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House of Treborough Ltd trading as Snugs earphones
London, Bristol, Bath, Southampton , Brighton, Rest of United Kingdom
Windwhistle Farm Treborough Watchet TA23 0QW United Kingdom
29 July 2013
Snugs Custom-fitted In-Earphones Brand
Recently dubbed as “probably the best consumer headphones in the world” by Jonathan Margolis in British Airways online magazine. snugs are the best fitting custom in-ear headphones, snugs are really comfortable, they shut the world noise out, they don’t let your sounds out and they deliver truly great sound quality. They are a quantum leap forward that are both affordable and accessible for consumers.
There are 2billion Smartphone’s worldwide that deliver superb operating and visual experiences but extraordinarily poor sound experiences. Our vision is Snugs as the leading consumer brand for custom in-ear headphones.
The Opportunity: Team have entrepreneurial track record, have identifying the right products at the right retail price, and the right partners to exploit this exceptional market opportunity. They have proved that sales can be generated, and that buyer satisfaction is extraordinarily high.
Earphones are uncomfortable & constantly fall out - Snugs are custom made for your ears, so fit perfectly, and don't fall out. Snugs make good earphones sound great, and great earphones sound awesome
Yes, investment has already been made under SEIS is £GBP 150,000.00
£65,000 of our SEIS £150,000 taken so far. We have verbal commitment to another £65,000 by this year end, which will leave just £20,000 left under SEIS. However, today, 24-March-2015 we have £85,000 left under SEIS
We are looking at raising £400,000 for 27.87% in three tranches:
£120,000 in April 2015 as the 1st tranche
£160,000 in August 2015 as the 2nd tranche
£120,000 in January 2016 as the 3rd tranche
29-July-2013 to 31-July-2014 £30,072
1-August-2014 to 31-July-2015 £82,264 (estimated)
2015 - Year 1 - £ 1,005,515
2016 - Year 2 - £ 4,006,662
2017 - Year 3 - £7,712,424
2018 - Year 4 - £ 11,250,732
1 Aug 2014
5 Sep 2014
20 Mar 2015
View from New York city
We like the fundamentals of the worldwide headphones industry. The market is growing at a rate almost 3x the rate of global GDP. In addition, the market is fragmented, offering an opportunity to new entrants.
The management team appears to have substantial experience and connections in the industry. They have done a good job lining up production and reaching out to markets. Their assumptions regarding the size of the company's workforce may not be reasonable, though, and costs could be higher than anticipated.
snugs' current competitive advantage is impressive but is subject to erosion unless the company receives its patent. The company has an impressive headstart in design and delivery. But well-healed competitors could quickly close the gap.
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