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The Idea

Please note that this is not an equity raise and you are not purchasing shares in the company. You are purchasing a participation or a right to receive a portion of the company’s revenue from the sales of 180 grown chairs over an anticipated time period.

An introductory word from Richard Davies MBE, March 2017:

“Four years ago, I met a man called Gavin Munro. He walked into a conference room in the heart of Birmingham in the United Kingdom, carrying something utterly captivating – and it felt like I was the very first person to set eyes on it. All that mattered in that moment was the question of how, and then the much more interesting question of why?

It was Full Grown’s very first prototype chair: an early model of what Gavin and the team at Full Grown are on the journey to perfecting (or maybe I should say imperfecting!) – the craft of organising trees into furniture.

I was there in the role of Coach on a programme to help early stage green technology businesses flourish. Today I am still alongside Gavin helping his manufacturing revolution to become whatever it is meant to become. (I’m really not sure if anything qualifies me to be alongside him – but I’ve never met anyone who hasn’t been a tiny bit beguiled by Gavin, maverick, pioneer and visionary that he is.)

Why is the work of Full Grown so significant and timely? As I write this the media are reporting a shift in how people are spending their money – with a move away from the acquisition of material things to the enjoyment of experiences. A piece of Full Grown furniture is both spiritual and material. And beyond the beguiling physical beauty, the cleverness of this slow natural 3D printing process, Gavin is teaching us about patience - not being too quick to decide how something should be. Perhaps most importantly he shows us that the quick fix is illusory, that true goodness and beauty can only ever be achieved from gradual, gentle, transformational improvement, day-by-day, season-by-season, year-by-year.

Writer Annie Dillard puts it pretty well: ‘How we spend our days is, of course, how we spend our lives.'

Full Grown embraces and celebrates individuality and the imperfect beauty of something totally inimitable, and to me represents the exact and perfect opposite of disposability. Full Grown can help us all to rediscover our appreciation of these qualities, and in doing so encourage us to choose fewer more beautiful things; things that spark joy; things that really will be cherished for lifetimes. With much being written about the healing power of the forest, maybe Full Grown can help those that need to, to reconnect with trees and the living world. If you can’t get to the forest, why not bring a bit of the forest to you?” - Richard Davies MBE, March 2017

About the Idea

Full Grown shapes living trees into authentic and unique furniture through the subtlest of interactions with the natural world. Using ancient techniques, combined with modern technology, Full Grown grows, grafts, nurtures and then harvests living trees into single piece chairs, tables, sculptures – anything you can imagine.

By patiently and carefully grafting shoots together, bending them into the shapes required and eliminating the need for most of the machinery and processes required in traditional furniture manufacturing, Full Grown has unearthed a sustainable business which has reached the very heart of the modern art world.

FullGrown - Chair on Harvest Day

Each piece is unique, epitomising elegant co-operation between nature and craftspeople to create products that could last for hundreds of years. Each piece is an expression of patience and collaboration with nature – a kind of Zen 3D printing. As such, each piece is achieving high levels of global interest and prices associated with the fine art world. The finished limited edition grown chairs are anticipated to command prices of £10,000 - £15,000; a grown table for considerably more.

Full Grown’s furniture orchard in the UK’s Peak District is currently growing and maturing limited editions of chairs, tables, lamps and sculptures. Each piece can take up to 8 years to produce, yet the company has already taken orders in 10 countries across 4 continents and has a waiting list up to 2029 for its chairs.

To continue our journey, Full Grown Ltd is looking to raise £150,000 of funding, by selling shares in the future net revenue from the sales of our first 180 chairs to sell on the open market.

The money that the company receives from this campaign will be used to fund the sustainable development of Full Grown Ltd, over the next 3-4 years until the first substantial harvest.

In return for your investment you will receive annual payments from the sales of the chairs, expected to begin 2021-22, and to continue over the following 5-7 years. Please note, you are not buying shares in the company, but rather a percentage of the company’s income, for a 5 to 7-year period, commencing 2021-22.

