PLANKS CLOTHING LTD
Planks is a British clothing brand creating premium, eco-conscious outerwear and lifestyle apparel for skiers worldwide. Founded by former professional skier Jim Adlington, their brand has been built on his lifelong obsession and passion for skiing and a deep understanding of the industry and outdoor products. Their creative process includes continuously working to reduce the impact that their production and logistics have on the planet. They use organic and recycled fabrics extensively through their collection and so far have recycled 1.5 million waste plastic bottles into outerwear. After a challenging 18 months, they have bounced back, and are stronger than ever. The Equity is on offer at the same £0.14 share price as the business's previous Equity round and is EIS eligible. Funds raised will go towards stock purchases to fuel their future growth.
Our mission is to be an original and honest outerwear brand that inspires its own community of skiers through a unique and engaging experience.
• £1.85m turnover in FY20. 3 years of c40-50% YoY growth pre-COVID
• Launched The FUSS in 2021; a scalable digital loyalty program
• Selling D2C and via partners incl. ASOS, Snow and Rock, Surfdome, EVO, Ellis Brigham
• Recycled 1.5 million waste plastic bottles into outerwear, so far!
• EIS Eligible, share price of £0.14 is the same as the business' previous Equity raise
Founded by ex-professional skier Jim Adlington, our business is built on a lifelong obsession with skiing and being true to our brand values, ethically producing technical ski clothing and streetwear.
Planks is more than just great product, our community is captivated through shared digital & physical experiences such as the Grassroots Tour & “The FUSS”. The FUSS is our highly scalable digital advocacy program, where our best customers complete missions, create social media content, and become brand advocates.
Our guiding philosophy is respecting the Planet and its inhabitants. We use bluesign® approved fabrics and incorporate REPREVE® recycled yarns and organic fabric in over 70% of the Planks collection, recycling 1.5m waste plastic bottles, so far!
Pre-pandemic, we experienced 3 consecutive years of c40% YoY growth and sales of £1.85m in FY20 (FY: June - May), despite a premature end to the winter. After a challenging 18 months and an entirely missed ski season for Britts, we are coming back stronger than ever.
We have added Gerald Dawson as Finance Director, who has successfully completed a number of exits. Gabrielle Hase and Franck Waterlot have joined the Board as Non-Exec Directors and have invested on the same terms as the crowd.
We have the product, team and plan in place to capitalise on a post-pandemic boom. We are continuing our international D2C expansion by localising the customer experience in target markets. We are also following our strategic roadmap for wholesale, adding key international accounts for FY22.
This Winter we are forecasting a bounce back to pre-pandemic levels. We have already shipped and invoiced c.£500k of wholesale orders, accounting for 70% of this year's budget. Our early season online results are also suggesting a strong bounce-back season, with year to date sales of over £200k, on budget and up over 20% on prior year.
We are therefore looking forward to funding our future growth. We are raising £200k equity to buy stock for next season's business and warmly welcome you to join us on our journey and become a shareholder in Planks.
Hugh and Jim,
Our business plan and financial forecast:
Planks 2022 catalogue:
The financials accounts show a loss as the company is working towards the growth of the business with shareholder funds of (£44k) May 20. With their specialised knowledge of the product range, their forecast is to convert the business into profitability in the next 1-2 years. The business is valued £6m and they are offering equity in the business to raise £200k. If the price per share decreases, the equity owners will be responsible for the risk and investment in the business. There have been no CCJs for the business or directors.
Planks set out earlier this year to raise £1m of additional equity. In conversations with existing investors and potential new investors, we arrived at a price per share of 13.59 pence.
This is price per share we used in:
- the direct subscriptions from new and existing shareholders in March to May 2021
- the Crowdcube round in April to May 2021
And thus the share price has been validated by arms-length subscriptions for new shares.
With the company trading in line with its forecasts from earlier in the year, we did consider increasing the price per share but decided to maintain it for this final part of the 2021 equity raise.
Where will the funds go?
THE POWDER HOUND
THE FRESH TRACKS
THE WHITE ROOM
THE SNORKEL DEEP
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"Our mission is to be an original and honest outerwear brand that inspires its own community of skiers through a unique and engaging experience."