Triodos Bank UK is partnering again with Bristol-based independent retailer, The Better Food Company Limited (Better Food), to raise £800,000 through a bond offer on the Triodos Crowdfunding platform. The proceeds will be used to open two new retail outlets in Bristol selling organic, local and responsibly sourced goods.
Better Food aspires to offer the best organic produce, balancing the needs of the farmer and soil with the needs of the customer. It sells products representing every area of grocery retail, from organic fresh fruit and vegetables to locally sourced meat and ethical gifts. The company is proud to support dozens of small, local suppliers from around Bristol (nearly 30% of suppliers are based within five miles of the city) and continues to develop meaningful partnerships with all suppliers to ensure trade is fair for all.
Established nearly 30 years ago as an organic delivery service, Better Food has evolved into an established and trusted organic retailer, operating three sites in Bristol – the original shop and café in St Werburghs, the food hall and delicatessen in Clifton and the most recent addition at Wapping Wharf, part of Bristol’s historic harbourside. The new bond will play an essential role in helping Better Food extend its footprint in Bristol and the surrounding areas. The company is already in negotiation over a number of prospective sites and is targeting opening two new stores by summer 2022.
As society has faced recurring nationwide lockdowns due to the Covid-19 pandemic, Better Food’s shops have remained open to help local communities, providing a continual supply of fresh produce with minimal stock supply issues. In recognition of their employees’ efforts, the company paid a Covid-19 bonus to its employees in 2020 and again in February 2021.
The Better Food Company’s founder Phil Haughton comments: “There has been a clear shift towards a more conscious consumer who has an appetite to shop sustainably at independent stores and make more informed choices about purchases; they recognise the value of sustainable, organic food and want to use their buying power to strengthen local food systems and bring about lasting change.”
People are increasingly looking to organic systems to provide solutions to the challenges in local food systems. In 2020, UK organic sales grew by 12.6%, its fastest annual growth in over ten years*. Better Food sales in 2020 outstripped organic sector trends, growing by over 16% relative to 2019 and it remains on course to deliver its strongest ever financial year (to March 2021) performance.
The seven-year bond will pay investors 5% gross interest per year, with a minimum investment of £50. It is also available within the tax-efficient Innovative Finance ISA (IFISA) wrapper. As with all investments, interest payments and return of capital are not guaranteed and like all ISAs, the IFISA is subject to eligibility criteria.
This is the second time that Triodos Bank UK has partnered with Better Food to raise capital through a bond. In 2016, Triodos Bank UK helped to raise £350,000 which was used to finance the opening of the Wapping Wharf store.
Dan Hird, head of corporate finance at Triodos Bank UK, added: “Having seen the way the Wapping Wharf store has helped to transform the Bristol harbourside into a thriving hub of independent businesses, we are delighted to be able to help Better Food access the capital they need to further expand and offer investors the opportunity to invest directly in a well-known Bristol company.”
Investments offered on the Triodos crowdfunding platform are not readily realisable, which means that they may be difficult to sell, and you may not get back the full amount invested. Investments are not covered by the Financial Services Compensation Scheme (FSCS) and your capital is at risk and returns are not guaranteed. Repayment of capital and interest will be dependent on the success of the organisation's business model and past performance isn’t a reliable indicator of future performance. You should always read the offer document in full before deciding whether to invest as it will cover risks specific to an individual investment. You can read more about the general risks associated with making these types of investments here. If you are unsure if any of these investments are right for you, you should contact an Independent Financial Adviser.
*Organic Market Report 2021, Soil Association Certification
Notes to editors
For further information and photos, please contact:
- T: 0117 311 0241
- [email protected]
The Better Food Company Limited published an offer document dated February 2021. Applications can only be made on the basis of, and subject to, the terms and conditions of the information contained in the offer document which includes the terms and conditions of the Triodos Crowdfunding website. The Better Food Company Limited is a private limited company, incorporated in England and Wales (registered number 03682509) with registered office at The Bristol Proving House, Sevier Street, St Werburghs, Bristol BS2 9LB.
About The Better Food Company Limited
The Better Food Company Limited is an award-winning Bristol-based independent retailer of organic, local and ethical goods - it strives to build a better, fairer food community for everyone. Established nearly 30 years ago as an organic delivery service, the company has evolved into a leading organic retailer, operating three profitable sites in Bristol.
About Triodos Bank
Founded in 1980, Triodos Bank has become a frontrunner in sustainable banking globally. As an independent bank that promotes responsible and transparent banking, it does not see any conflict between a focus on people and the planet and a good financial return. Instead it believes that they reinforce each other in the long-term.
Triodos Bank has banking activities in the Netherlands, Belgium, the UK, Spain and Germany as well as Investment Management activities based in the Netherlands but active globally. Triodos Bank co-founded the Global Alliance for Banking on Values (GABV), a network of 63 sustainable banks. Together these banks want to grow sustainable banking and its impact on the real economy substantially.
Triodos Bank UK Ltd is a wholly owned subsidiary of Triodos Bank NV. Registered Office: Deanery Road, Bristol, BS1 5AS. Registered in England and Wales Company No. 11379025. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 817008. VAT reg no 793493383.
This financial promotion has been issued and approved by Triodos Bank UK Limited for the purposes of section 21 of the Financial Services and Markets Act 2000. Triodos Bank UK Ltd. Registered Office: Deanery Road, Bristol, BS1 5AS. Registered in England and Wales with registered number 11379025. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 817008. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request.