It’s simple – connect the best catering and hospitality suppliers with professional establishments across the UK using an uncomplicated and engaging online platform.
i-Chef is a professionally endorsed, web-based membership community that connects recommended hospitality supplier members to professional buyers. It is a space where our renowned professionals vet and recommend top suppliers. Once approved for membership of i-Chef, these suppliers can offer exclusive deals to members.
The i-Chef Jobs portal enables professional establishments to post job vacancies to a highly targeted industry audience. This newly launched aspect of i-Chef has been developed from inception with the industry end-user in mind and has already attracted attention from the Dorchester Hotel among others.
Where we are now
Where we want to be
Investment will enable i-Chef to move to full launch and take advantage of the market opportunity. Going forward, the business will focus on increased membership and marketing as well as enhancing the site and its service. Our key objectives over the next 12 months are:
The Story
Whilst running the House of Commons catering operations, David Dorricott was reviewing his hospitality suppliers and recognised that he had the benefit of being able to tap into a network of industry professionals – he just rang some of the leading chefs in the country to see which suppliers they were using and they would share their information and experience. It got him thinking – what if this was a luxury that everyone could enjoy? He pitched the idea to celebrated chef, Anton Edelmann, and i-Chef was born.
Together, David and Anton secured an i-Chef supplier review panel comprised of internationally renowned hospitality experts including Mark Hix, Giorgio Locatelli, Shaun Hill, Terry Laybourne and Lisa Ackerley among many others.
The Benefits
The i-Chef model is not only designed to be innovative but also unique. It differs fundamentally from traditional ‘directory’ style lists where suppliers are able to list their company details either for free or for a fee. We know there are thousands of hospitality suppliers available to choose from but to date, none appear together on a professionally endorsed, recommended supplier list.
It is an invitation only community for suppliers and free for professional members that recommends and endorses all suppliers on the i-Chef platform, via its panel of culinary, hygiene and hospitality experts. This is designed to provide a level of exclusivity and assurance, saving members’ time and effort in their search for premium, respected suppliers.
i-Chef invites suppliers and Professionals to share their knowledge and expertise. It is a community where industry specialists can discuss anything from the latest industry trends to recommended products. With the future introduction of the ‘Foodie’ members and ongoing events, the community aspect of i-Chef will be further enhanced.
The Business Model
i-Chef adopts features of the ‘freemium’ (web based) business model. At the core of the i-Chef business model is the collection of annual fees, advertising revenue and recruitment fees from its members, be they supplier members, professional members or recruiters.
The levels of annual fee vary between member categories and are modelled to rise over time as the value added from the growing base of supplier members and professional members increases.
i-Chef revenue streams primarily consist of:
The i-Chef platform overview
Supplier profiles
Supplier members are classified by the types of products they sell or the services they offer. Each supplier who is accepted onto the site receives their own ’landing page’, where they build and maintain their company details and outline their product or service offering. Including where applicable, hygiene accreditation and eco policies.
Supplier deals and offers
Suppliers are able to manage and launch deals and offers exclusively to i-Chef members – these are highlighted on the landing page of the main i-Chef portal. Offers are time bounded by the supplier member and are automatically removed once the expiry date has been reached.
Professional members
i-Chef is currently free to use for professional members, while we build the supplier list. At the appropriate stage, we will adopt a ‘freemium’ model. Our objective is to get professional members and ‘foodies’ actively engaged in the i-Chef community, then upsell them on the benefits that assist, educate, entertain and save them time and money.
i-Chef forum
The open forum provides a space where professional members can for example, exchange views on ‘Hot Topics’ or reveal new discoveries, conduct research into new or developing products or industry trends.
i-Chef exclusive events
In addition to the core functionality of the site, i-Chef is offering exclusive events and offers to both supplier members and professional members in order to promote products, services and personalities.
i-Chef Jobs
The i-Chef Jobs site is simple to use for both the employer and jobseeker. HR industry specialists were consulted throughout the building and pilot launch of the product and it has thus been created with the user market in mind. The innovative CV generator enables job seeks to quickly and easily compile a PDF CV that meets industry recruitment requirements, and enables recruiters to quickly and easily assess a candidate’s suitability for a role.
