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Healthy ready meal business Field Doctor wins ‘significant seven-figure’ investment to grow into new markets

2025-08-21 02:20:55 By

Ready meal delivery service, Field Doctor, has announced a new seven-figure investment from Perfect Redd, Samworth Brothers’ investment arm, and the British Business Bank’s South West Investment Fund

A frozen meal delivery service that specialises in helping people with specific dietary requirements has secured a “significant seven-figure investment” that it says will help it to expand into B2B markets.

Bath-based Field Doctor has raised capital from co-investors Perfect Redd – the investment arm of Ginsters owner Samworth Brothers – and the British Business Bank’s South West Investment Fund. It says the move will allow it to grow its existing business and to expand to serve foodservice businesses.

Field Doctor was founded in 2021 to supply dietitian-designed meals for those with dietary requirements. It offers personalised meal plans that can help those with health conditions and those with diets including gluten-free, lower carb or high protein. Each meal is designed to be nutritionally balanced, and meals are approved for supply to the NHS.

Martin Dewey, CEO & co-founder of Field Doctor, said: “ I’m very excited to close the funding in a tough market with great investors and focus now on making more people aware of our unique offer that really can improve our customers’ lives. We believe food can be the best medicine and, as awareness and understanding of this grows rapidly, we can help millions of people improve their or a loved one’s health and enjoy doing it.”

Alex Brooks, CCO & co-founder of Field Doctor, said: “We’re on a mission to not only build a brand and business but also to make a difference to the health of the nation. We think about the consumer and the planet and we have ambitious development plans.

“We’re delighted that Perfect Redd and the South West Investment Fund have backed those plans and that Sarah Wood, Samworth Brother’s technical director will be joining the board to help us achieve that.”

Matt Browning, investment manager at The FSE Group – the appointed fund manager for the South West Investment Fund, added: “Field Doctor has established itself in an expanding market, offering an innovative solution for its audience. its award-winning products offer a unique take on both the ready meal and the healthy food sectors and provide an opportunity to diversify into foodservices markets. We are delighted to support this experienced team as they continue to grow the business."

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Michael Kors to cut prices as sales suffer huge hit amid cost-of-living crisis

The UK subsidiary of the esteemed fashion label Michael Kors has disclosed its intentions to reduce prices following a considerable decline in sales. During the year ending 30 March, 2025, the division's revenue plummeted by 20 percent. This drop occurred amidst widespread store closures and as a consequence of the cost-of-living crisis, as reported by City AM. Michael Kors notably shuttered outlets in Newcastle, Milton Keynes, and Manchester, along with a concession in Harvey Nichols, London. Furthermore, the company announced an expected reduction in prices "in the foreseeable future" aiming to align more appropriately with consumer demands and to strategically address competition in the market. This information was incorporated into the financial accounts of Michael Kors for the fiscal year up to 30 March, 2024, which were submitted belatedly to Companies House. According to the recently filed accounts, the company saw a decrease in turnover from £77.1 million to £70.8 million over one year. However, its pre-tax profit surged from £40.4 million to £66.1 million within the same timeframe. In reference to that fiscal year, the company observed: "The overall result of the period reflects sustainability of the global 'Michael Kors' brand, where despite the level of competition and the current challenges in the economic environment affecting the UK retail sector, Michael Kors continues to be a profitable business." Michael Kors is part of Capri Holdings which also encompasses luxury brands Versace and Jimmy Choo. In August 2023, the conglomerate was snapped up by Tapestry, the American fashion powerhouse behind high-end brands such as Coach and Kate Spade, in a deal worth $8.5bn (£6.6bn). Fast forward to December 2024, Versace's UK division reported a year-on-year turnover of £19.1m for the 12 months ending 31 March 2024, marking a decrease from the previous £23.8m. Simultaneously, its pre-tax profit also took a hit, dwindling from £314,862 to a mere £112,895.

'How I launched a luxury British fashion brand': Jenine Baptiste on the power of creative freedom

