GJC Hospitality Team Supports The Restructuring Of Goodery Ltd

Goodery is an online subscription vegetable box service which connects local farmers, ethical businesses with environmentally aware consumers. They deliver this service whilst generating zero emissions and by keeping the use of cardboard to a minimum. They also supply a range of provisions and a limited range of beers and wines.

The business is based in Norwich and was founded by John Ellison in August 2020. The business made a decent start in terms of trading but when a fund raising round failed due to issues with attaining EIS advanced assurance the business was left with liquidity issues. The founder approached GJC via Begbies Traynor with a view to finding either a buyer or investors for the business.

Paolo Peretti went out to his network in an attempt to find a solution and was able to secure interest in the business. He then worked with the founder to review his business plan, the three-year financial forecasts and his cash flow. With a plan in place Paolo worked with both the investors and the founder to create a memorandum of understanding and then to structure a deal that was acceptable to both sides. Throughout this process, Paolo worked with both sides to ensure that the deal was completed by the March 31st deadline. With the deal agreed in principle, Paolo led an accelerated due diligence process which concluded when the deal was signed on the 31st March. This has led to Saylalala (a last mile logistics provider) providing sufficient working capital to ensure that the business achieves profitability by the end of 2021
Paolo will be staying on with the business as an advisor to the board and will help deliver the three-year plans.

Sumit Jain Saylalala CEO “ I am delighted to be investing in Goodery as this is a brand that has huge potential. The transaction was smooth and Paolo worked hard to keeps things on track”