Future development in detail
The Target Market
Supplier Members
The UK hospitality industry employs 2.4 million people, about 8% of the total working population. Despite its significance, we know the industry supply chain is highly fragmented and relies heavily on local or personal networks, interspersed with few national wholesale suppliers.
Based on our own discussions with wholesalers over many years, we know wholesalers tend to concentrate on sales within the dominant catering businesses which account for over 20% of the buying market. It is our belief that many excellent specialist and regional suppliers find it very challenging to reach a wide potential customer base and would therefore benefit greatly from using the I-Chef platform as a cost effective sales channel to promote their products and service
i-Chef is designed to enable the industry to quickly and easily connect with this remaining 80% of the supplier market in a cost effective manner. The number of Members in each Supplier category is restricted, to maintain the highest levels of quality.
Profile:
Professional Members
Smaller catering or hospitality operators’ value access to top suppliers – currently denied to them by virtue of their location, size, and lack of experience, awareness or knowledge of them, contacts or time.
Many operations rely very heavily on local or inherited suppliers. In our experience they are often unable to identify and access exceptional regional or specialist suppliers elsewhere in the country and most do not have a significant network or word of mouth recommendations.
Profile:
The Competition
We are yet to find a direct competitor to i-Chef. It is based on the simple principals of experience, integrity of our recommended rating of suppliers, our word of mouth connections and ‘in the know’ knowledge and contacts.
We know from our own and our colleagues experiences that the majority of hospitality operations will access suppliers by either inherited lists or sourced via their personal experience, or yellow pages type operators. Directories of suppliers exist, but I-Chef is not a directory; it is an invitation only community of selected suppliers, ensuring that all of the suppliers that are included in our community are recommended by our panel of leading hospitality industry professionals.
We believe a key barrier to entry for potential competitors is the experience and network of both David and Anton together with the i-Chef Panel’s extensive professional relationships within the catering industry at all levels. We believe the i-Chef Panel is a major source of competitive advantage for the company, due its extensive experience and credibility. This helps ensure the robust quality of all Supplier Members that are admitted to the platform, hence maximising the attractiveness of the Supplier Member database to Professional Members and ultimately Foodies.
Our current i-Chef Panel includes;
Mark Hix
Celebrated chef, restaurateur and food writer known for his original take on British gastronomy. Opened his first restaurant, Hix Oyster & Chop House in Smithfield in 2008. Since then he has opened five further establishments including Hix Oyster & Fish House in Lyme Regis, Mark’s Bar, plus the renowned Tramshed.
Giorgio Locatelli
Considered by many to be one of the best Italian chefs in the UK, Giorgio is chef patron of the acclaimed restaurant Locanda Locatelli – one of the most sought-after restaurants in London.
Dr. Lisa Ackerley
MD of Hygiene Audit Systems a leading food-health and safety consultancy and e-solutions provider for over 25 years. She is Visiting Professor of Environmental Health at Salford University and lectured on the MSc Environmental Health Course at Kings College, London. A Professorial Fellow of the RSPH and winner of “The most Significant Contribution to Food Safety” from the SFH.
Mark Edwards
Mark is one of the most respected and recognised chefs in the UK and has worked all over the world including renowned establishments such as Le Richmond Hotel in Geneva and the George V in Paris. In 1994, pursuing an interest in Asian foods he returned to London as head chef of Vong London before teaming up with Nobu Matsuhisa to open Nobu London in February 1997 as head chef, winning a Michelin star in 1998. Nobu Berkeley St repeated this success in 2006 and both restaurants still retain a Michelin star today.
Duncan Palmer
Duncan is Regional Vice President Europe and managing director the Langham, London at Langham hospitality. Distinguished career, exceptional track record in senior hotel management positions for luxury hotels in the UK, Middle East and Asia. This includes General Manager at both The Savoy and The Connaught and 12 years with the Mandarin Oriental Hotel Group.
