1 00:00:00,240 --> 00:00:02,320 Speaker 1: Well, we want to focus next on an IPO happening 2 00:00:02,360 --> 00:00:04,800 Speaker 1: in London today and for that we're joined Buyer Breaking 3 00:00:04,800 --> 00:00:07,320 Speaker 1: News editor and editor of the London Russian newsletter, Louise Noon, 4 00:00:07,400 --> 00:00:08,480 Speaker 1: Louise good morning. 5 00:00:08,520 --> 00:00:11,720 Speaker 2: Good morning, Stephen So. Applied Nutrition, the maker of protein 6 00:00:11,760 --> 00:00:14,480 Speaker 2: powders and supplements, has raised over one hundred and fifty 7 00:00:14,480 --> 00:00:17,600 Speaker 2: seven million pounds in its IPO in London this morning. 8 00:00:17,880 --> 00:00:20,400 Speaker 2: Shares a price at one hundred and forty pence, which 9 00:00:20,480 --> 00:00:22,160 Speaker 2: was towards the low end of the range before they 10 00:00:22,280 --> 00:00:25,320 Speaker 2: jumped at open touching one hundred and fifty pence. Now 11 00:00:25,320 --> 00:00:28,200 Speaker 2: it's notable because it's one of the very few IPOs 12 00:00:28,200 --> 00:00:30,800 Speaker 2: that's happening in London at the moment. So to talk 13 00:00:30,840 --> 00:00:33,680 Speaker 2: about it further, we're joined now by Thomas Ryder, the 14 00:00:33,760 --> 00:00:38,400 Speaker 2: founder and CEO of Applied Nutrition. Thomas, good morning. Just 15 00:00:38,440 --> 00:00:40,960 Speaker 2: want to start off with a question to ask why 16 00:00:40,960 --> 00:00:43,159 Speaker 2: are you happy with this price this morning and were 17 00:00:43,200 --> 00:00:45,040 Speaker 2: you disappointed that you weren't able to list at a 18 00:00:45,080 --> 00:00:46,240 Speaker 2: slightly higher price. 19 00:00:47,479 --> 00:00:49,600 Speaker 3: Now, we're absolutely delighted with the place that we have. 20 00:00:49,680 --> 00:00:53,159 Speaker 4: We're absolutely delighted with the register of investors that we have, 21 00:00:53,240 --> 00:00:55,800 Speaker 4: so honestly we couldn't ask that much more. 22 00:00:57,120 --> 00:01:00,440 Speaker 1: Talk to us about the decision to list and list 23 00:01:00,480 --> 00:01:02,520 Speaker 1: in London. You know that there's many other companies that 24 00:01:02,560 --> 00:01:05,280 Speaker 1: have chosen to go elsewhere for us, Was this a 25 00:01:05,280 --> 00:01:06,880 Speaker 1: good time to list in London? 26 00:01:06,920 --> 00:01:08,560 Speaker 3: For you? You know? 27 00:01:09,120 --> 00:01:12,880 Speaker 4: I think fit Firstly, I think we chose the list 28 00:01:12,920 --> 00:01:15,840 Speaker 4: because we just feel that we're on that we're at 29 00:01:15,840 --> 00:01:18,720 Speaker 4: that point within our journey now of becoming the world's 30 00:01:18,720 --> 00:01:21,880 Speaker 4: most trusted and innovative sports nutition brands, and we just 31 00:01:21,880 --> 00:01:24,760 Speaker 4: felt that list and now would catapults us into a 32 00:01:24,760 --> 00:01:30,200 Speaker 4: new league, offering us global credibility and global recognition. As 33 00:01:30,200 --> 00:01:32,560 Speaker 4: we're an export company, we're trading over eighty countries. We 34 00:01:32,600 --> 00:01:34,240 Speaker 4: just felt that was the right move forward us right now. 35 00:01:34,920 --> 00:01:36,920 Speaker 4: But when we explored the option, yeah, we aid some 36 00:01:37,000 --> 00:01:40,200 Speaker 4: negativity around what markets to go on and LC, but 37 00:01:40,520 --> 00:01:41,760 Speaker 4: for us were the UK brands. 