Luxury fashion brand Baptiste was launched in 2023 and is based in London. Jenine Baptiste, its founder, employs one member of staff, while also working with other specialists, including a pattern cutter and sample maker. Describe your business in a nutshell. Baptiste is a luxury British womenswear brand. I design visionary collections in limited series that reflect an elegant use of graphic features and deluxe textures. My work blends bold cuts, rich fabrics, and striking colours to create pieces with an assured spirit. Sustainability is embedded in my creative practice. What inspired you to launch? A mix of my love for textile design, a deep appreciation for craftsmanship, and a desire to create something that feels both luxurious and intentional. I wanted to design pieces that stand out in both their aesthetic and their values. How much cash did you use to set up? I started lean with £6,000, investing what I could from personal savings, mainly in materials and sampling. Where did you get your funding? Mostly self-funded, from savings and employment. The biggest lesson learnt? You have to be adaptable. The fashion industry moves fast, and you need to stay open to evolving strategies while keeping your creative vision intact. You also create your own opportunities. Most stressful moment? Preparing for my buyer meetings. The stakes are high, and you have to get every detail right - brand positioning, pricing, storytelling - it’s a lot, but it’s also exciting. The proudest moment? Seeing my pieces worn and appreciated by people who truly connect with them. Best thing about running your own company? The creative freedom. I get to shape every collection and build a brand that aligns with my values. Hardest thing about running your own company? Wearing multiple hats - designer, strategist, marketer, logistics manager. It’s a constant juggle. What should the government be doing to support businesses like yours? More funding opportunities and grants for independent designers, plus better support for fashion initiatives. Where do you seek guidance and advice? Through God, networks and mentors in the industry, and fellow creatives in my studio. What’s the best piece of business advice you were ever given? “Don’t wait for perfection—launch, learn, and refine as you go.” What’s the secret to success? A strong brand identity, resilience, and the ability to build genuine connections - whether with customers, buyers, or collaborators.

The history of WH Smith as brand bids farewell to UK high street

Historic retailer WH Smith has quit the UK high street after 233 years. The Swindon-headquartered books and stationery business has sold its 480 high street stores, which employ around 5,000 people, to Hobbycraft owner Modella Capital for £76m. WH Smith said the move would allow it to focus on its growing travel shops business. The WH Smith brand was not included in the sale to Modella and the high street shops will now be rebranded to TG Jones as a result. Henry Walton Smith and his wife Anna first established WH Smith in 1792 in Little Grosvenor Street in Mayfair as a news vendor. After their deaths, the business was taken over by youngest son William Henry Smith in 1812. He then renamed the business as WH Smith & Son in 1846 when his son, also called William Henry, joined him as a partner in the business. It was around this time that the business started to notably expand. It took advantage of the UK railway boom by opening its first railway news stand at Euston Station in 1848. Two years later the business opened its first depots in Birmingham, Manchester and Liverpool. As the group expanded nationally, it also expanded its business operations, launching a circulating library service and a publishing operation based in Cirencester, Gloucestershire. Meanwhile, the younger WH Smith served as a Conservative MP while running the business, before his death in 1891, where it was passed onto his widow, Viscountess Hambleden. The business continued to be passed down by the family and became a limited company in 1928, with all shares owned by the third Viscount. The company became a public limited business after his death in 1948, with staff and members of the public taking shares. Members of the family stayed on the board for the following decades before the final member of the Smith family left the board in 1996. From the 1970s to the 1990s, the business witnessed a particularly sharp expansion. During this period, the company dropped its WH Smith & Sons title in favour of just WH Smith and developed its well-known blue branding. The group also grew through a series of deals including the creation of the Do It All DIY chain and 1989 takeover of Waterstones book shops. It sold off Waterstones nine years later. Despite still being dominant in the UK high street, the company came under pressure in the 2000s and onwards as online retailers and supermarkets tapped more into the high street business’s core customer base. As part of a shake-up of its operations, it split up its retail and news distribution businesses with the demerger of Smiths News in 2006. It also struck a number of further deals, such as the takeovers of The Gadget Shop and Funky Pigeon in a bid to target growth areas. In more recent years, the group continued to expand its travel business of shops at train stations and airports. In 2018, it furthered this by snapping up travel tech retailer InMotion. While travel sales continued to surge, the company continued to flag a weaker performance across its traditional high street stores. Ultimately, the company confirmed in January that it was seeking to sell off the high street business following a strategic review.

