GF FOODS (YORK) LTD

Manufacturing

Funds Raised

£295,000.00

Final AER

18.92%

Loan term

60 MONTHS

Auction Closed

2016-07-12

Recovery News
This loan may be behind with its repayment schedule and so microloan trading has been suspended while we work to help the business recover its repayment form. Please see the Loan Updates tab for recent updates.

About the Business

Company Name: GF FOODS (YORK) LTD Company Number: 06406368
Business Type: Manufacturing Years Trading: 3-5 years
Business Location: Brackenholme

About the Risk

Risk rating

C

Default rate

13.30%

Bad debt rate

5.47%

About the Security

Security Offered:

Personal Guarantee - PG from director and majority shareholder

Est. Equity: 0.00

All Assets Debenture - Fixed and floating charge created over all assets of applicant company

Est. Equity: 0.00

Risk Indicators Identified:

Important Files

Who are we?

New 'Transfer Bids' available for use on this loan! If you already hold a Microloan for GF Food's previous loan, you can transfer your capital on that loan across to this new loan request. Visit Your Dashboard to Transfer your bid

Visit Our Website

We've been in the News Recently- Read more Here

GF Foods ( York) Ltd is a company that specialises in the manufature and retail of gluten and wheat free foods - with its own brand Feel Free for gluten free the company produce a range of ambient and frozen gluten and wheat free products selling to retailers and wholesalers within the UK and oversea's

Our Managing Director Sally Allister started the company in 2004 following her own experiences of living a gluten free lifestyle. A diagnosed coeliac, Sally understands the demand for high quality, great tasting products made without wheat and gluten.

Sally says, “We launched our Feel Free brand to give gluten free consumers just like me the choice and variety of foods that they’re entitled to – and with the quality to match. We’re proud of our products and feel that they are good enough to be served up on the plates of the whole family and not just to those who avoid wheat and gluten in their diets.”

Following the success of our savoury items, we've expanded the Feel Free brand to include sweet bakery products, Eastern inspired savouries, and a range of wholesome pies. More products are coming to the Feel Free range in 2015, including some exciting fish options and fun for kids.

We've developed the products in the Feel Free range using only the finest naturally gluten free ingredients. Our enthusiastic team have carefully created and perfected their recipes until they are confident they’ve come up with products our customers love.

FEEL FREE for gluten free is an innovative and exciting brand of gluten and wheat free products ranging from savoury pies and pastries, Italian meal solutions, to home bake mixes and festive cakes.

Over the past 3 years with a small but driven team, the brand has achieved retail distribution with ASDA, Sainsbury's, Ocado, Holland and Barrett, Musgrave group, Nisa Retail and independent wholesalers. The products are also exported to a South Africa, Dubai and the Caribbean. We launch the Uk's first gluten free doughnut in September 2014 nad have secured 2 retailer listings for September 15 and are in negotiations with 2 others for early 2016. Negotiations are also under way with two major retailers for listings with other products from our range.

Read more

Loan Offers

What is the loan for?

The loan will be used for to pay out an existing lender who provides a revolving Trade Finance facility. This is a costly facility and by taking this funding out we can save costs within the business. Additionally we have recently set up dedicated gluten free doughnut manufacturing site to enable the business to fulfill increased business with Tesco (200 stores to 650) and a contract launching in April with another retailer in 200 stores for the donuts plus an additional 7 frozen products from our range produced at our manufacturing site in Worthing.

Part of this loan will be used to purchase further equipment for both the doughnut factory and our existing manufacturing site to enable more streamlined and efficient production lines for this new business with the retailer.

Why consider investing?

We are an enthusiastic team with a fantastic range of products in a fast growing consumer market. Since our first application to Rebs last year we have secured increased business with Tesco Stores, and one of the top five retailers to launch 7 products in April 16. The business is attracting a lot of interest with the major retailers to extend our current ranges that are stocked and with food service wholesalers / national restaurant chains.

We are committed to the growth and success of the brand aiming to be a quality, trusted brand of choice for those following a gluten free diet whether it is through a lifestyle of dietetic need.

We invested in our own dedicated production facility in March 2015 and this investment has paid off so far with us securing high value contracts for both our ambient and frozen ranges – by the end of April 16 we will have 13 products listed with just one retailer with an annual value of over £800K.

By bringing the manufacturing in house we have managed to streamline production and manufacture costs and are now seeing increased margins on all lines produced. It also gives us the flexibility to manufacture in cost effective volumes and react to customer demands more quickly.

ReBS Disclosure

Lenders will note that the security on offer does not cover the loan amount on this application. Having considered the application carefully we feel it is worthy of listing due to the following resons. It has good and reliable customers, operates in a growing market and the use of the funds the director is asking for is to replace her current expensive funding so there is no marginal risk attached to the loan. In our view this is a good and sensible use of funds that might be secured from us. Further, as the company continues to trade profitably and makes loan repayments, the security inherent in the business will increase.

