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Northern Powerhouse European Union
Business Strategy

The Good Prep keep going and accelerate growth with support from the Hub

Stockport based The Good Prep, has all the good stuff to keep its customers going. A subscription-based meal prep delivery service, the company only uses the healthiest, freshest, and most delicious ingredients, ensuring quality in every bite. High performance food that takes minutes to make – meal prep made easy.

The meal prep industry, an innovation in the way we consume food, has seen a recent boom and upsurge in demand. Consumer attitudes have changed with a modernised take on the concept in light of COVID-19.  More and more of us are looking to make purchases, meals included, without having to leave our homes.

A shift in social habit that the people at The Good Prep were hoping to capitalise on when they approached the Hub for support.

Mark's front and back-end expertise helped us revise our application with the funder of choice to secure £106k in funding. We worked on our executive summary, business plan and cash flow forecast and would not have been successful without the Hub's help.

Jem Selcuk, Co-Founder

Looking for Help

Co-Founder Jem Selcuk recognised the need for specialist support to help achieve their potential. "We contacted the Hub to bring in external guidance that would help us make the most of increased market demand.

Using the Business Model Canvas, the Hub team identified an opportunity to implement a high-level growth strategy. Together we were then able to plan a structured pathway which offered us a focused approach and clear direction.”

How We Tripled Revenue

The business was introduced to specialist expertise within the Hub’s Growth and Start up and Access to Finance teams. Their Growth Advisor, Marc Appleton, a specialist in the Food and Drink sector, performed a strategic review, including deep dives on operations, finance, people and sales & marketing.

The company's food safety policies were reviewed and improved, ensuring they were operating a COVID-secure workplace and they were advised on local delivery schemes to help reach their customers.

Jem said: “The Hub took a holistic approach to the support, providing guidance on future proofing and resilience planning with a focus on systems and the company's operational plan.

To scale up further and increase production, the business invested in a new 3663sqft kitchen facility using funds secured following support from the Hub’s Access to Finance team. The Hubs specialist services also assisted in the placement of an Operations Manager, Kitchen Manager and Dispatch Manager - targeted professional placements that has improved business operations and ensured rapid growth.

Securing Funding and Going from Strength to Strength

Since working with GC Business Growth Hub, The Good Prep has tripled sales to over £1,000,000 with turnover increasing by £662,000. The business was also successful in their application for the Coronavirus Business Interruption Loan Scheme (CBILS) for £105k.

Three jobs have been protected with a further thirteen created. The new kitchen facility is undergoing further scale up, improved processes are being implemented throughout, supply chain consolidation has helped reduce costs and innovation remains a key driver of the business.

The revamp of the business and the improved services it now offers has also helped raise their profile, with coverage in publications including GQ, Men’s Health, Women’s Health and the Evening Standard.

Co-Founder Jem Selcuk said:

“We started working with Marc (assigned business advisor) around 12 months ago. His knowledge, experience and expertise in the food and drinks industry was invaluable. We initially needed help with structure and discussed in detail our growth pain points - which Marc had first-hand experience in dealing with and advised us accordingly.”

“Since then, we have worked on implementing our strategy by developing revenue streams, different markets and making sure our operation is as Lean as possible. Marc has helped us in every aspect of growing our business, from a two-person operation to now employing 20 people and tripling revenue in 12 months.

Marc also introduced us to Mark (Renshaw) from the Access to Finance team after our first three funding applications were rejected. This was needed as an opportunity came up to secure our tenure and increase the capacity of our operation. Mark's front and back-end expertise helped us revise our application with the funder of choice to secure £106k in funding. We worked on our executive summary, business plan and cash flow forecast and would not have been successful without the Hub's help.”


The GC Business Growth Hub is always #HereForBusiness offering support and guidance to organisations on the current challenges and market changes relating to COVID-19. For more information go to: COVID-19 Advice and Resources

 

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