Greggs 'in rude health' as its targets 3,500 shops and new locations

Newcastle bakery favourite Greggs is far from “peak Greggs” with plans to expand into new locations amid its current target of 3,500 stores, a senior director has declared. The Tyneside food-on-the-go champion currently opens four shops every week, and last month topped annual revenues of more than £2bn for the first time ever, a result which led to it sharing a £20.5m bonus amongst staff. However, analysts noted a slowdown in volume growth since the fourth quarter, with some fearing the popular brand may have already peaked. Now, CFO Richard Hutton has told how Greggs still has much more to give. He said: “We are a long, long way from peak Greggs I can assure you. Fundamentally it’s the strength of the brand and the under penetration in the market. Greggs is one of the strongest brands not just in the UK but when ranked against international brands as well, and that’s a huge asset. “It’s in rude health and there’s so much more we can go at, in terms of the penetration across the UK, entering these new locations which are new to us but not new to the market, and also into new food and drink areas. Greggs is always looking to bring good value food and drink to more people. We effectively copy food trends so we never run out of ideas and are always looking for what the next thing is. "As human beings we always want new, interesting stuff and Greggs is here to make that affordable. We are excited about different times of day, different channels and more interesting food. There is much more great stuff in the pipeline so watch this space.” Mr Hutton, who also champions Greggs’ community initiatives and is a Trustee of the Greggs Foundation, said four shops every week are opened by the company’s but that it is not in danger of seeing its new shops start to cannibalise old shops. He said: “The reason we feel confident that is not the case in this next phase is that the areas we are expanding into are locations where we are very under penetrated at the moment. The shop opening pipeline is typically areas which are maybe roadside, retail parks, supermarkets and transport locations – often areas you will access by car rather than by foot, like the traditional estate in towns and cities. “This is a very different occasion we are targeting, which is not neglecting the legacy estate which we have kept healthy by relocation activity. The growth is coming from a part of the market we are very poorly represented and is attractive in terms of the return profile too. Wrapped together, the Greggs offer, with geographical and location specific penetration opportunities, is very clear.” His comments came in an interview with Panmure Liberum analyst Ben Hunt, who quizzed the Greggs executive on the firm’s strategies to grow evening trading and deliveries through JustEat and Uber Eats, the strength of Greggs’ balance sheet to withstand any future scenarios similar to Covid, and its recent capital expenditure programs to aid the firm’s expansion to 3,500 shops. The business initially extended its opening hours across a number of shops two years ago, and it has since flexed evening trading times, while also diversifying to offer new hot food products, including pizzas, chicken goujons and made-to-order food, which have also proved popular at lunchtimes. Mr Hutton said Greggs will see growth in both evening trade and its deliveries, and while he admitted he was a little disappointed with the initial speed of growth, he said Greggs is now in a phase of steady profitable growth and doesn’t expect it to happen at a rapid pace. He said: “I do have a lot of faith that Greggs can continue to grow across the day and the one ‘day part’ which is massively under represented is the evening. Because we came from the bakery sector we have been known for initially lunchtime and latterly breakfast trade and have a real strength in those areas. “But we are hugely under represented in the evening market. As a brand, Greggs has 8% market share in food-to-go and post 4 pm it’s 1.7%. That’s not to say that it can necessarily get to the same level as a whole, but I have to believe it can rise from where it is.

Camerons Brewery plans pub expansion into key cities

Camerons Brewery, the North East brewer and pub operator, is eyeing expansion for its Head of Steam pub chain, as it targets key cities in the North, South West, and potentially London after a buoyant trading year. The Newcastle-founded brand, acquired by Camerons in 2013, has grown its presence across the UK to boast 15 sites. Company director Chris Soley confirmed the growth ambition, saying: "We are looking to develop Head of Steam as a national brand but currently focussing on identifying new sites in York, Manchester, Bristol and potentially London. Trading for Q1 has been robust and in line with our forecasts." The expansion plan comes as the firm reported steady turnover in the year ended January 2025 at £60.2m, a minor decrease from the prior year's £61.5m. However, operating profit dropped from £1.8m to £1.2m. A slight dip in sales was attributed to the previous year’s inclusion of half-year returns from a group of 26 pubs disposed of in June 2023 to FB Taverns. Employee numbers also reduced, from 647 down to 610. A substantial credit balance of £10.6m, listed under exceptional items, is linked to a refinancing of its borrowings last October. The company stated this was "necessary to secure the medium to longer term viability of the business and it has resulted in a much needed improvement to net assets". In the accounts, Mr Soley said: "The group has performed strongly and continues to increase its Ebitda to pre pandemic levels even with a reduced asset base. The sale of the 26 freehold tenanted pubs in June 2023 enabled the group to significantly reduce its borrowings and interest burden and gearing consequently has been materially reduced. "The group has performed very well in the year with a significant improvement in Ebitda from £3.9m in the prior year to £4.6m. Both the main divisions of brewing and managed house pubs have traded well." He noted that brewing volumes had continued to rise compared to the previous year, with slightly better margins due to changes in product mix, with a higher proportion of small pack product being manufactured. He also mentioned that Camerons was continuing to invest in the development of the brewery, having advanced several energy projects as part of plans to achieve its Net Zero Targets, including the installation of solar panels on its warehouse roof. The group's portfolio comprised 45 pubs, a reduction of two from the previous year's 47. According to Mr Soley, the pubs generally performed well, but he expressed caution regarding the industry's upcoming challenges.

