Birmingham entrepreneurs emerge from the den with £500,000 sales target for sustainable sauce product
Two old-school friends, who have twice braved Dragons’ Den, are aiming for a £500,000 sales return for their new eco-friendly sauce serving solution.
Ian Worton and Peter Neath are convinced that their environmentally friendly sauce serving solution, Saucestreamwill be a big hit with eco-conscious consumers after seeing an initial spike in orders online and on Amazon.
Backed by consultancy expertise from Haines Watts, the duo are also set to strike several major deals with major homeware retailers to stock their product, which is a simple pump device that clips directly onto bottles. made of glass and facilitates the extraction of the sauce with a simple pressure.
The device was inspired after a serendipitous vision of David Attenborough’s ‘Blue Planet’ documentary and is designed to encourage people to switch from single-use plastic bottles to more sustainable glass alternatives.
Saucestream clips directly onto glass bottles and makes sauce extraction easy with just a squeeze
“A few designs here, a few conversations there, prototyping in a garage and before you know it, Saucestream was born,” explained Peter Neath, a former automotive engineer by trade.
“Our product, which is now available in five bottles of commonly used sauces, pushes all the right buttons. It’s a green solution for individuals to replace plastic bottles with glass ones and still be able to get the same “squeeze feeling” that eliminates all the sauce. »
He continued, “This is just the beginning. We’re just starting to start conversations with restaurant chains about switching to our products and if we can get any of these conversations down the line, it could be a real game-changer.
“Sustainability is not going away; it will only grow in importance and I hope our innovation can play a small part in it.
Peter and Ian have been supported by Haines Watts for the past seven years, helping them establish and grow their hugely successful Grillstream business, a business that has transformed the way barbecues work.
The specialist accountant and business advisors guided the entrepreneurs in securing the Patent Box allocations and helped establish the brand as the second largest in the UK and a thriving export business.
In recent years, the focus has been on how they fund and get Saucestream off the ground quickly to make the most of market opportunities.
Saucestream PR (lr) Andrew Jones (Haines Watts), Peter Neath, Ian Worton (both Saucestream) and Daniel Montgomery (Haines Watts)
Ian Worton continued: “Haines Watts has just started our business right away and understood our personalities, which are big drivers for Grillstream and Saucestream. As owner-managers, your day is filled with things to do, from basic design and development work to trying to figure out how the hell you’re going to sell it.
“The last thing you need to try to do is try to understand the world of finance and all of the different tax incentives and funding avenues that we might go into. We just needed someone to step up and take control of this.
That’s exactly what Haines Watts did, first completing the patent application on both products and more recently securing over £20,000 in R&D tax savings that entrepreneurs have spent on development and tooling costs to get Saucestream up and running.
He also ensured both companies transitioned to digital accounting, installing Zero software to help manage inventory and give everyone greater visibility into purchases, sales, investments and future opportunities. .
Daniel Montgomery of Haines Watts echoed the story: “Peter and Ian are two fantastic innovators and have a history of successfully bringing new products to market. We started with compliance and made the business more efficient, then we used the expertise of our pan-regional teams to maximize the Patent Box, R&D tax credits and, more recently, deferred VAT accounting.
“The latter is important because there are a lot of upfront costs associated with manufacturing products for sale and then a lag in the time it takes to sell the units and recoup revenue. We can alleviate some of the pain with this smart approach to VAT. »
History has a habit of repeating itself and the duo lived up to that mantra by becoming the first entrepreneurs to return to Dragons’ Den with a different offering in 2022.
This time they managed to attract three offers from Peter Jones, Deborah Meaden and newcomer Steven Bartlett, all keen to maximize the sustainable opportunity that Saucestream could provide.
However, despite this interest, negotiations are still ongoing over what this deal will look like, so for now the contractors are going it alone.
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