Feast It

Digby Vollrath, CEO & Co-Founder

Today, Feast It provides hassle-free, customisable event catering – from a 20 person dinner party to 40,000 people festivals. The business works with over 650 of the UK’s top caterers and mobile bars across a range of events, spanning corporate occasions to weddings and featuring the likes of BAO, Nobu, Honest Burgers and Mr Fogg’s.

In 2018 alone, the business secured a £680,000 investment for national expansion, whilst also growing a staggering 1000% and amassing a total of £1 million in investments.

Fast forward to February 2019 and the brand raised £1.7 million in an impressively over-subscribed funding round led by Jon Claydon, ex-Head of advertising agency Claydon Heeley Jones Mason, bringing its total funding to-date to £2.7 million. Other investors contributing to the round included shareholder and previous Chairman, in The Hut Group, Richard Pennycook, Coldplay member Guy Berryman, serial entrepreneur and star of Dragon’s Den Sarah Willingham and luxury entrepreneur John Ayton MBE. The business is forecast to maintain a similar year-on-year growth rate.

Follow the link to the Feast It website – feast-it.com

The Brief

Feast It required representation of the business, as it sought investment across two rounds. Round one: £250,000 and Round two: £1,700,000.

Tell us more about the service provided to you from Gannons

The firm worked with us on our shareholders agreement and constitutional documents, together with setting out the relationship between angel investors, institutional investors, founders and seed investment partners. They also oversaw obtaining the advance assurance from HMRC that our investments would qualify for SEIS and EIS relief.

In the second round, in addition to overseeing the £1,700,000 investment, they also managed the transfer of shares from an existing shareholder to a new.

What challenges
(if any) did you
face?

To say we put Gannons under pressure to deliver to extremely tight deadlines across both rounds of investment would be an understatement. With the first round, we approached Gannons on 06 December, 2016 and somehow they were able to complete on 23 December, whilst I was sat on a beach in Mexico. With the 2nd round, we instructed them on 11 October, 2018 and we completed within 5-weeks.

In addition to the tight timelines, they also had to manage and execute documentation to the exacting edits and requirements of 20 different stakeholders to ensure all parties were aligned – no easy feat!

Would we work Gannons again? Absolutely. Good lawyers are a team you don’t notice, by virtue of not having any issues and in this respect, Gannons exceeded all our expectations. The legal work they undertook ensured we secured funding and without the funding, we wouldn’t have a business. We now have a solid base of legal documentation and we’re completely compliant. Great work team Gannons.

Catherine Gannon

Catherine gets involved with thorny issues calling for her bank of practical commercial knowledge amassed over too many years of practice to count. Very good a thinking up work around solutions.

Let us take it from here

Call us on 020 7438 1060 or complete the form and one of our team will be in touch.