Angelfish Investments Plc (“Angelfish” or “the Company”)
Investment in Just Bee Drinks Limited (“Just Bee”)
The Directors of Angelfish announce that the Company has agreed to subscribe £150,000 for 1,840,000 Ordinary A shares in Just Bee Drinks Limited (“Just Bee”). This investment, which forms part of a total equity fund raise of £292,000, will represent an equity stake of 9.14% in Just Bee following completion of this funding round.
In addition Angelfish will provide a working capital loan to Just Bee.
The principal terms of the loan agreement are as follows:
- The facility will be up to £100,000 at a coupon rate of 10%.
- The loan may be drawn on demand.
- The loan is supported by a first ranking fixed and floating debenture over the assets of Just Bee.
- The loan is repayable no later than three years after drawdown.
Just Bee is a 100% natural juicy water drink, sweetened with a drop of honey. It is sugar tax compliant with no added sweeteners and sits within the fastest growing soft drinks market segment. The brand was developed by beekeepers and also has a social and ethical mission to protect bees, helping to plant bee-friendly wildflower patches across the UK, with 5 millions flowers planted to date.
Just Bee saw 107% revenue growth from 2017 to 2018, with over 1 million bottles sold to date from numerous well known high street stores including Co-op, Waitrose, Boots, and Booths. The Board of Just Bee includes highly experienced senior executives from the food and drink sector.
This new round of investment will allow Just Bee to expand its product range and invest in a dedicated experienced sales team. This will enable the further development of existing relationships to give a greater foothold in the extensive soft drinks sector with a growing awareness of the health benefits of naturally sourced raw materials.
Joe Harper, CEO of Just Bee commented: “ Just Bee is now a recognised brand within the industry with listings in over 750 stores including in some of the UK’s top high street retailers. We are excited to be partnering with Angelfish Investments plc as lead investor for our next stage of growth, which will see us expanding distribution, launching new products and deploying strategic marketing campaigns to raise brand awareness.
Richard Walker, Director of Angelfish, who will join the board of Just Bee as a Non Executive Director, commented: “Just Bee represents an exciting opportunity for Angelfish as a second stage investor, with strong leadership in place aided by a highly experienced Board, as it seeks to develop from the sound base established in the last two years and build on the relationships already secured with a number of major high street retailers. We look forward to working closely with the Just Bee team over the coming months’’
This announcement contains information which, prior to its disclosure, was inside information for the purposes of Article 7 of EU Regulation 596/2014.
The directors of the Company take responsibility for this announcement.
Angelfish Investments Plc +44 (0)7772 013116
Cairn Financial Advisers LLP +44 (0)207 213 0880
NEX Exchange Corporate Adviser
David Coffman / Richard Nash
About Angelfish Investments Plc
The Company’s Ordinary Shares and Preference Shares are admitted to trading on the NEX Exchange Growth Market in London. The Company has the trading symbol ANGP for its Ordinary Shares and the trading symbol ANGS for its Preference Shares.