Troubadour
Company Name:Troubadour Minimum fundraise:£0* High Share Price Bid:£0
Business Sector:Consumer goods Total Funds Bid to Date:- Low Share Price Bid:£0
Auction period:N/A - N/A Indicative Share Price:0.00 Average Share Price Bid:£0**
*The company will accept oversubscription.
**In the event of significant oversubscription, shares will be allocated to bids at the average price and above.
NOTE: ASSET MATCH HAS NEGOTIATED AN “ASSET MATCH INVESTOR BONUS” FOR INVESTORS IN THIS TRANSACTION. SEE THE “OVERVIEW” SECTION BELOW FOR DETAILS.

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Troubadour

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Company info

Troubadour Goods is seeking to raise £300,000 in return for 9.09% equity in the company.

Summary

Troubadour Goods ("Troubadour") is a London-based luxury menswear brand founded in 2011, specialising in handcrafted bags and accessories made from Italian leather. Founded by two former City of London financiers, Abel Samet and Samuel Bail, Troubadour is building a global brand and product offering with a strong reputation for functional design, incredible craftsmanship and a modern aesthetic.

Troubadour has initially focused on the men's leather accessories market – a large, high-growth segment of the personal luxury goods market – and positioned itself in a less competitive segment of the market that larger brands have not been effective in capturing.

Since the brand launched to the market in 2013 its sales have grown rapidly through its direct retail, wholesale, and bespoke sales channels. Troubadour is now working with more than sixty of the best stores in the world, including Selfridges and Harvey Nichols in the UK, United Arrows and Isetan in Japan, and Nordstrom and Barneys in the US. The business achieved sales of £425,000 in 2015 and is expecting to make sales of over £700,000 in 2016.

Troubadour has also been the subject of strong and regular press coverage from around the world and has had particularly impactful coverage in the UK and US. The team is working with excellent PR firms based in London, New York, and Los Angeles. Press coverage in Esquire, GQ, WSJ, NY Times, Men’s Health, Vanity Fair and the FT have all helped increase brand awareness and drive web traffic and sales. Since the launch of troubadourgoods.com online traffic has increased by an average of 16% every three months and online sales have grown by an average of 61% per annum.

The majority of the existing investor base has worked with the Troubadour team for almost three years and all current investors are incredibly supportive of the brand’s continued growth. Pembroke VCT in particular has a Troubadour board seat and actively advises and engages with the Troubadour leadership team.

Troubadour has a motivated and talented team that has substantial experience working with top luxury and accessories brands. Structure and processes are already in place that will allow the business to continue to reliably scale.

 

 

The company is seeking to raise £300,000 of EIS-eligible investment in return for 9.09% equity in the company (a pre-money valuation of c. £3,000,000 and a subscription price of £66.86 per share). The minimum subscription amount is £10,000 or such other minimum subscription as the directors and Asset Match may determine from time to time. Troubadour has reserved the right to overfund.

The company has a single share class and investors will be issued shares that rank pari passu with the existing share capital.

Use of proceeds
New cash raised will be used to fund sales growth and working capital requirements.

Background to investment by Pembroke VCT
Pembroke VCT first invested in Troubadour in 2013. Since then, they have been a fantastic partner and incredibly supportive by providing many helpful introductions and guidance. Troubadour has grown its run rate sales roughly 10x in the two and a half years since Pembroke's first investment and Pembroke has indicated that they currently intend to hold their Troubadour investment for another four to six years. In 2015 Pembroke followed on with additional investment. In this investment round Pembroke will not be selling any shares, but will also not buy additional new shares. Pembroke will retain its seat on Troubadour's board and intends to remain actively engaged throughout the life of their investment in Troubadour. 

 

Troubadour's current growth plans put the business on track to be a substantial standalone, growing, profitable company. Such a business could be an attractive acquisition target to a strategic or financial acquirer. With additional time and continued growth Troubadour has the potential to list independently as a public company. Pembroke VCT will seek to exit its investment in Troubadour in four to six years and this will provide an exit opportunity for other investors as well. Such an exit may include admission of the Company's shares to trading on Asset Match at an appropriate time.

