BRAY CURED

At Bray Cured, we're passionate about bringing the art of charcuterie to the UK, blending traditional techniques with local British flavours. Our products, ranging from venison salami to hogget bresaola, are crafted using heritage breed meats and local wines, ensuring a unique taste experience. Our dedication to quality has been recognised with multiple Great Taste Awards, and our presence in markets like Chiswick Food Market has helped us build a loyal customer base.

Our recent expansion includes the opening of our first physical shop in Bray High Street, enhancing our direct-to-consumer reach. We've also introduced innovative offerings like letterbox charcuterie subscriptions and combined charcuterie-making and golf experience days, catering to a diverse clientele. These initiatives not only diversify our revenue streams but also deepen customer engagement.

We're now seeking investment to scale our operations, increase production capacity, and expand our team. With a proven track record, a growing product line, and a clear vision for the future, Bray Cured offers investors an opportunity to be part of a British food success story.

Credit Commentary:
Bray Cured Limited is a Berkshire based artisan charcuterie producer, starting its journey in 2021, the company specialises in high quality, small-batch British cured meats. Over the past couple of years , the business has established a presence through direct to consumer sales, subscriptions, and retail partnerships. The company has an Equifax score of C and has earned highly positive ratings on one of the trusted online review platforms.

The major shareholder and director, Alexander Mugan, is providing a personal guarantee which means that should the business fail and there are insufficient assets within the business to repay the loan, we can look to the guarantor(s) to repay any shortfall. The director is a homeowner with significant equity cover and has a decent credit profile.

The business has demonstrated consistent revenue growth over the past three years (10M YE’Jun 25: £427.6K: YE’Jun 24: £225.5k: YE’Jun 23: £92k), driven by a strategic focus on aggressive marketing and advertising spend. While this approach has limited profitability in the short term, it is yielding positive results in terms of increased sales and market penetration.

The company reported a loss of £34.9k during YE’Jun24, primarily due to transitional costs associated with the relocation to a new factory between July and September 2024. The increased operational cost outpaced earnings growth in the short term, reflecting the time needed to fully absorb the fixed cost overhead. In the current year Jun’25 the company achieved a nominal profit of £8k, recovering from the prior year’s loss. This recovery occurred despite continued substantial investment in advertising, which remains a core component of its growth strategy. The company is projecting revenue of £950k for next year and above 20% net margin, ensuring enough space to cover loan repayments. This projection is estimated based on the marketing data from their Christmas 2024 performance, ROAS (return on advertising spend), increase in returning customer base and a larger portfolio of offline events. The current EBIDTA of the company stands at £12k and the bank statements demonstrated good affordability. The company will utilise funds to support stock related working capital inline with ongoing year on year growth. The July to September period is critical for production. Additionally, a portion of the funds will be allocated to the fit out of new office space to expand capacity for growing product offerings.

Inflation Risk:
As per the management, the company is not materially impacted by inflation. The products sit more in the luxury end of the market, so demand is fairly robust and good close links with the primary producers has enabled them to control the direct costs.