Information  X 
Enter a valid email address

Parsley Box Group (MEAL)

  Print   

Wednesday 31 March, 2021

Parsley Box Group

Admission to AIM and First Day of Dealings

RNS Number : 0199U
Parsley Box Group PLC
31 March 2021
 

31 March 2021

 

 

Parsley Box Group plc

("Parsley Box", the "Company" or "the Group")

ADMISSION TO AIM AND FIRST DAY OF DEALINGS

 

Parsley Box, the direct to consumer provider of ready meals focused on the Baby Boomer+ demographic, is pleased to announce that admission of its entire issued and to be issued share capital to trading on the AIM market of the London Stock Exchange will become effective and dealings will commence at 8.00 a.m. today under the ticker "MEAL" and with the ISIN GB00BNK9TZ56.

Parsley Box delivers ready meals that do not need to be stored in a fridge or freezer, direct to the underserved Baby Boomer+ consumer, broadly defined as those aged 60 and over. Parsley Box is a challenger brand with an objective of redefining the category, with first mover advantage supported by over 500,000 registered users. The Company has embraced the direct to consumer (D2C) model allowing it to gather detailed insights from customers, building meaningful relationships and allowing for high levels of innovation aligned with their demands. Parsley Box is capitalising on the structural shift in consumer buying patterns towards D2C channels.

On 26 March 2021, Parsley Box announced a fundraising to both institutional investors and customers which has today completed. The fundraising, which was significantly oversubscribed and well supported by customers raised gross proceeds of £5 million for the Company and £12 million for selling shareholders. At the placing price of 200p, the Company's market capitalisation is approximately £83.8 million.

The proceeds attributable to the Company from the fundraising will help Parsley Box accelerate its growth plans primarily through investment in marketing spend with the aim of becoming a household name in a currently underserved market.

The Company's Admission Document is available to view on the Company's corporate website at corporate.parsleybox.com.

finnCap Limited is acting as Nominated Adviser and Broker to Parsley Box.

Kevin Dorren, Chief Executive Officer of Parsley Box, said:

''From an idea cooked up at the kitchen table to IPO in just four years is an incredible achievement and we're proud to be celebrating this milestone together with our customers. The business has grown rapidly, but for us it is just the beginning of our journey serving the Baby Boomer + demographic.

"We are very pleased to welcome our new shareholders, both institutional investors and our customers who have endorsed the business by taking a stake in the Company's future.

"I am looking forward to leading the business through our accelerated growth plans to become a household name."

 

The identity and shareholdings of the Company's significant shareholders is as follows:

Investor

Ordinary Shares

% of Issued Share Capital

Kevin Dorren1

4,860,554

11.60%

Andrew Veitch2

3,616,980

8.63%

Adrienne MacAulay3

3,375,000

8.05%

Chris van der Kuyl4

2,320,017

5.54%

Patrick Burns5

2,320,017

5.54%

Schroders plc

2,001,158

4.77%

Canaccord Genuity Wealth Management

1,936,800

4.62%

The Income & Growth VCT plc

1,807,279

4.31%

Mobeus Income & Growth VCT plc

1,667,896

3.98%

4J Studios Limited

1,602,033

3.82%

William Dobbie (Snr) 6

1,449,498

3.46%

Octopus Investments

1,377,600

3.29%

William Dobbie (Jnr)

1,331,334

3.18%

Mobeus Income & Growth 4 VCT plc

1,304,800

3.11%

Mobeus Income & Growth 2 VCT plc

1,076,402

2.57%

 

Notes:

(1)  Kevin Dorren is a director of and majority shareholder (60.65%) in, and exercises significant control over Move Fresh Limited (the parent company of Diet Chef Limited, a supplier of certain services to Parsley Box) which will hold 662,827 Ordinary Shares. Those shares are not included within Kevin Dorren's shareholding in the table above.

(2)  Andrew Veitch is a director of and a significant shareholder (36.07%) in Move Fresh Limited (the parent company of Diet Chef Limited) which will hold 662,827 Ordinary Shares. Those shares are not included within Andrew Veitch's interests in the table above.

(3)  Adrienne MacAulay is married to James Gordon MacAulay who will hold 359,570 Ordinary Shares . Those shares are not included within Adrienne MacAulay's shareholding in the table above.

(4)  Chris van der Kuyl is a director of and shareholder (alongside his connected persons) in (50%), and exercises significant control over 4J Studios Limited which will hold 1,602,033 Ordinary Shares. Those shares are not included within Chris van der Kuyl's shareholding in the table above.

(5)  Patrick Burns is a director of and shareholder in, and exercises significant control over 4J Studios Limited which will hold 1,602,033Ordinary Shares. Those shares are not included within Patrick Burns' interests in the table above.

(6)  William Dobbie (Snr) is a director of and the sole shareholder in Chanrossa Group Limited which will hold 413,673 Ordinary Shares. Those shares are included within William Dobbie (Snr)'s interests in the table above.

 

Enquiries:


 

Parsley Box 

Cal Bull-Edwards

Head of Communications and Investor Relations 

 

 

Tel: + 44 131 608 1990

Email: [email protected]

finnCap (Nominated Adviser and Broker)

Matt Goode / Emily Watts / Charlie Beeson (Corporate Finance)

Tim Redfern / Charlotte Sutcliffe (ECM)

 

 

Tel: +44 20 7220 0500

Instinctif Partners

Matthew Smallwood

Justine Warren

Tel: +44 20 7457 2005 / 2010

NOTES TO EDITORS

Parsley Box delivers ready meals, that do not need to be stored in a fridge or freezer, direct to the underserved Baby Boomer+ consumer, broadly defined as those aged 60 and over. Its mission statement is to promote, support and celebrate independent living by making mealtimes easier and more enjoyable for everyone. The core product range comprises over 60 single portion sized meals spanning various cuisines.

The Baby Boomer+ demographic is growing rapidly; it represented c.24 per cent. of the UK population (16.2 million people) in 2019 and is the only age demographic that is forecast to grow materially in the next 10 years (source: Government Office for Science, Future of an Ageing Population). Parsley Box was formed specifically to target this highly attractive fast-growing market.

Based in Edinburgh, Parsley Box was founded in March 2017 by husband-and-wife team Gordon and Adrienne MacAulay following the couple's discovery of limited options for delivery of ready meals for Gordon's mother. Since then, Parsley Box has grown to offer a 'one stop shop' for its target market.

Parsley Box has embraced the D2C model allowing it to gather detailed insights from customers, building meaningful relationships and allowing for high levels of innovation aligned with their demands. Parsley Box is capitalising on the structural move in consumer buying patterns towards D2C channels.

Parsley Box has seen exceptional revenue growth since inception, with a revenue CAGR of 248 per cent. to £24.4 million for the 2 years to FY20, predominately driven by highly effective marketing investment, with a total of c.£5.0 million of equity investment to the end of FY20.

As of 8 January 2021, Parsley Box had c.154,000 Active Customers, with Parsley Box shipping c. 900,000 products to customers per month.

Parsley Box has a scalable model and is well positioned to take advantage of the structural shift in consumer buying patterns and a growing target demographic.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
AIMEASDEDLDFEFA

a d v e r t i s e m e n t