Luxury brands Burberry and Watches of Switzerland see shares plummet after Trump tariffs

Today witnessed a downturn in the share prices of luxury retailers Watches of Switzerland and Burberry following President Trump's announcement of new tariffs. Shares of Watches of Switzerland plunged by over 15 percent, while those of Burberry decreased by almost seven percent, as reported by City AM. Kathleen Brooks, research director at XTB, commented on the situation, saying, "Investors are still seeking out areas of safety, including utilities, real estate, healthcare and consumer staples." About one quarter of UK luxury exports head to North America, with most of that trade taking place with the US, as highlighted by Walpole, an industry association. Analysts from RBC predict a significant "elevated tariff impact" for Burberry due to its diverse sourcing mix — the varied combination of countries and suppliers that produce its merchandise. Burberry collaborates with an international network of suppliers, operating an outerwear factory in Italy and a scarf production facility in Scotland, with goods made in Italy being subject to a 20 percent US import duty. America represents approximately 20 percent of Burberry's sales, and was the only region showing sales growth in the brand’s most recent quarterly report—a crucial element for Burberry's rejuvenation strategy. On the other hand, Watches of Switzerland experienced a sharp fall in its share value partly because Swiss imports into the United States will face an additional tariff of 31 percent. Switzerland was highlighted by Trump as one of the major offenders in unfair trade practices with America. Last year, the US recorded a CHF 38.5bn (£33.9bn) trade deficit with the European country. RBC analysts also noted that the watch company has slimmer margins compared to its rivals, making it harder to react to tariffs. "[In response] companies can either raise prices, change country of origin (to the extent possible), renegotiate supplier terms... or absorb tariff costs."

Trespass owner sees profits slide as it operates in 'challenging' market

Jacobs & Turner, the company behind the renowned outdoor clothing brand Trespass, has seen its profits take a significant hit as sales stagnated during its latest financial year. The firm reported a pre-tax profit of £1.2m for the year ending 30 June, 2024, a stark decrease from the £9.6m recorded in the previous 12 months, as reported by City AM. According to newly filed accounts with Companies House, the business also experienced a slight downturn in turnover, from £127.4m to £127.3m over the same timeframe. Founded in 1938 and headquartered in Glasgow, the company launched the Trespass brand in 1984. Owned by the affluent Khushi family, dividends paid out amounted to £400,000 for the year, a reduction from £8.4m in the preceding year. In a challenging retail sector environment, the board's statement acknowledged: "The financial year ended 30 June, 2024, was challenging for the retail sector." It continued, highlighting rising operating costs and relatively static sales in a difficult market: "Operating costs continued to rise and sales were relatively flat in a tough marketplace." The strength of the US dollar throughout most of the year was noted as a factor affecting the cost of goods and freight: "USD [US dollar] maintained a strong position for most of the year, impacting the cost of goods and freight." However, the company did report expansion in strategic European locations: "Further growth was achieved in key strategic locations across Europe." The Trespass owner also emphasised their dedication to environmental responsibility: "In addition to our financial performance, the directors remain steadfast in their commitment to enhancing the sustainability of our group's operations and driving the decarbonisation agenda in the UK." This commitment has led to a reduction in carbon emissions across all sources: "This focus has resulted in the decrease in the carbon emissions across all sources. "The group continues to focus on proactive measures to reduce emissions, such as optimising heating and lighting controls, enhancing premises insulation and significant steps towards the adoption of renewable technologies." These results have come to light following City AM's report in October 2024 that the company behind Cotswold Outdoor has accumulated losses exceeding £100m since its last pre-tax profit nearly a decade ago.

