MFB - My Food Bag

[Jaa]

Business Desk saying today "All Star Board", with all of the founders stepping down, with Tony Carter as Chair, Jon McDonald (ex Trade Me CEO), Jen Bradbury (ex THL CFO). Also Sarah Hindle and Chris Marshall. Lot of changes yesterday to their board!!

AFR have said earnings about $25m, turnover reported about $130m.

That probably puts it about the turnover of a reasonable sized New World. Founders have about 27% left.

If only we could invest in individual Pak n Saves!!

[Joh13]

I think if I was to have food delivered I’d want it already cooked and if I was going to cook myself I’d go out and buy the ingredients being a DIY kiwi. NZ doesn’t have a big enough population to scale up enough.

What’s stopping uber eats from delivering the ingredients you might need anyway, if you wanted to actually cook.

[TideMan]

I think if I was to have food delivered I’d want it already cooked and if I was going to cook myself I’d go out and buy the ingredients being a DIY kiwi. NZ doesn’t have a big enough population to scale up enough.

What’s stopping uber eats from delivering the ingredients you might need anyway, if you wanted to actually cook.

You simply don't get it, do you?
We get MFB every third week during the winter when our own veges are finished.
Yes, we could buy them ourselves and mostly we do, but once in a while it's fun to cook a new Nadia recipe using supplied ingredients.
But Nadia is the key. If she's not involved, we won't be into the IPO.

[Joh13]

Even if she is involved, how scalable is the business? How many people want to cook Nadia’s recipes? I would say not very many. Not an investment for me, period.

[artemis]

.....
But Nadia is the key. If she's not involved, we won't be into the IPO.

A front person can be just that. There is a whole organisation behind Nadia and no reason she could not continue to be the face of MFB.

More likely to be an income play, which will suit some.

[artemis]

Even if she is involved, how scalable is the business? How many people want to cook Nadia’s recipes? I would say not very many. Not an investment for me, period.

It's not mandatory to get their products. But bear in mind there are a lot of households time poor but with disposable income. That is the MFB target market.

[Jay]

I think these types of business appeal to the time poor as you say artemis, and those who can be bothered/find it hard deciding what they want for dinner over a week but don't mind cooking. Makes it easy- ingredients and recipe supplied.
I think Nadia continuing to be the front person is a key to the on going success in the medium period.
I notice they have 'introduced' another person(s) that are coming up with recepies, albeit vegetarian(??) I think they are, in the latest ads

[King1212]

Been in food industry for 20 years....to be honest the margin is so small.

Wastage...on going increase of produces....meat etc.

In winter... tomatoes is like $10 perkg...

[percy]

https://www.eatl8r.co.nz/
We order their meals.Delicious.Just microwave 2 minutes .

[stoploss]

Been in food industry for 20 years....to be honest the margin is so small.

Wastage...on going increase of produces....meat etc.

In winter... tomatoes is like $10 perkg...

If you have been in the food industry 20 years you would have seen a number of New world,Pak N save owners appear on the Rich list ....and others who probably should be..
Small margins,but if you turnover is 100's of millions it all adds up .......