Member Info for HunSen

You have read what you wanted to, I am not invested, I am not disgruntled and I am NOT a former employee. I shared a factual experience of a difficult time which ultimately helped me with my career.

But primarily I am a private investor, I have shared my experience within the bounds of what I believe is permitted.

I have also earlier shared some expert experience in food manufacture and supply chains. Again, these are factual realties of food manufacture and retail supply chains.

Personally, I think it's interesting to debate investment opportunities both pro's and cons - this should help people make better investment choices.

I genuinely hope your investment is very successful, not least because there are real people working at these companies who's future depends on the good execution of a business plan.

Good luck.

I tried to reach out to another poster here but didn’t get a response. I’m hesitant to post this, but as it relates to a non-listed business, I believe I can do so in good faith and within the board rules.

For transparency, I previously worked indirectly for Scott Livingston in a private business (not a listed company). I found the experience very difficult and, in my view, the business ultimately failed after a prolonged period of financial strain. This is my personal experience only, is unrelated to Tooru, and I have no insider knowledge of that company.

From my perspective at the time, the business appeared to be operating under persistent cash pressure, with what appeared to be ongoing short-term financial pressure. Much of the senior discussion I observed was focused on cash management rather than longer-term operational or customer considerations, which made it a challenging environment for teams trying to keep the business trading.

What stood out to me was the contrast between the commitment of local management and staff, who worked extremely hard to keep things going, and what I perceived as limited senior-level engagement on site. In my opinion, the lack of sustained investment and hands-on leadership made recovery difficult, and the business eventually closed.

To be clear, I am not an insider of Tooru, have no access to non-public information about the company, and this comment reflects only my past personal experience.

Others will make their own decisions, but for me this kind of history increases the level of risk I would require compensation for.

Digging into the fundraise (and the stated reasons for it), I think the split between real cash and non-cash dilution is worth calling out.

The headline numbers are ~£800k from the placing and up to £250k from the WRAP retail offer, implying a potential ~£1.05m raise at 0.25p. At that price, this equates to up to ~420m new shares being issued.

Looking at director and insider participation, Scott Livingston is subscribing around £50k in cash, which does add cash to the business, but is also converting roughly £100k of debt into shares. That conversion adds no cash and is dilutive, and personal debt was not referenced in earlier presentations. Nicholas Lee appears to be converting around £50k of debt only. In addition, there is a related-party debt conversion of roughly £150k, which previous disclosures suggest is linked to S-Ventures.

On a rough basis, this implies dilution to existing shareholders of around 28%, of which roughly 20 percentage points comes from non-cash debt conversion and non-retail issuance. That level of non-cash dilution does not appear to have been clearly highlighted previously. Crucially, a large part of the dilution adds no cash to the business.

If Pulsin is under cash pressure — as suggested by stock gaps and reliance on contract manufacturing — then converting debt does nothing for liquidity, nothing for working capital, and nothing to support the stated “acquisition opportunities”.

It does, however, materially dilute retail and existing shareholders.

Personally, I don’t see this as a good deal for shareholders, and unless the operational situation improves quickly, I wouldn’t be surprised to see another funding round within six months or so.

It will be interesting to see how much actual cash is ultimately raised. So far, £50k for sure. That might cover fees.

I’m not invested, but having re-watched Tooru CEO Scott Livingston’s January presentation, I’m struck by what wasn’t discussed.

There was no mention of cash pressure or inventory stress, yet less than a month later the company returned to the market for funding.

On page 13 of the deck, Pulsin is described as “restructuring complete”. In reality, manufacturing is still being relocated to Wales and the business is currently relying on higher-cost contract manufacturing to bridge an inventory gap. Stock availability issues are evident across multiple channels.

If you relocate manufacturing as a project, first thing on the list is build inventory for customers. Customer service is everything!

In my opinion, this disconnect between presentation messaging and operational reality is concerning, particularly for a consumer brand where continuity of supply and cash discipline are critical.

Not everything is out of stock, but it's certainly not good, the CEO spoke about Co-Op as a new market, again, all I am finding is "unavailable"

Pulsin Balanced Nutrition Protein Bar Vanilla Choc & Almond 50g

Protein Bar with Almonds, Cashews, Vanilla & No Added Sugar Chocolate with Sweetener (Xylitol)

Product unavailable

Pulsin Choc Fudge & Peanut Keto Bar 50g

Protein bar with mct oil, peanuts, natural flavouring & no added sugar chocolate with sweetener.

Product unavailable

I also just noticed that the CEO said in his latest interview that they have been using "contract manufacturers", so they are paying a 3rd party factory to manufacture stock. That's not a path to high 40% EBITDA margins.

