Project Rasher supplies pork- and protein-related snacks and gifts through grocery stores, pubs, retailers and various e-commerce platforms.
The company has developed a wide range of bagged and giftable flavoured snacks. The products include pork crackling, chorizo, jerky, nuts and gift sets.
The business uses suppliers that hold BRC and SALSA accreditations. The primary supplier recently rebuilt its facility to ensure consistent quality standards and meet the company’s increasing demand.
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Operating on an omnichannel basis, the company supplies its products to B2B and D2C customers nationally.
The company is offered for sale to enable the co-founders to focus on other, unrelated business endeavours. A part-share sale may be considered to enable the acquirer to retain the expertise and support of some investors.
Key Highlights
– Vast potential to expand internationally, with an EU supplier already in place to facilitate overseas production and sales.
– Has won 12 Great Taste Awards.
– The business has retained a network of over 320 grocery stores, on-trade outlets and other retailers, including blue-chip supermarkets. One supermarket brand operates over 2,500 individual stores, highlighting the wide-ranging customer network in place.
– Over 35% of the e-commerce sales are generated by returning customers.
– Approximately 45% of B2B customers provide repeat business through frequent restocks of the company’s products in their outlets.
– Operates with a lean personnel model, streamlining its activities and reducing overheads.
– Utilises a third-party logistics warehouse to fulfil orders, which is retained on a flexible agreement depending on the business’s operational requirements.
Financial Highlights
– Generated a YE23 turnover of circa £2.5m, down from £5.7m in YE21 as a result of a salmonella outbreak at the outsourced factory.
– Projected to significantly enhance profitability following operational efficiencies made in YE23. As such, the business is forecast to achieve a turnover of £4.2m by YE27, with the adjusted EBITDA increasing to £880k.
– Approximately 35% of sales are generated through the business’s e-commerce website.
– Well placed to expand the B2B customer network; discussions are taking place with two prominent UK supermarkets. If successful, these may generate a combined £650k by 2025.
– Has a wealth of other pipeline opportunities, such as onboarding previous B2B customers and procuring festive gifting tenders.