“I have never sat in a chair that feels so alive! Full Grown demonstrates that the future will be about bio-facturing, not manufacturing, it will be about patience more than production.” - Lisa White - Head Curator, International Design Biennale, Saint Etienne, France.

Most of Full Grown’s chairs are still growing in their furniture orchard. Early prototype chairs sold at £5,000 and pre-ordered grown chairs have steadily increased in price over recent years.

Full Grown’s Share in Chairs investment scheme offers you the opportunity to become involved with the growth of Full Grown by investing in the company’s first 180 chairs to sell on the open market. Since this project’s commencement in 2006, Full Grown has gone from strength to strength, having sold early pieces to art houses and museums around the world. The company is now looking for more like-minded people to join them, literally and financially.

Founder Gavin Munro – “By buying a share in our chairs, you are investing in 180 increasingly desirable and unique pieces of art & design. At the end of each year when the chairs are harvested and sold, investors will receive payments. We expect payments to begin around 2021-22 and to continue over the following 5-7 years until all the chairs are sold.

We’ve realised through our strengthening relationships with art galleries, design schools and international museums that our rare & unique furniture has the increasing potential to sell for far
more than initially anticipated. Once we release our grown chairs on the open market, we anticipate them to eventually reach an average Net Revenue of £10,000 per chair, with the possibility of reaching £15,000 and beyond for the very best and unique pieces.”

Accomplishments to Date

FullGrown - Growing Chairs

Over the last 5 years we’ve had global interest in our work, across varying mediums which has led to sales to date:

  • 25 Pieces sold and delivered - Prototype chairs and Pendant Lamps (every finished product that has been released has sold)
  • 55 pre-orders of chairs, lighting and tables
  • 500 pieces currently in production
  • 750 expressions of interest

Customers include:

  • Honda Design & Innovation Departments, for inspiration in both their Japan & UK offices.
  • Resource Furniture - Iconic Showroom in New York.
  • Individuals - Private Collectors interested in both art and the concept behind the pieces.
  • Museums from all over Europe, including the permanent collections of the National Museum of Scotland, Manchester Metropolitan University Museum, UK and the Museum Van Boijmans in Rotterdam, Netherlands.

“Sometimes you see a collection which makes you feel like there is hope for the world. Full Grown has that collection. Made with so much love and knowledge about nature. An asset to the world.” - Nicole Uniquole – Curator Dutch Pavilion, Salone del Mobile, Milano

Revenue Model

The first chairs for sale on the open market are expected to be ready for sale late 2021-22. On our 2.5-acre site we currently have 500 items in production, these items are at varying stages of growth. By the mid 2020s our expected average annual production capacity is estimated to be roughly:

  • 20-30 Chairs - £100k to £450k
  • 24 Lamps - £30k to £58.5k
  • 12 Stools - £36k to £54k
  • 9 Chandeliers - £22.5k to £54k
  • 9 Small Tables - £20.25k to £36k
  • 6 Large Tables - £36k to £54k
  • 3 Art Pieces - £7.5k to £22.5k

This translates to annual revenue of between £252k to £729k.

Each of our products take varying lengths of time to grow, roughly from 3-4 years for a lamp, 6-9 years for a chair and 12-15 years for a large table. As anyone with any experience of growing crops will tell you, trees grow to their own timescale, not to ours, so all timings given are approximate and subject to the whims of Mother Nature.

Whilst we have the capacity to expand to 600 pieces in production, the slow process and unique results of growing furniture means that each piece will remain a limited-edition piece and harvests each year will remain small and exclusive. This ensures that the products we release will always remain desirable and limited edition.

Use of Funds

Funds will give the business essentially 4 years of runway - enough time to see the first full harvests. The business’ annual overhead is circa £112k, outlined as follows:

Staff Costs - £38.5k
Production Costs - £22.2k
Marketing - £12.75k
Accounts - £4.25k
Other Overheads - £35k

The Market

The global luxury furniture market is likely to be worth US $29,496.7 million by the end of 2022.

Rapid urbanisation and increasing disposable incomes have been extremely important for the soaring profits of the global market. In the coming years, a growing number of commercial spaces such as restaurants, hotels, and clubs are likely to be key end users of luxury furniture items, as they consistently create luxurious experiences for the customer.