Amazon availability is also telling. While Pulsin products can technically be bought via Amazon (including Prime), the earliest free pickup date shown is 17–20 April, which is unusual given Amazon’s normal fulfilment speed — and Amazon is generally very good at signalling real supply availability.

For example, the Pulsin Peanut Choc Chip High Fibre Brownie (18 × 35g) shows 40+ purchases in the last month, yet still carries a multi-week lead time. By comparison, competing brands in the same category show materially higher recent sales and immediate availability:

SCI-MX brownies: 1,000+ sold, available next day

Warrior brownies: 1,000+ sold, available next day

Fulfil brownies: 400+ sold, available next day

Tribe brownies: 200+ sold, available next day

The contrast suggests Pulsin’s issue is not demand, but supply and replenishment. When viewed alongside out-of-stocks at Tesco, Holland & Barrett and Pulsin’s own website — and a fundraising explicitly to “invest in stock” — this looks like another data point pointing to inventory and working-capital stress, rather than operational success.

Good response, so let's take a look at the Tesco website for Pulsin:

https://www.tesco.com/groceries/en-GB/products/309767558?srsltid=AfmBOoqiWziGitSN2ik-gbnd6VOVE3yPd6nS4BuRk8PzkIFGuZHNeN-e&utm_

Examples of Pulsin listed on Tesco’s site (all showing out of stock):

Pulsin Pea Protein Isolate Powder 250g — currently unavailable.

Pulsin Keto Bar – Chocolate Fudge & Peanut 50g — currently unavailable.

Pulsin Plant Based Protein Bar – Cookie Dough 57g — currently unavailable.

Pulsin Orange Chocolate Chip Fruity Oat Bars (5×25g) — currently unavailable.

Pulsin Complete Vegan Protein Blend Vanilla 270g — currently unavailable.

Pulsin Fibre Brownie Peanut Chocolate Chip 4×35g — currently unavailable.

This makes it difficult to attribute the issue solely to Holland & Barrett. Supply planning for national retailers is not exotic rocket science — the basic requirement is to keep the central distribution warehouse stocked, supported by standard planning software and forecasts.

Joining the dots:

Tooru is raising funds specifically to invest in stock at Pulsin, yet Pulsin products are out of stock on their own website, at Holland & Barrett, and at Tesco.

That points to a supply-side or working-capital constraint, not a retailer-specific issue. Too are raising funds for "working capital".

If the products were genuinely “flying off the shelves” at the previously cited ~40% EBITDA margin, it raises an obvious question: why would additional funding be required at all?

What I suspect may be happening is this: the company is short of cash and relying on revolving credit (likely invoice or receivables financing). However, with stock unavailable there are fewer invoices to finance, which in turn tightens liquidity. At that point, lender appetite can quickly diminish and the only remaining option is an equity raise. If this has reached a critical point, replenishing stock could take weeks rather than days — and major retailers like Tesco and Holland & Barrett have plenty of alternative suppliers. They are unlikely to tolerate sustained service failures and, in some cases, may impose penalties or reduce ranging altogether.

Same story at We Love Purely:

https://welovepurely.com/collections/online-shop

Four items in the range sold out.

Pulsin website:

Keto bars - only 5 of 9 showing in stock

Protein bars - all out of stock

Something very wrong with this story.

Holland and Barrett website - Pulsin showing out of stock?

https://www.hollandandbarrett.com/shop/brands/pulsin

https://www.hollandandbarrett.com/shop/product/pulsin-choc-fudge-peanut-keto-bar-60046344

It's not a H&B problem - Huel bars are available:

https://www.hollandandbarrett.com/shop/product/huel-chocolate-caramel-complete-nutrition-bar-51g-6100006689

I did wonder why I couldn't find them in H&B in a large major city store.

If this is correct, the £250k fundraise is to try to make stock to win back some shelf space?

I think this fundraising should be viewed as a significant red flag when taken in context, particularly given it is for working capital and specifically to invest in stock for an established brand like Pulsin.

Consider the wider picture:

- A recent CEO presentation talked up a very bright future, including “high 40% EBITDA margin” aspirations.

- The CFO was notably absent from that update, despite the business clearly being short of cash.

- A revolving credit facility has already been referenced.

- The funds are not for acquisitions, international expansion, or step-change investment — but basic working capital.

- More specifically, “stock for Pulsin” — a long-established brand that appears to have run short of core inputs (oats, nuts).

- There’s also the familiar “potential acquisitions” line, almost as an afterthought to suck in interest.

- In practical terms, £250k doesn’t go far in food manufacturing. Even net of fees, it’s unlikely to meaningfully change the operating position.

