A new pitch on Crowdcube is raising £200k for 10% - today valuing this operation at £2m.
Fieldcandy make and sell funky tents and some accessories. The pitch majors on their gold plated stockists, Harrods, Liberty, Heals - you get the picture. These stores only carry a very few items - Harrods had 4 kids tents and we couldnt find any at Liberty although they do have their own label Liberty print tents which look similar. Heals seemed to have nothing. Its hardly going to force sales to the levels the projections show, from the very low levels they are at currently. Whats more the company, as is common with many Crowdcube pitches, has chosen to pitch just before the filing date for their latest accounts.
You can buy a fantastic all weather 2 man tent for well under £100 - there are literally hundreds to choose from - all quality products. Or you can buy a funky, not great weather resistant Fieldcandy tent for only £300-£400. The website etc suggests that a major market for these tents is the Festival sector. From our experience you would rather spend £80 on a tent and just throw it in the bin on Sunday - you could get 4 of them for one Fieldcandy effort; that anyway makes you stand out as some Tim nice but dim. If you really want funky and dont want a hole in your pocket a 2 min Google search reveals http://www.mookychick.co.uk/how-to/how-to-guides/funky-festival-tents.php where printed tents are £39.99. Mind you, these ones are not stocked in Harrods!
To be fair, the products are fun and imaginative but they will never reach the sales levels required for investors to see any return - they are simply too expensive for their market. We wonder how many Liberty print tents will be erected at this year's Glastonbury and why if the PR is correct, all of the sales pics on their website are staged - where are the real pics from Reading etc?
This research seems so simple to do, yet it seems no one is really applying it. Thank you for the effort. Needs more publicising.
ReplyDeleteSpeaking of tents, a pitch about to close out (probably successfully) on CC is adzuna. I noticed you had not commented on its valuation.
In some small research jobsrapido was sold for 30million euros on real profits of 6 million.... Could you give your opinion please.
Am enjoying this site immensely - cheers
Adzuna is not in a area i feel i have any expertise, so no comment of any worth. Bound to be overvalued as this seems to be the only consistent trend on CC. As Adzuna is valued today at over £25m on a t/o (not profit ) of just £5m it strikes me on the surface as bit of joke - but could easily be wrong. to get a basic5x return this co will have to worth over £100m - that is of course without the inevitable dilution from future raises which could easily double or quadruple this sum.
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