Freston Ventures, which manages angel investments for Sir Charles Dunstone, the founder of London-based mobile phone retailer Carphone Warehouse, has taken an equity stake in fast-growing Grimsby fish delivery startup Ish Fish.
Ish Fish was formed in Grimsby in 2018 by Garry Bainbridge and Joel Creasey in response to the the explosion in online retailing, and the rising demand for seafood.
“It was borne from an idea we had about the future and everything moving online,” Garry Bainbridge, managing director at Ish Fish, told IntraFish.
When COVID-19 hit, the business took off, Bainbridge said.
“But it was always going to go this way, people buying more and more stuff online,” Bainbridge added. “COVID just accelerated it by about three or four years.”
And he is confident the company will be able to retain its customer base as the effects of the pandemic wane.
The fact that supermarkets are closing their fresh fish counters across the country -- the latest being retail giant Tesco -- will also benefit companies like Ish Fish.
Big ambitions
The two founders, both from Grimsby, had high aspirations for the company from the outset.
“We wanted to keep pushing and pushing and make it a household name,” said Bainbridge. “We don’t feel like fish has a certain name or brand to it, where a lot of stuff does, so we want to make fish, 'Ish Fish.'”
The founders decided to proactively seek out investors who could help the business grow further, and caught the eye of Dunstone and his team.
Ish Fish is heavily focused on sustainability, the environment and responsible sourcing -- factors currently high on consumers’ agendas.
The company is particularly focused on promoting its use of recyclable packaging as opposed to polystyrene boxes, which many seafood suppliers continue to use.
Ish Fish's 100-percent recyclable boxes and reusable "WoolCool" insulating fleece liners have become a selling point, Bainbridge said.
“Some customers choose us specifically because we use recyclable packaging, so it has paid dividends,” he added.
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Sticking with Grimsby
The company is already selling nationwide, serving its customers from its hub in Grimsby, and has no plans to set up facilities elsewhere in the country.
“Everything we do will always come from Grimsby… the more we can do the more Grimsby jobs we can create,” said Bainbridge.
Although unwilling to discuss the terms or size of the investment or equity stake, Bainbridge said it was less about the money and more about the people Sir Charles and Freston Ventures can bring to the table.
“[With the investment] we now employ the best people to run and grow an online business,” he said. “We’re working with people now who know about scaling businesses.”
The team in London will focus on developing the website, advertising and marketing strategies of the company, which previously Bainbridge and Creasey were doing themselves.
“Just because you’re from a small town doesn’t mean you can’t approach people – it was a win for us, but also a win for Grimsby,” said Bainbridge.