The structure of the raise also sends a message:

- Minimum investment of £100 suggests this is being targeted squarely at retail investors.

- Institutions have already had their opportunity via the placing — their appetite here appears limited.

- While the raise isn’t at a discount, dilution still applies to those who don’t participate.

- Broker / bookrunner fees are likely to absorb 5–10% of the gross proceeds.

What’s most telling is what’s missing:

- There is no visibility on cash runway — how long does this funding last?

- No indication of whether further funding will be required in the near term.

And critically, the statement you usually expect to see is absent:

“Following Admission, the Company will be adequately funded for the foreseeable future.”

That omission, in my view, is the biggest concern of all.

Juvela.

This was acquired by SVENTURES in December 2022, total consideration was £8m, £6.5m paid on completion, plus £1.5m deferred, paid later (includes interest).

So like Pulsin (purchased for £7.5m), either SVEN overpaid for both businesses, value has been destroyed, or the assets really are undervalued.

TOO market cap is £4.2m but the sum of these parts are £15.5m. Perhaps there is value here?

So, lets move onto what's publicly available on the management team:

Stephen Argent has a bit of a history, albeit a while ago, if you have access to AI and some deep research, search for his name and CATZ CLUB, add the key words charity and conflict of interests. It's a long time ago, but it is a red flag for me all the same. There are some Guardian articles, and a judgement by the charity commission.

In my research, I have also noticed members of the board using different variations of their names on companies house; "LIVINGSTON, Scott Paul", is used for Tooru Plc, "Scott Paul Livingston" is used for another company, "Scot (missing T) Paul Livingston" is linked to another company (Folie Investments Limited). In 2012, there was also a "Scott Paul Livingstone (with an E) relating to NATUROPATHIC HEALTH AND WELLNESS CENTRES LIMITED but a correction was filed.

Minor red flags perhaps, but attention to detail really matters in my opinion - as does TRANSPARENY when researching company leadership.

There is also a "Bohan, Richard Paul", linked via Follie Investments and Pulsin, the connection also goes back to Westlab (which Scott mentions in the presentation), on companies house he is "Bohan, Richard" - looks like there may be a family connection, possibly Brother in Law? Again, variations of the name.

Stephen Argent is the only member of the Board I have looked at that is transparent on the naming and his director history on company house.

These may all be quirks of Companies House, but the cynic in me wonders if the smoke screen could be deliberate.

Hi Borrow,

very interesting points, I know this management team, but I have no insider knowledge as such. That said, I will be guarded to what I say.

"Webinar not great" - you are absolutely right! What was missing? We got to EBITDA (known by some a B*******t margin) then skipped the detail after then - EPS is negative but I admit improving. I think I heard debt being paid off - but no detail. Personally, given my experience, I would say those questions were staged - did anyone have their questions asked?

Pulsin - take a deeper look, this was purchased for £7.5m in 2021 (TOO as a whole is worth only £4.2m, with some cash on the balance sheet). Admittedly this is an open ended vehicle trading at a discount. Scott mentioned adding shareholder value (twice), yet part of that Pulsin purchase was in S-VEN Shares (partly to founder S.Ashburner), his shares in S-VEN lost some 98% after that deal. At best, Pulsin revenue has been flat since the 2021 acquisition (listed under S-VEN) - and since the change to TOO, the experienced management team is the same.

In my opinion and with my knowledge of this team - they haven't pushed Pulsin in the past (the figures show this), what suggests that they will now (in a more competitive snacking market)?

Juvela, I have less knowledge, I suspect the main success is coming from prescriptions for coeliac's, listings in the likes of Tesco are encouraging but I would be very surprised if they could get anywhere neat the "high 40% EBITDA" quoted in the presentation. Unilever just as a quick example, 20% EBITDA.

Purely - very small. Don't believe they are in Harrods but I haven't checked. The slide said "30% less fat than ANY crisp", clearly misleading and false. However, they don't make the same claim on the customer website. Scott also said they are "very good for you" - look at the back of pack.

Moving to the same site is a very good move, but it comes with risks that must be controlled. BRC rules on food manufacture are very strict, Pulsin products contain nuts and other allergens, if these are made on the same site as prescription foods for coeliacs then the controls must be absolutely perfect. Even an employee moving from one production area to another could carry a lethal allergen (nuts). They may add what is known as alibi statements to the Juvela range e.g. manufactured in a site containing nuts (note this alibi is already on the Plantain Chip back of pack), this may reduce the market if a customer is allergic to both gluten and nuts. BRC audit sites annually, poor performance here could be serious.