38 00:01:41,840 --> 00:01:43,000 Speaker 3: We're proud to be a UK brands. 39 00:01:43,000 --> 00:01:45,840 Speaker 4: We're flying the flag for UK sports nutition brands globally 40 00:01:46,280 --> 00:01:48,720 Speaker 4: and it would only ever be the London Stock Exchange. 41 00:01:48,920 --> 00:01:52,000 Speaker 4: We would never consider anywhere else. We are we are, 42 00:01:52,240 --> 00:01:53,840 Speaker 4: We're a proud UK company and we want to be 43 00:01:53,840 --> 00:01:54,280 Speaker 4: on the LC. 44 00:01:55,320 --> 00:01:57,720 Speaker 2: So you noted that that negativity in some of your 45 00:01:57,720 --> 00:02:01,120 Speaker 2: discussions before. Why do you think that London really does 46 00:02:01,120 --> 00:02:04,160 Speaker 2: struggle struggle to attract these new listings. There's been a 47 00:02:04,160 --> 00:02:08,239 Speaker 2: few reforms that have have been implemented more recently. Do 48 00:02:08,880 --> 00:02:10,519 Speaker 2: you think those have worked? What do you think needs 49 00:02:10,520 --> 00:02:12,440 Speaker 2: to change? What are the key problems? 50 00:02:13,360 --> 00:02:13,560 Speaker 3: You know? 51 00:02:13,680 --> 00:02:15,880 Speaker 4: You know, since we started this process and we went 52 00:02:15,919 --> 00:02:17,600 Speaker 4: on the road and we're speaking to investors, we've seen 53 00:02:17,760 --> 00:02:19,720 Speaker 4: not on BOD excitement. We've been seen not on BOD 54 00:02:19,800 --> 00:02:22,960 Speaker 4: encouragement and people are really embracing our company with their 55 00:02:23,000 --> 00:02:25,600 Speaker 4: arms open. We're absolutely humble, so we could ask for more. 56 00:02:25,600 --> 00:02:28,200 Speaker 4: We've not seen anything for excitement here. 57 00:02:29,400 --> 00:02:31,560 Speaker 1: I wonder if you're thinking as well about the budget 58 00:02:31,639 --> 00:02:34,200 Speaker 1: due next week. Lots of talk about what taxes might 59 00:02:34,240 --> 00:02:37,120 Speaker 1: be raised on businesses as well. Were you conscious of 60 00:02:37,160 --> 00:02:39,400 Speaker 1: that timing when you chose to list this week? 61 00:02:40,520 --> 00:02:43,799 Speaker 4: Now, we always plan to list in Q four. It's 62 00:02:43,880 --> 00:02:49,280 Speaker 4: just that the data felt nicely for us. Well, yeah, 63 00:02:48,200 --> 00:02:50,840 Speaker 4: it's it's always been within our plan. 64 00:02:52,280 --> 00:02:54,480 Speaker 2: So Thomas, I have to ask, so this You created 65 00:02:54,480 --> 00:02:58,280 Speaker 2: this business roughly ten years ago, and from what I understand, 66 00:02:58,280 --> 00:03:00,680 Speaker 2: you were a scaffolder before you started selling protein powders 67 00:03:00,680 --> 00:03:03,600 Speaker 2: and these happens as a kind of side hustle. Did 68 00:03:03,680 --> 00:03:04,760 Speaker 2: you ever think that this will happened? 