Crowdcube success, Savvy Foods, has appointed one of its investors, Ashif Manjothi, as a new chairman of its board. Launched in 2013 by Jonathan Drury and Katie Owens, Savvy Foods is described as a delicious and nutritious food source, designed as the perfect breakfast and snacking food and a much healthier sweet spread option. It successfully secured £85,010 on the equity crowdfunding platform in 2015.
Manjothi has 15 years of experience in chartered accounting and is currently the Savvy Foods’ interim Chief Financial Officer. He reportedly shared with Crowdcube why he decided to invest the company:
“I have worked in the Private Equity sector for many years and have built a career on adding value to large and growing businesses, such as through restructuring and turnaround activities, and Mergers and Acquisitions, in particular focussing on Strategy and Financial Planning. For several years I have wanted to lend my skills to smaller businesses, as I could see the gap between large and small businesses growing. In the long run I envisioned this to be unsustainable for the country. With this in mind I decided to enter the crowdfunding arena, and have to date invested in over 100 small businesses just like Savvy Foods, both on and off Crowdcube.”
Drury and Owens also noted that Manjothi approached them earlier this year to share his thoughts on the company and possibly business strategies. They commented:
“Since June, Ashif has been acting as Chairman as well as Interim Chief Financial Officer and we have seen an immediate positive impact on the business. Ashif has supported us by analyzing, streamlining and improving our processes and systems, including business planning, bookkeeping, financial statements and detailed cash flow projections. Together we have identified numerous cost saving areas, and are currently in the process of setting targets for the new accounting year.”
They went on to add that Ashif’s 100-day plan has helped to identify key business objects and increased the company’s level of focus. They added:
“We are pleased to have the opportunity to work with a professional strategist with this level of experience, and anticipate an exciting new phase of growth in the business as a result of working together.”
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!