Industry: Food
Bean & Goose was established in 2014 by sisters Natalie and Karen Keane who began making chocolate by hand, having been taught by chocolatier Benoit Lorge in Co Kerry. They began selling at food markets in Dublin and now sell into approximately 120 gourmet food stores, gallery and gift shops, bookstores, cafes and specialist off-licences countrywide. The company is based in Last Tree Farm, outside Ferns, in Co Wexford.
The Challenge
This innovative food business was growing steadily but organically by increasing its retail footprint and exploiting the lucrative corporate channel selling directly to businesses for occasion and gift solutions. However, in order to maximise both Irish and export markets and increase volume dramatically, the company needed significant investment to fund additional manufacturing capability and marketing initiatives.
The Solution
The team from Bean & Goose worked closely with South East BIC and the Halo Business Angel Network in the development of their Business Model and developing an investor-ready business strategy. This resulted in the identification of a strategic investor who already worked closely with the company in the development of their plans. Following this investor-readiness strategy, which involved business planning and financial planning, Enterprise Ireland invested in the company under their HPSU investment vehicle.
The Outcome
Bean and Goose raised €200,000 for expansion and is planning to find a larger facility and launch an improved version of its website in the autumn 2019, in time for Christmas, which accounts for two-thirds of sales. Half of this investment funding came from Enterprise Ireland and the second half from a private investor. Their strategy is to focus online and grow online sales to 30% in 2019 and to 50% in 2020. They are also focused on launching in the French market, where extensive research has identified opportunity for the brand.
“We could not have prepared for investment without the guidance, support and sheer hard work of the team from South East BIC who gave us the tools to make it happen. They were consistently available to solve sales, marketing, strategic and financial queries. The road to investment is a tough one so this support was invaluable”
Natalie Keane, CEO, Bean & Goose
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