Terry Laybourne
Chef Terry Laybourne has built a formidable reputation over 25 years and was awarded an MBE for services to the restaurant and tourism industries in 1998.He won a Michelin star for his restaurant, 21 Queen Street, in 1988, and opened Jesmond Dene House in 2005, which was voted AA Hotel of the Year 2008.As well as consulting for Newcastle United, Marks & Spencer, and the Ministry of Agriculture, he has written ‘A Quest for Taste’ – his book promoting seasonal and regional produce.
Shaun Hill
Since working for Robert Carrier in the late 1960s, Shaun’s accolades include: holding a Michelin star for 20 years, Egon Ronay guide chef of the year 1993, the Caterer chef award 1990, its restaurateur award for 2001 and AA restaurant guide’s chef’s chef of 2003.In recent years he was head chef at Gidleigh Park in Devon for 9 years and chef patron of the Merchant House restaurant in Ludlow for 10 years. In December 2007 he reopened The Walnut Tree in Abergavenny where he currently holds a Michelin star & 3 AA rosettes.
People
Founders
i-Chef was founded by David Dorricott and Anton Edelmann. David and Anton have enjoyed successful careers as executive chefs, restaurant owners and consultants to the world’s leading hotel groups, airline caterers and other hospitality businesses.
David’s experience includes establishing catering supply chains to prestigious restaurants and hotels, the evaluation and sourcing of premium suppliers and the profitable operation of kitchens, restaurants and hospitality services. In addition to running catering operations at the House of Commons as Executive Chef, David has consulted with a number of brands including Hilton in the establishment and effective operation of major hospitality venues.
As co-founder, Anton manages membership and recruitment i-Chef. His experience includes the operation of luxury hotels and kitchens at the very highest level, including The Savoy for 21 years, including building premium supply chains, working with suppliers all over the country and in the profitable operation of high profile hospitality venues.
Non-Executive Advisors
Brian Mills
Brian is a co-founder of HGA, the operator of Small Luxury Hotels of the World and Luxury Hotel Partners, which runs more than 30 exceptional boutique hotels in 12 countries. In the hotel industry for many years, Brian’s background includes working with intercontinental Hotels Group amongst other leading brands.
James Goddard
James is the owner and Chief Executive of JJ Marketing, a full service marketing communications agency, established in 1989.
Carolyn Cavele
Carolyn Cavele LL.B established Food and other Matters, the successful, award winning independent food and drink PR agency. Her experience includes development of trade, consumer and corporate campaigns for clients across a variety of food industry sectors.
Clive Scrivener FCMA
Clive is an experienced business leader, most recently as Chief Executive at Prodrive, a technology & motorsport company. Clive runs his own consultancy, Opoyo, and also has non-executive roles, including Chairman of University of Oxford robotics spin out, Oxbotica.
Martin Gee
Martin Gee is the owner of Martin Gee Chartered Accountants, we are confident that their experience in the corporate world and with embryonic businesses will be of great value to us.
SALES:
Key sales drivers: i-Chef sales are derived from annual subscriptions, advertising, recruitment and special events that are purchased by our members. Annual subscriptions for Supplier members range between £367 to £1,200, for professional members from £30 and for Foodies from £85.
Sales are therefore driven by the numbers of members and their type, and how active those members are in using the various i-Chef services.
USE OF FUNDS:
EXPENSES AND PROFITABILITY:
Expenses: Salaries are our largest single cost, followed by marketing and website costs. Our cost base is therefore driven by our headcount and our direct sales and marketing activities.
Profits: We forecast a loss in 2015, which is due primarily to the costs of expanding our sales and marketing efforts as we target a growth in membership levels.
EXISTING DEBT OR EQUITY INVESTMENTS:
Debt: There is presently £32k of third party debt. This represents loans made to the company by the founders and other current shareholders. All loans are documented and are due for repayment by the end of 2017.
Equity: The balance of paid in capital was £25,001 as at 31.3.14, in the (9 month) period from 1.4.14 to 31.12.14 a further £25,004 was paid in, giving a total of £50,005 as at 31.12.14.
CASH:
Cash burn post investment is forecast to average £15k per month for the balance of 2015. Cash burn rates are driven by the timing of new membership and the level and timing of discretionary spend on sales, marketing and headcount.
Next round: Our model shows there is not anticipated to be any requirement for further fundraising