Out of the various types of materials used for making luxury furniture, wooden luxury furniture is likely to sell the most in the coming years. The higher aesthetic value, monetary value, and durability of wood makes it the preferred material in the luxury furniture market. Between the forecast years of 2017 and 2022, this material segment is estimated to register a CAGR (compound annual growth rate) of 5.8%.

The end users of luxury furniture are commercial spaces and residential units. Studies estimate that commercial spaces are likely to generate higher revenue for the overall market as they are the obvious big buyers. Hotels, restaurants, resorts, holiday homes, and luxury stores are some of the key end users of the luxury furniture. Thus, the emergence of these spaces is likely to have a positive impact on the global market. Amongst the residential spaces, demand for luxury furniture in bedrooms and living rooms will be the highest.

“Wood Trumps other Materials to Lead the Global Luxury Furniture Market”.

Geographically, the global luxury furniture market is segmented into Europe, Asia Pacific, Latin America, Western and Eastern Europe, Asia Pacific, Japan, and the Middle East and Africa. Of these, Europe is anticipated to lead the pack.

Source - Transparency Market Research - 15.09.2017

Target Market

Our sales and marketing plan, is to continue to build our profile and increase prestige by showcasing our Furniture Orchard, Pendant Lamps and Chair Prototypes in the International media, museums and exhibitions. We also plan to extend this by using our chairs and lamps in Fashion, TV and Film shoots, as well as entering Art, Craft and Design awards such as the Turner Prize, Red Dot awards, etc.

When the first chairs are harvested, we plan to launch a marketing campaign prior to selling these first limited edition chairs. These we will sell direct to our existing customers and the 750 people on our sales contact list for £10,000. This will establish a decent starting price for finished and ready grown chairs. We also plan to exhibit our chairs at renowned design fairs in London and Milan.

At this point we could start to be more attractive for serious representation and can build relationships with International Art galleries and Auction houses (some of which we have already), who have the potential to achieve much higher prices with their existing reputation and client lists.

Our sales and marketing strategy factors in a foundation of early direct sales, with the view to then being represented in the art world as we further build and develop our reputation and prestige to achieve the best prices for our chairs.

Our current market is high-net-worth individuals, interested in Art and/or Environmental improvement. Many of our customers buy our pieces as a collectable investment in Art, Craft and Design, while others commission pieces years in advance to hand down as an heirloom, leaving a very unique legacy.

Reaching The Market

Full Gorwn - Partners and Cutomers

Media Coverage

Due to its unique concept, Full Grown has received global coverage with the combined reach being in the tens of millions. Coverage has been extensive, spanning almost every country round the globe, especially the UK, USA, Canada, Europe, Brazil, India, China, Australia & Russia.

Print & Web highlights

  • The Financial Times
  • The Telegraph
  • The Times
  • The Guardian
  • BBC News
  • Reuters
  • Country Life
  • Vice- The Creators Project
  • Design Week
  • Architectural Digest
  • International Business Times
  • MIT Technology Review
  • Wired
  • Atlas Obscura

Radio

  • BBC Radio 4, You & Yours
  • BBC Radio 4, PM
  • BBC World Service, Global
  • CBC Spark radio, Canada

Television highlights

  • BBC: Countryfile, UK
  • BBC: The One Show, UK
  • BBC: Escape to the Country, UK
  • CNN: Great Big Story, USA
  • CNET, USA
  • France 2 National News, France
  • ZDF, Morgenmagazin, Germany
  • Wissen Vor Acht, Germany
  • DW, Germany
  • CBS - Sunday Morning (Due Spring 2019)

Web & Social Media

  • 275,000 website visitors (average 200 per day) over the last 3 years
  • Over 1,000,000 website page views since 2015, from across the world
  • Over 12,000 social media followers across our social media channels and on our mailing list

Lectures & Accolades

In the last 5 years, Full Grown has been invited to lecture at acclaimed institutions to discuss our innovative approach to furniture design and production.

