By Scott Wright
PARSLEY Box, the direct-to-consumer ready-meal company, has fallen short of a fund-raising target.
The Edinburgh-based company, which targets the Baby Boomer generation, had set out to raise £7 million through a combination of a share placing that aimed to attract £5.9m, and an open offer designed to pull in £1.1m.
It embarked on the fundraising move earlier this month to shore up its balance sheet, provide working capital, attract new customers, create a membership community, and develop its product range, including into items beyond food.
That followed a difficult few months for the business, during which it struggled with supply-chain challenges and staff shortages.
The travails marked a quick reversal of fortunes for the business, which had seen demand for its services boom during lockdown when its target consumer group found it more difficult to get to shops.
Parsley Box floated on the junior alternative investment market at a placing price of 200p per share on March 31 last year, valuing the business at £84m. But its share price has fallen steadily since, and closed last night at 20.88p, down 0.57% on the day.
The company said on March 11 that the placing had successfully met its £5.9m target, with high-profile entrepreneur – and Parsley Box chairman Chris van der Kuyl– investing nearly £1.9m, and chief executive Kevin Dorren putting in £1.1m.
However, it announced yesterday that it had fallen short of its target with the open offer, raising gross proceeds of £0.14m.
In total, Parsley Box raised gross proceeds of about £6.07m between the placing and open offer, which were approved by shareholders at its annual meeting yesterday.
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