Parsley Box Limited, the ready meals delivery group targeting the Baby Boomer generation, has confirmed it is to float on AIM.
The company said it intends to give its customers the chance to become shareholders in the initial public offering (IPO).
Before the flotation, expected to happen late this month or early next month, the company will beef up its board with three independent non-executive directors, Chris Britton, Hazel Cameron and Ana Stewart.
Britton is a former director of packaging company DS Smith; Cameron has non-executive director experience across a range of sectors, including technology, retail and pharmaceutical while Stewart is the chief executive director of software outfit i-design Group.
Parsley Box reported revenue of £24.4mln in 2020 and has an active customer base of around 154,000.
Its announcement of its intention to float on AIM contained no mention of profits or losses.
— WheelieDealer (@wheeliedealer) March 5, 2021
The market for ready meals delivered to the home received a huge boost from the lockdown restrictions imposed by the UK government in an attempt to halt the spread of the coronavirus (COVD-19).
Parsley Box is targeting the “Baby Boomer+” generation, most of whom will now be retired. According to the market research firm, Kantar, retired households’ online spend in February 2021 was 229% higher than it was in January 2020.
Ready meals for old people – Parsley Box floating on AIM.
Competition includes loads of farm shops and companies like Cook, as well as the traditional supermarkets.
— Dan Coatsworth (@Dan_Coatsworth) March 5, 2021
Kevin Dorren, the chief executive officer of Parsley Box, said the IPO would give it the funds to grow more quickly.
“Our fast growth trajectory clearly demonstrates the market opportunity from the Baby Boomer+ consumer for the convenience of our high quality, affordable, quick and delicious ready meals delivered to their door. We see ourselves as a challenger brand that is redefining the category and have only just begun to satisfy the demand of this underserved demographic, with a clear strategy to continue this growth. We also believe we have a first-mover advantage through already having over 500k registered users,” Dorren said.
Chris van der Kuyl, the non-executive chairman of Parsley Box, said the group has ambitious plans to build a brand that “caters for the needs of the original rule-breaker generation”.
“To help us reach our growth ambitions we’ve strengthened and diversified our board with the appointment of three new non-executive directors who bring a wealth of complementary skills and experience to help guide Parsley Box in this new chapter,” van der Kuyl said.