Security

The loan is to be secured by way of a Personal Guarantee provided from the two Directors of the company (which will be supported by Personal Guarantee Insurance); along with a Debenture over GF Foods (York) Limited; and a Debenture and Cross-Corporate Guarantee provided from Betty and Stan's Bakehouse Limited.

The Directors have a combined estimated net worth of £42,000. This primarily comes from the personal property portfolios of each Director. The Directors own property with a combined estimated value of £295,000 and an estimated equity of £42,000.

DateAmountCapitalInterestReceived
12/08/2016£7,639.54£2,988.29£4,651.25
12/09/2016£7,639.54£3,035.40£4,604.14
12/10/2016£7,639.54£3,083.26£4,556.28
12/11/2016£7,639.54£3,131.88£4,507.66 (6 days late)
12/12/2016£7,639.54£3,181.26£4,458.28980 days overdue
12/01/2017£7,639.54£3,231.41£4,408.13949 days overdue
12/02/2017£7,639.54£3,282.36£4,357.18918 days overdue
12/03/2017£7,639.54£3,334.12£4,305.42890 days overdue
12/04/2017£7,639.54£3,386.69£4,252.85859 days overdue
12/05/2017£7,639.54£3,440.08£4,199.46829 days overdue
12/06/2017£7,639.54£3,494.32£4,145.22798 days overdue
12/07/2017£7,639.54£3,549.42£4,090.12768 days overdue
12/08/2017£7,639.54£3,605.38£4,034.16737 days overdue
12/09/2017£7,639.54£3,662.23£3,977.31706 days overdue
12/10/2017£7,639.54£3,719.97£3,919.57676 days overdue
12/11/2017£7,639.54£3,778.62£3,860.92645 days overdue
12/12/2017£7,639.54£3,838.20£3,801.34615 days overdue
12/01/2018£7,639.54£3,898.72£3,740.82584 days overdue
12/02/2018£7,639.54£3,960.19£3,679.35553 days overdue
12/03/2018£7,639.54£4,022.63£3,616.91525 days overdue
12/04/2018£7,639.54£4,086.05£3,553.49494 days overdue
12/05/2018£7,639.54£4,150.48£3,489.06464 days overdue
12/06/2018£7,639.54£4,215.92£3,423.62433 days overdue
12/07/2018£7,639.54£4,282.39£3,357.15403 days overdue
12/08/2018£7,639.54£4,349.91£3,289.63372 days overdue
12/09/2018£7,639.54£4,418.49£3,221.05341 days overdue
12/10/2018£7,639.54£4,488.16£3,151.38311 days overdue
12/11/2018£7,639.54£4,558.93£3,080.61280 days overdue
12/12/2018£7,639.54£4,630.81£3,008.73250 days overdue
12/01/2019£7,639.54£4,703.82£2,935.72219 days overdue
12/02/2019£7,639.54£4,777.98£2,861.56188 days overdue
12/03/2019£7,639.54£4,853.32£2,786.22160 days overdue
12/04/2019£7,639.54£4,929.84£2,709.70129 days overdue
12/05/2019£7,639.54£5,007.57£2,631.9799 days overdue
12/06/2019£7,639.54£5,086.52£2,553.0268 days overdue
12/07/2019£7,639.54£5,166.72£2,472.8238 days overdue
12/08/2019£7,639.54£5,248.19£2,391.357 days overdue
12/09/2019£7,639.54£5,330.93£2,308.61Not Due
12/10/2019£7,639.54£5,414.99£2,224.55Not Due
12/11/2019£7,639.54£5,500.36£2,139.18Not Due
12/12/2019£7,639.54£5,587.09£2,052.45Not Due
12/01/2020£7,639.54£5,675.18£1,964.36Not Due
12/02/2020£7,639.54£5,764.66£1,874.88Not Due
12/03/2020£7,639.54£5,855.55£1,783.99Not Due
12/04/2020£7,639.54£5,947.88£1,691.66Not Due
12/05/2020£7,639.54£6,041.66£1,597.88Not Due
12/06/2020£7,639.54£6,136.91£1,502.63Not Due
12/07/2020£7,639.54£6,233.67£1,405.87Not Due
12/08/2020£7,639.54£6,331.96£1,307.58Not Due
12/09/2020£7,639.54£6,431.80£1,207.74Not Due
12/10/2020£7,639.54£6,533.21£1,106.33Not Due
12/11/2020£7,639.54£6,636.22£1,003.32Not Due
12/12/2020£7,639.54£6,740.85£898.69Not Due
12/01/2021£7,639.54£6,847.13£792.41Not Due
12/02/2021£7,639.54£6,955.09£684.45Not Due
12/03/2021£7,639.54£7,064.75£574.79Not Due
12/04/2021£7,639.54£7,176.14£463.40Not Due
12/05/2021£7,639.54£7,289.29£350.25Not Due
12/06/2021£7,639.54£7,404.22£235.32Not Due
12/07/2021£7,639.54£7,520.96£118.58Not Due
Total:£295,000.00£163,372.40