Snacking and cereal brand Bear has sent out a fur-covered, pop-up-style information memorandum (IM) in a bid to win the backing of prospective investors for overseas expansion.
Giles Brook, who invested in the business in 2009 to partner with founders Andrew and Hayley Gait-Golding, told The Grocer an IM had gone out to parties that “can help us accelerate international growth”.
Bear and sister brand Urban Fruit has so far been self-funded. Aiming to treble in size by 2018 the latest group accounts, out this week, show sales have rocketed by an impressive 72%.
Strong demand for Bear’s Yoyo fruit range fuelled a jump in turnover to £16.4m in the year to 31 October 2014 - the first year parent company Urban Fresh Foods has filed full accounts since launching six years ago.
The economies of scale driven by greater sales volumes also widened gross margins by three percentage points to 34% and helped operating profits increase 82% to £1.9m.
Brook said growth levels in the recently ended 2015 financial year had been maintained thanks to new innovations performing well and launches into Ireland, Scandinavia and the Middle East.
Bear is exploring other countries but will be selective when it comes to expansion.
“We’re brand builders, not exporters who just throw pallets across countries and see what sticks,” Brook added.
“We want to go into markets and invest and grow the brand like we have in the UK.”