  • 2018 - Keynote Speaker - Design4Health Conference, Sheffield, UK
  • 2018 - Export Champion for the Dept. of International Trade, UK
  • 2018 - Attendee - International Trade Banquet, Mansion House, London, UK
  • 2018 - UK Winner, The Amazing Making Of, Mano, France
  • 2018 - Lecture, Royal College of Art, London
  • 2017 - Keynote Speaker - European Academy of Design, Sapienza University, Rome, Italy
  • 2017 - Keynote Speaker - Interzum Design Fair, Cologne, Germany
  • 2017 - Winner, San Miguel Rich List, UK
  • 2016 - Lecture, Thomas Heatherwick Studios, London
  • 2015 - Lecture, Kew Gardens, London
  • 2014 - Climate KIC Incubator & Grant Winner, UK
  • 2014 - Lecture, TedX, Derby, UK

Exhibition highlights

  • 2019 - St. Etienne Biennale, France
  • 2018 - Masterly In Milano, Salone de Mobile, Milan, Italy
  • 2018 - Design Days Festival, Poland
  • 2018 - Blue Patch, London Design Festival, UK
  • 2018 & 2017 - Messums Wiltshire, UK
  • 2017 - Interzum, Cologne, Germany
  • 2017 - Design Museum of Barcelona, Spain
  • 2017 - The Permanent CollectionMuseums Boijmans, Rotterdam, Netherlands
  • 2016 - The Permanent Collection - National Museums Scotland
  • 2016 - Ars Electronica, Berlin, Germany
  • 2016 - Little Moreton Hall, National Trust, UK
  • 2015 - National Craft and Design Centre, UK

FullGrown - Steve Jackson curator National Museum of Scotland

Exit Strategy

Each share in chairs costs £250. Investors will receive annual payments from the chair sales, expected to commence from 2021-22 onward, until all 180 chairs are sold, expected 2026-27.
There are 3,600 shares in total, Full Grown is retaining 3,000 of these shares to help maintain cash-flow and motivation to get the best sale price. Therefore 600 shares will be available to purchase.

Full Grown will be sharing its Net Revenue, meaning the company will share what arrives in their bank account for each sale.

Example 1 - We sell a chair for £15,000 via our website and PayPal take a transaction fee so if we receive for example £14,900, then Full Grown will take £12,417 as we own 83.33% of the shares, and the other £2,483 will be divided between our other ‘share-holders’.

Example 2 - An art gallery sells a grown chair for £20,000, they’ll take at least 50% as commission and so our Net Revenue would be £10,000, then Full Grown will take £8,333 and the other £1,667 will be divided between our other ‘share-holders’.

Once Full Grown begins to harvest and sell the chairs, you will receive annual payments from your investment. These will be determined by the number of chairs harvested and sold in each year, which are estimated to be as follows.

 

BEST CASE
19.55% IRR

No of chairs sold
at avg of £15k


Return on 1 share @ £250

Return on 4 shares @ £1k

Return on 40 shares @ £10k

2021 5 £21 £83 £833
2022 12 £50 £200 £2,000
2023 27 £113 £450 £4,500
2024 52 £217 £867 £8,667
2025 47 £196 £783 £7,833
2026 37 £154 £617 £6,167
Totals 180 £750 £3,000 £30,000

 

BASE CASE
11.8% IRR

No of chairs sold
at avg of £10k


Return on 1 share @ £250

Return on 4 shares @ £1k

Return on 40 shares @ £10k

2021 5 £14 £56 £556
2022 12 £33 £133 £1,333
2023 27 £75 £300 £3,000
2024 52 £144 £578 £5,778
2025 47 £131 £522 £5,222
2026 37 £103 £411 £4,111
Totals 180 £500 £2,000 £20,000

Project Documents

Click the button(s) below to view / download important additional project documentation for Full Grown.

the Numbers

Target: £150,000 Raised so far: £72,750.00 Investors: 40
  • Days Left
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top investors

Anonymous : £25,000 Sue : £15,000 Anon : £5,000 Lynn : £3,000

the Company

Registered number: 8333778 Incorporation date: 17 December 2012 Website: https://fullgrown.co.uk/
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