RE: CC on LinkedIn12 Feb 2023 12:21
'January: The high
By January 2022, Eve Sleep was in great shape. “We came into the year feeling like we’d completed the rebuild strategy. Everything we’d sought to put in place was there. We were ready for growth,” she says.
The business had external targets of 10% growth and only losing £1.5m. The internal targets were 32% growth and to break even for the first time.
“If we’d hit either of those external targets, I’m sure we would have been on the front page of the business press. If we’d hit our internal targets, my goodness me, it would have been Champagne breakfasts all round. Those goals were what we as a team had fought for, built, sweated over, cried and laughed for years to get to,” she says.
By the end of January, Eve Sleep’s orders were up 28%. “We were bang on target at the bottom line and ahead at the top line. The executive team and I looked at each other and said, ‘We’ve done it.’”
The team brought in a growth partner and were about to start building a sleep wellness app, which she believed would pivot the business to access a different funding pool.
“It was all happening,” she says. Until February when, “quite frankly, the market just disappeared from under our feet”.'
'anuary: The high
By January 2022, Eve Sleep was in great shape. “We came into the year feeling like we’d completed the rebuild strategy. Everything we’d sought to put in place was there. We were ready for growth,” she says.
The business had external targets of 10% growth and only losing £1.5m. The internal targets were 32% growth and to break even for the first time.
“If we’d hit either of those external targets, I’m sure we would have been on the front page of the business press. If we’d hit our internal targets, my goodness me, it would have been Champagne breakfasts all round. Those goals were what we as a team had fought for, built, sweated over, cried and laughed for years to get to,” she says.
By the end of January, Eve Sleep’s orders were up 28%. “We were bang on target at the bottom line and ahead at the top line. The executive team and I looked at each other and said, ‘We’ve done it.’”
The team brought in a growth partner and were about to start building a sleep wellness app, which she believed would pivot the business to access a different funding pool.
“It was all happening,” she says. Until February when, “quite frankly, the market just disappeared from under our feet”.'
Also;
'The next step was to talk to potential investors. Calverley was already in conversations with interested parties because she had planned to take the business private by the end of 2022 – she felt Eve’s smaller size was a barrier to raise funds and get on the agendas of the various investment houses. “Eve’s a little bit small for the AIM market to be useful, but there’s about half-a-million pounds of cost to bear just by being a PLC. So we were bearing high costs without being able to get the benefit of accessing funding,” s
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