69 00:03:04,800 --> 00:03:05,320 Speaker 3: Was this your plan? 70 00:03:05,440 --> 00:03:07,040 Speaker 2: Did you ever think you'd get to an IPA? 71 00:03:08,600 --> 00:03:11,519 Speaker 4: You know if the bats me ten years ago, No, 72 00:03:11,639 --> 00:03:13,480 Speaker 4: we could never have done that. We'll be here today, 73 00:03:13,560 --> 00:03:15,880 Speaker 4: IPO and the company. It's like it is literally a 74 00:03:15,960 --> 00:03:18,200 Speaker 4: dream come true. But it has always been something in 75 00:03:18,240 --> 00:03:20,040 Speaker 4: the back of my mind. Would I've always said some 76 00:03:20,160 --> 00:03:21,800 Speaker 4: people say, well, where do you want to take the business? 77 00:03:21,800 --> 00:03:23,079 Speaker 4: But where where do you want to go? In the 78 00:03:23,120 --> 00:03:25,000 Speaker 4: back of my mind Sometimes you don't say it out 79 00:03:25,040 --> 00:03:27,639 Speaker 4: loud because you're ashamed too or I don't know, boy, 80 00:03:27,919 --> 00:03:29,359 Speaker 4: in the back of my mind, I've always thought I 81 00:03:29,440 --> 00:03:32,400 Speaker 4: would love to IPO the company and be a PLC. 82 00:03:33,720 --> 00:03:37,119 Speaker 1: It's interesting we've been reporting some comments from the Prime 83 00:03:37,160 --> 00:03:39,280 Speaker 1: Minister overnight saying that he doesn't think there's anything in 84 00:03:39,320 --> 00:03:42,520 Speaker 1: the budget that's going to scare entrepreneurs away. Is there 85 00:03:42,560 --> 00:03:44,800 Speaker 1: anything that you'd like to see the government do that 86 00:03:44,880 --> 00:03:48,600 Speaker 1: would perhaps help you to boost your business? You know? 87 00:03:49,880 --> 00:03:52,120 Speaker 4: For us, I just think in the UK it's important 88 00:03:52,160 --> 00:03:54,400 Speaker 4: for businesses to work with the government's government to work 89 00:03:54,440 --> 00:03:58,640 Speaker 4: with businesses, and I think whatever policies are put forwards, 90 00:03:58,720 --> 00:04:00,920 Speaker 4: we're going to embrace them, you know. So we look 91 00:04:00,960 --> 00:04:04,040 Speaker 4: forward to whatever whatever government and whatever policies are put 92 00:04:04,080 --> 00:04:04,600 Speaker 4: in front of us. 93 00:04:06,120 --> 00:04:08,200 Speaker 1: Talk to us about where you expect the company to 94 00:04:08,320 --> 00:04:11,120 Speaker 1: go from here. What's your next big goal that you're 95 00:04:11,120 --> 00:04:11,560 Speaker 1: aiming for. 96 00:04:12,400 --> 00:04:15,280 Speaker 3: So that's where my focus is. And we've not gosted 97 00:04:15,280 --> 00:04:18,000 Speaker 3: the service. Literally we've done well. You are right. 98 00:04:19,120 --> 00:04:21,560 Speaker 4: We've been around now ten years and we've come a 99 00:04:21,600 --> 00:04:24,320 Speaker 4: long way, but we've not gosted the service. 100 00:04:24,320 --> 00:04:26,880 Speaker 3: So where we could be. This industry is absolutely huge. 101 00:04:27,160 --> 00:04:29,640 Speaker 4: This is a big world and we're now embracing a 102 00:04:29,720 --> 00:04:32,480 Speaker 4: lot of new consumers, consumers from health and wellness consumers 103 00:04:32,680 --> 00:04:34,640 Speaker 4: all the way up to professional athletes. 104 00:04:35,080 --> 00:04:40,160 Speaker 3: It's the road ahead of us is absolutely huge and exciting. 