added a range of six frozen smoothies.
“It’s about going beyond recipe boxes and being more
relevant, more often across the week with products that
are healthy and convenient,” sums up Lee. “Recipe
boxes are our core and that’ll be the engine room but
there’s definitely customer appetite for more products
that meet more of their needs.” All taking Lee one step
closer to steering his very own mothership.snapshot
Name: Tim Lee
Age: 50
Family: Wife Anna and
two children, 15 and 13
Potted CV: My
background is all food.
Everything from roles
at Spitalfields market,
to factory work, 13-
plus years at Tesco and
becoming head of online
& strategy at M&S.
Steepest learning curve:
I learned a lot through
the Tesco US venture. It’s
classic in America thatyou’re failing fast and
learning from it.
Business ethos: It’s
about being a values-
driven business doing the
right thing.
Business idol: For sheer
rigour and understanding
of customers, Terry Leahy
Best piece of advice: It’s
a great industry so enjoy
it. And when things don’t
work, give it another go.
Hobbies: I’m a big
saltwater fly fisher. I
travel the world doing it.