 

Troubadour Goods has submitted its plan to raise money, details of its structure and trade etc. to HMRC and has been given advance assurance that the proposed share issue is likely to qualify for Enterprise Investment Scheme (EIS) tax reliefs. To date, the company has raised £992,319 of new money via VCT and EIS (first raise of £660,000 and a second raise of £332,319).

Tax relief is available only to individuals who subscribe for shares in an Enterprise Investment Scheme. Relief is at 30% of the cost of the shares, to be offset against the individuals' Income Tax liability for the tax year in which the investment was made.

If you sell, give away or otherwise dispose of shares, tax reliefs can reduce your Capital Gains Tax liability. Your shares must meet certain conditions to qualify for these reliefs.

Please visit the HMRC website for further information on EIS tax relief.

The availability of any tax relief, including EIS and SEIS, depends on the individual circumstances of each investor, and may be subject to change in the future. If you are in any doubt about availability of any tax reliefs, or the tax treatment of your investment, you should obtain independent tax advice before proceeding with your investment.

This summary should be read in conjunction with all documentation made available on this site. Please read the supporting documentation carefully before making any investment decision.

Instructions

You are reminded that investing in early stage and unquoted businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution, and it should only be done as part of a diversified portfolio. Asset Match is targeted exclusively at investors who are sufficiently wealthy and sophisticated to understand these risks and make their own investment decisions. 

If you have registered with Asset Match as a shareholder of a company on the platform, you are reminded that you will need to certify that you are either a High Net WorthCertified Sophisticated Investor or Self-Certified Sophisticated Investor.

Instructions

  1. If you are interested in investing, please email us via dealing@assetmatch.com, confirming how much you are looking to invest and we will send you a completed application form to sign. Alternatively, you can download the form from the Overview tab and complete the relevant sections yourself. Please return the completed form along with a cheque (made payable to Troubadour Goods Limited) to:

Troubadour Goods
Vox Studios
Suite 413
1-45 Durham Street
London SE11 5JH

If possible, please email us a copy of the form to dealing@assetmatch.com, so that we can register your investment and update this page.​ If you have any queries, please do not hesitate to contact us.

Key People

Samuel

Samuel Bail Co-founder

Previously worked in Lazard’s mergers and acquisitions advisory team in London and as an executive and board member at MCI, the largest operator of doctors’ offices in Canada. BA from McGill University and Masters in Finance and Economics from Balliol College, Oxford.

   
Abel

Abel Samet Co-founder

Previously worked in AnaCap Financial Partners’ private equity team and in Lazard’s mergers and acquisitions advisory team in London and New York. BA from Washington University and MBA from Harvard Business School.

   
Samantha

Samantha Jacob Design Director

Previously Head Designer at Anya Hindmarch and Head of Womenswear Accessories Design at Reiss. BA with First Class Honours in Fashion Design from Kingston University where she was named most promising student of the year at Kingston School of Fashion.

   
Margherita

Margherita Protti Production Director

Previously Head of Product Development at Anya Hindmarch, Head of Leather Goods Product Development at Alfred Dunhill, and Leather Goods Brand Manager at Vivienne Westwood. BA with Honours in Textile Design from Central Saint Martin’s College, London.

   
Ard

Ard Heynike Management and Strategy

Previously advisor to senior executives in Deutsche Bank Corporate & Investment Bank, a Principal at Bain & Company advising on growth strategy. Passionate about growing design-led ventures and has supported many high-growth businesses globally.

   
Andrew

Andrew Wolfson Non-Executive Director

Pembroke VCT Managing Director, responsible for executing the firm’s strategy, leading the investment team, deal origination and supporting portfolio companies. Andrew sits on the board of a number of Pembroke’s current investments (Bella Freud, Bella Freud Parfum, Boat, Boom, Chucs Bar & Grill, Chucs Ltd, Dilly & Wolf, La Bottega, Kat Maconie, Plenish, Sourced Market and Troubadour,). Prior to becoming Managing Director of Pembroke, Andrew worked with a number Oakley’s small company portfolio companies including KX, Tom Aikens and James Perse. Before joining Oakley, Andrew ran a number of businesses working across a breadth of sectors from hospitality to manufacturing and telecoms. Andrew is also a director of Benesco Charity Limited, and a trustee of The Charles Wolfson Charitable Trust.