UK economic growth forecasts slashed due to Donald Trump's tariffs

City forecasters have significantly reduced UK growth forecasts in light of President Donald Trump's tariffs, which are anticipated to inflict substantial harm on the global economy. European markets are experiencing a downturn today following the implementation of tariffs, indicating that economists and investors are bracing for profit losses, as reported by City AM. New research conducted by polling firm Consensus Economics and the Financial Times provides a sobering perspective, with an average of ten forecasters predicting that the UK will experience a sluggish growth rate of 0.8 per cent this year. This figure is two-thirds of what was previously projected. The Bank of England has predicted that the UK economy will grow by 0.75 per cent this year, while the Office for Budget Responsibility (OBR), the fiscal watchdog, anticipates a growth rate of one per cent. Both central forecasts were made prior to Trump's Rose Garden speech in which he announced a list of tariffs to be imposed on major economies as well as uninhabited islands. The US president's ten per cent tariff on all goods imports has unsettled analysts, who remain uncertain about its potential impact on UK inflation. While markets predict that interest rates could drop below four per cent by the end of the year, economists at Capital Economics suggest that the Bank of England may maintain its stance. "The uncertain influence on CPI inflation from the tariffs may mean the Bank can't conclude that the upside risks to inflation have faded," they remarked. "Moreover, the extra uncertainty caused by tariffs more generally may mean the Bank is more inclined to wait and see how things develop." A separate study conducted by the British Chambers of Commerce (BCC) highlighted how companies are grappling with increased costs resulting from national insurance tax hikes imposed by Chancellor Rachel Reeves. The survey, incorporating responses from over 5,000 businesses, found that merely a fifth of the surveyed firms expanded their workforce in Q1, while a similar number reported a workforce reduction.

Tesco, M&S and Sainsbury's shares drop amid FTSE 100 rally after 'trolley wars' warning

The UK's leading publicly traded supermarkets failed to enjoy a post-crisis FTSE 100 surge this morning, as Tesco's annual results ignited concerns of escalating 'trolley wars' within the industry. The FTSE 100 index climbed over six per cent as investors exhaled in relief following the suspension of Trump's 'reciprocal' tariffs last night, as reported by City AM. However, shares in Tesco, Marks and Spencer, and Sainsbury's dropped by seven per cent, three per cent, and five per cent respectively. This sell-off was triggered by Tesco's annual financial report. The country's largest supermarket cautioned that its profit would be impacted by "a further increase in the competitive intensity of the UK market". The retail giant anticipates group adjusted operating profit to range between £2.7bn and £3bn next year, a decrease from £3.13bn for the 2024/25 fiscal year. Edison Group analyst Russell Pointon commented on the situation: "The seven‐month stock low [in Tesco's share price], driven by aggressive pricing tactics from rivals like Asda and Aldi, reveals market nervousness amid ongoing pressures,". Earlier this year, Asda's new chief Allan Leighton spoke of the 'war chest' at Asda's disposal to slash prices and reclaim its competitive edge in the market. This sparked rumours that Asda is set to disrupt the market with a series of price reductions. "Tesco and Sainsbury's have certainly been major beneficiaries of market share from Asda over the last couple of years... While Tesco has the greater overlaps with Asda given its national presence, we think any pain from a resurgent Asda will be shared across the industry," stated analysts at Jeffries. However, there is scepticism among analysts about Asda's capacity to deliver on the scale of cuts it has pledged. "Much of the industry's dynamics will be determined by Asda's ability to improve volume growth over the next three to six months. Google Trends and Kantar data show limited evidence of this to date." "Until [evidence of volume growth] arrives, we expect sector valuations to remain pressured," added the Jeffries analysts. Aarin Chiekrie, an equity analyst at Hargreaves Lansdown, commented: "Fears of a price war that could squeeze profitability have weighed on sentiment across the sector recently, but it hasn't materialised yet."

Pizza Express lands £55m chunk of extra dough after refinancing deal

Pizza Express has secured a significant financial uplift of £55m following a refinancing agreement that will substantially reduce its debt. The popular restaurant chain has successfully arranged a £55m par debt paydown, which will bring its debt level down to £280m, as reported by City AM. Additionally, as part of the refinancing strategy, shareholders including Bain Capital Special Situations are set to contribute £20m in equity to the firm's parent entity, Wheel Topco. The company has also confirmed "strong support" for extending the maturity of its senior secured notes from July 2026 to September 2029. More than 97% of existing bondholders have endorsed Pizza Express's refinancing deal, indicating widespread backing. The brand has reported a positive start to its financial year, with like-for-like sales up by 1.3% in the first two months compared to the same period in the previous year. In a statement, Pizza Express highlighted that it now possesses "a robust liquidity position on completion, supported by its strong track record of cash generation." CEO Paula MacKenzie expressed satisfaction with the company's performance at the beginning of the year and emphasised the significance of the refinancing: "We are pleased with our start to the year, and completing a landmark refinancing ends Q1 strongly." As Pizza Express approaches its 60th anniversary, MacKenzie reaffirmed the company's commitment to customer satisfaction: "This year we celebrate being 60 years young with Pizza Express fans up and down the country, and our focus remains unchanged as ever...delighting each and every one." The refinancing agreement arrives just over 18 months after the firm contemplated a takeover bid for The Restaurant Group, which encompasses Wagamama. However, a deal was not ultimately pursued.