Business

Huel is focusing on London’s IPO as the desire for plant-based meal replacement grows

Huel, a plant-based meal replacement maker, hired a banker to advise on an initial public offering in London after the product’s popularity surged during the pandemic fitness boom.

The Hertfordshire-based group is working with Goldman Sachs and JP Morgan to lift potential businesses next year.

Banks also offer advice on the possibility of selling the business in the dual-track process, but IPOs are seen as the preferred option for funding future growth by the people involved in the process. People explained the situation. Fuel declined to comment.

Fuel is assembled from plant ingredients such as oats, coconut and flax seeds to produce “complete food” powders, drinks, snacks and dried foods containing “26 essential vitamins and minerals”.

Julian Hahn, the founder of the group, previously founded and sold Mashup Media, an affiliate marketing company that hosts vouchers online. He launched Huel, headquartered in Tring, Hertfordshire, in 2015 and is expanding rapidly internationally, including sales to the United States, Japan and the continent of Europe.

Huel’s listing in London is renewed on the UK stock market due to concerns over the recent slowdown in new IPOs and the diminishing willingness of investors to support fast-growing but unprofitable businesses. Will bring a boost.

FT report Last week, China-backed UK chipmaker Imagination Technologies also appointed a bank to advise on IPOs in 2022.

Fuel Is considered one of the UK’s most promising start-ups and has a strong social media presence that appeals to young fitness-focused consumers. Most of its sales go online directly to consumers, including subscriptions.

According to the latest account filed with Companies House, the Group reported annual sales of £ 71.6m through July 2020, up from £ 50.2m in the previous year. Operating profit for the year to July 2020 was £ 700,000.

James McMaster, a former executive of dessert brand GüPuds and baby food maker Ella’s Kitchen, became Chief Marketing Officer in 2017, with Hearn serving as Chief Marketing Officer. Huel has added Steven Bartlett, founder of social media agency SocialChain, as a non-executive board member this year.

Huel is focusing on London’s IPO as the desire for plant-based meal replacement grows

Source link Huel is focusing on London’s IPO as the desire for plant-based meal replacement grows

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