Looking at general retail, Aldi has increased their market share since 2021 from 8.8% to 10.8%, Lidl have increased from 6.6% to 8.3%. Typically these retailers "benchmark" brands for their cereal bars and protein bars and Lidl makes an excellent product similar to Grenade for £1 less. What I am trying to illustrate here is the retail opportunity is smaller. But Tesco, Asda, Coop, etc are still

Hi Borrow, sent you a message on the other board.

I’d be cautious here.

If you look at the history of S-Ventures, the 5-year shareholder return is roughly -97%, and the journey has involved repeated funding events. That doesn’t automatically condemn Tooru, but it’s a reminder that capital structure and execution risk matter a lot in this space.

I work in food manufacturing (“buy what you know”), and one thing I personally look for is whether brands are actively pushing visibility and distribution. I couldn’t see Pulsin listed as an exhibitor at the 2024 IFE in London (I attended - easy to get in for free), and I couldn’t spot them in the 2026 exhibitor listings either (happy to be corrected if someone has better info). IFE is a major UK food trade show, and for challenger brands I’d expect to see consistent commercial hustle and presence somewhere in the trade ecosystem.

Tooru has brought in new funding, which helps, but there’s still debt (e.g., Shawbrook). I don’t know the exact pricing, but I’d assume something like SONIA + a decent margin (just a guess) — so the interest burden could be meaningful at this size.

Juvela is in gluten-free, which is currently a strong category. That said, gluten-free is competitive and getting more crowded. If larger players keep investing (e.g., Warburtons’ gluten-free range) and/or credible specialists scale up, the key question is whether Juvela can defend share through product, distribution, and marketing rather than just enjoying a favourable trend. I also note other gluten-free/free-from brands exist in the space (examples I’ve seen mentioned include Revolution Gluten Free Products, plus independents like The Gluten Free Bakery, Beaky Blinders, Liberate, Voakes Free From, and Leigh’s Gluten Free Bakery).

Disclosure: I’m not invested (and I don’t short). I did lose money on SVEN in the past, so take my caution in that context.

Food manufacturing is tough: thin margins, high compliance burden, and constant competition. Good luck to anyone involved — but I’d strongly suggest reading the filings closely, especially around debt terms, cash conversion, and working capital.

An interesting thought:

Larry Ellison has been steadily building his position in Oxford Nanopore — some speculate with a takeover in mind.

Now, consider this: the CEO recently announced his retirement. Officially, Ellison shouldn’t have known in advance — that would fall under insider information. But can you really build a 17%+ stake without at least considering the stability of the board and potential leadership changes?

Taking that further — is it possible that there's a succession plan quietly forming within the Ellison camp?

Taking this stream of thought further, could there be a succession plan in the Ellison camp?

I'm very happy to have taken a position, but I would be interested in views on this subject and on what the next moves may be in terms of succession.

You missed this which is quite positive in my view:

Penny McCormick, Chief Executive Officer of MyHealthChecked PLC, said: "2023 was a pivotal year for MyHealthChecked as the Company's focus moved to our Wellness test portfolio. We launched 23 tests, of which 21 are now available in Boots stores and online and we have seen over 45% increase in unit sales since Q4 2023. All of this would not have been possible without the revenue generated from COVID testing in prior years which has allowed us to implement a clear strategy, creating future growth opportunities and longevity for MyHealthChecked.

"The Company is now in a strong position with sufficient working capital available to fund the next growth phase as we continue to prioritise quality and customer service to become a leading supplier in the wellness testing sector. I would like to thank the MyHealthChecked team for their continued hard work over the last year and our shareholders for their ongoing support."

An increase of 45% sales is excellent, the products have generally good reviews on the Boots website. I believe the update should be seen as a positive.

Not sure what to make of todays news (17/11), a mixed set of mostly negative results plus CEO departure a bit of a surprise (at 68). Her 3 year plan seems to have stalled.

I hope I'm wrong - I don't think its going to be a good morning.

Morning,

I think this is a really interesting company which seems to be on a steady path to profitability. Hopefully the results should be well received today:

Excellent H1 FY23 results driven by good performance in all business areas:

o 25% growth in revenues to £98.9m (H1 FY22: £79.2m)

o 39% increase in Adj. EBITDA to £22.1m (H1 FY22: £15.9m)

o 47% increase in Adj. EBITDA excluding fair value ("FV") movement in biological assets to £21.8m (H1 FY22: £14.8m):

§ Adj. EBITDA margin excluding FV movement in biological assets increased to 22% (H1 FY22: 19%)

o 193% increase in Adj. Operating profit excluding FV movement in biological assets to £11.4m (H1 FY22: £3.9m)

o Further reduction in loss before tax

o Operating cash inflow £9.5m (H1 FY22: cash inflow of £2.0m)