GF FOODS (YORK) LTD

Manufacturing

Funds Requested

£50,000.00

Offered so far

£0.00

Loan term

60 MONTHS

Auction Closed

2015-09-27

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About the Business

Company Name: GF FOODS (YORK) LTD Company Number: 06406368
Business Type: Manufacturing Years Trading: 4-5 years
Business Location: SELBY

About the Risk

Risk rating

C

Default rate

13.30%

Bad debt rate

5.47%

About the Security

Security Offered:

1st Charge Residential Property

Est. Equity: 0.00

All Assets Debenture

Est. Equity: 0.00

Risk Indicators Identified:

Important Files

Who are we?

Visit Our Website

GF Foods (York) Ltd, trades as Feel Free Foods

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.

To assist us in securing our supply chain, with the help and financial support of our investors we acquired a manufacturing site in March 2015.

Now we would like to expand on our success and offer our products to a much wider audience both in the UK and overseas.

Read more

Loan Offers

What is the loan for?

The loan will be used for additional equipment required in our manufacturing site to meet production requirements, as well as the hiring of a Technical consultant to work with our manufacturing site to create a Quality management system to ensure we can gain SALSA accreditation then work towards BRC accreditation

Why consider investing?

We are an enthusiastic team with a fantastic range of products in a fast growing consumer market. We have seen huge interest in our products and have successfully listed with major retailers over the past 18 - 24 months but we can do more.

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 be through a lifestyle of dietetic need.

In 2013/ 14 investment was made in branding and brand exposure of our Feel Free brand, product development to ensure that we had the right products and brand image for the market place. Additionally we had to redesign and print packaging to be compliant with new Food Information Regulations that came into force in 2014 which we had planned for but obviously affects profitability. In 2012 and Dec 14 we were operated from a 17,000 sq ft warehouse handling all of our storage and distribution, we took the decision to move out of this facility in Nov 13 and outsource these services. Major savings were made on rent, rates, utilities and distribution. Our current premises are small offices where we operate a sales and marketing function, which has enabled us to concentrate on growing sales, which we have achieved.

Ultimately the turnaround in the business has come from higher sales and reduced costs. Due to increased volumes we have negotiated better pricing from our suppliers and have been able to make efficiency savings on products produced by third parties and in March 15 we acquired our own production which has seen us increase savings have been achieved by controlling our own frozen product production.

Disclosures

Please note that the figures shown for end of March 2015 are not final figures, final figures are still to be finalised by the company accountants

There is a directors loan to the director of £36,000

In the MA to June 15, there is Interest of £27,560.49 , similarly in the YE March 15 Accounts, there is a Finance and Interest Charge of £71,217.55 as well as an ‘interest Paid’ charge of £5,895.75. Loan repayments during the MA period amount to £4,020.66, the remaining £23,439.83 in these accounts as well as the £71,217.55 in the YE 15 accounts relate to a trade finance facility which we have. This is a revolving facility ( agreement of £200k) that enables us to purchase finished goods in bulk from a manufacturer we have in Europe. This is not a cheap facility but it does mean that we can by in bulk for a much better price for Asda and Sainsbury business and still be very competitive in store.

Security

The loan is to be secured by way of directors Guarantees, from Mr and Mrs Allister, as well as an all assets guarantee

The directors have a combined net worth of £50,358, through ownership of a personal property with an estimate value of £250k and equity of £87,500 as well as a second property with an estimate value of £75k and equity of approx. £48k.

DateAmountCapitalInterestReceived
28/10/2015£1,199.76£558.51£641.25 (8 days late)
28/11/2015£1,199.76£565.67£634.09
28/12/2015£1,199.76£572.92£626.84
28/01/2016£1,199.76£580.27£619.49
28/02/2016£1,199.76£587.71£612.05
28/03/2016£1,199.76£595.25£604.51 (10 days late)
28/04/2016£1,199.76£602.89£596.87 (7 days late)
28/05/2016£1,199.76£610.62£589.14 (10 days late)
28/06/2016£1,199.76£618.45£581.31 (7 days late)
28/07/2016£626.38£626.38£0.00
28/08/2016£634.41£634.41£0.00
28/09/2016£642.55£642.55£0.00
28/10/2016£650.79£650.79£0.00
28/11/2016£659.14£659.14£0.00
28/12/2016£667.59£667.59£0.00
28/01/2017£676.15£676.15£0.00
28/02/2017£684.82£684.82£0.00
28/03/2017£693.61£693.61£0.00
28/04/2017£702.50£702.50£0.00
28/05/2017£711.51£711.51£0.00
28/06/2017£720.64£720.64£0.00
28/07/2017£729.88£729.88£0.00
28/08/2017£739.24£739.24£0.00
28/09/2017£748.72£748.72£0.00
28/10/2017£758.32£758.32£0.00
28/11/2017£768.05£768.05£0.00
28/12/2017£777.90£777.90£0.00
28/01/2018£787.88£787.88£0.00
28/02/2018£797.98£797.98£0.00
28/03/2018£808.21£808.21£0.00
28/04/2018£818.58£818.58£0.00
28/05/2018£829.08£829.08£0.00
28/06/2018£839.71£839.71£0.00
28/07/2018£850.48£850.48£0.00
28/08/2018£861.39£861.39£0.00
28/09/2018£872.43£872.43£0.00
28/10/2018£883.62£883.62£0.00
28/11/2018£894.96£894.96£0.00
28/12/2018£906.43£906.43£0.00
28/01/2019£918.06£918.06£0.00
28/02/2019£929.83£929.83£0.00
28/03/2019£941.76£941.76£0.00
28/04/2019£953.84£953.84£0.00
28/05/2019£966.07£966.07£0.00
28/06/2019£978.46£978.46£0.00
28/07/2019£991.01£991.01£0.00
28/08/2019£1,003.72£1,003.72£0.00
28/09/2019£1,016.59£1,016.59£0.00
28/10/2019£1,029.63£1,029.63£0.00
28/11/2019£1,042.83£1,042.83£0.00
28/12/2019£1,056.21£1,056.21£0.00
28/01/2020£1,069.75£1,069.75£0.00
28/02/2020£1,083.47£1,083.47£0.00
28/03/2020£1,097.37£1,097.37£0.00
28/04/2020£1,111.44£1,111.44£0.00
28/05/2020£1,125.70£1,125.70£0.00
28/06/2020£1,140.13£1,140.13£0.00
28/07/2020£1,154.76£1,154.76£0.00
28/08/2020£1,169.57£1,169.57£0.00
28/09/2020£1,184.56£1,184.56£0.00
Total:£50,000.00£5,505.55