105 00:04:41,520 --> 00:04:44,920 Speaker 2: And having done this yourself, what advice would you give 106 00:04:45,240 --> 00:04:47,719 Speaker 2: to someone else who would be in your position where 107 00:04:47,720 --> 00:04:49,520 Speaker 2: you were about ten years ago, or someone you know 108 00:04:49,680 --> 00:04:51,520 Speaker 2: considering starting their own business as well? 109 00:04:52,680 --> 00:04:55,839 Speaker 4: Number one, believe in yourself, don't let anyone put doubts 110 00:04:55,880 --> 00:05:00,719 Speaker 4: on your own bleeps and your own ambitions, folly dream 111 00:05:01,040 --> 00:05:03,880 Speaker 4: and just just just keep grinded away. 112 00:05:05,440 --> 00:05:07,719 Speaker 1: Do you think your Your business is based in Liverpool, 113 00:05:07,800 --> 00:05:10,440 Speaker 1: are you Is that a good place for your business 114 00:05:10,520 --> 00:05:13,000 Speaker 1: to be where you tempted to move anywhere else the time? 115 00:05:13,160 --> 00:05:15,240 Speaker 1: Do you think you're kind of in a leadership position 116 00:05:15,360 --> 00:05:17,880 Speaker 1: there where it comes to entrepreneurship in the city. 117 00:05:19,080 --> 00:05:20,960 Speaker 3: I'd like to think so, yeah. I mean, we would 118 00:05:21,000 --> 00:05:23,000 Speaker 3: never ever move from the city. We are a Liverpool 119 00:05:23,040 --> 00:05:25,559 Speaker 3: based company and that that's it. That's our route. 120 00:05:26,080 --> 00:05:29,320 Speaker 4: We manufactured in you know, we have a headquarters there, 121 00:05:29,320 --> 00:05:32,240 Speaker 4: We have a manufacturing facility, warehouse and facility officers. We 122 00:05:32,320 --> 00:05:35,880 Speaker 4: also have officers in the US, also in Dallas, but 123 00:05:36,040 --> 00:05:37,600 Speaker 4: the heart of the business is in the book. 124 00:05:38,640 --> 00:05:41,080 Speaker 1: I'm interested in your export market as well. Where are 125 00:05:41,120 --> 00:05:43,600 Speaker 1: you targeting to expand that? And you know, there's been 126 00:05:43,640 --> 00:05:46,680 Speaker 1: so much talk about how the UK it's more difficult 127 00:05:46,720 --> 00:05:50,119 Speaker 1: to trade, for example, with the European Union post braggs 128 00:05:50,160 --> 00:05:51,480 Speaker 1: that have you experienced any of that? 129 00:05:52,600 --> 00:05:56,240 Speaker 4: There was there was complications post Brexit. I think that 130 00:05:56,360 --> 00:06:00,560 Speaker 4: it's nothing that we've never overcome quite quickly, and it 131 00:06:00,640 --> 00:06:02,840 Speaker 4: hasn't stopped us in any way or slowed us down 132 00:06:02,839 --> 00:06:05,080 Speaker 4: in any way of trading with Europe. In factor's a 133 00:06:05,240 --> 00:06:09,600 Speaker 4: huge demographic for US it's a region that where we 134 00:06:09,720 --> 00:06:11,840 Speaker 4: do very well and we're growing in We're now going 135 00:06:11,920 --> 00:06:15,200 Speaker 4: multichannel in Europe into grocers, so we've not seen any 136 00:06:15,240 --> 00:06:17,600 Speaker 4: suppressing so we will not be suppressed in any way 137 00:06:17,640 --> 00:06:19,279 Speaker 4: since since Brexit. 138 00:06:19,520 --> 00:06:21,880 Speaker 2: Thomas, thank you so much for joining us this morning 139 00:06:22,880 --> 00:06:26,120 Speaker 2: and congratulations on the IPA this morning, but thank you 140 00:06:26,200 --> 00:06:26,800 Speaker 2: for your time. 141 00:06:26,839 --> 00:06:30,120 Speaker 1: Thomas Rider, their founder and CEO of Applied Nutrition. Those 142 00:06:30,160 --> 00:06:32,480 Speaker 1: shares trading at just over one hundred and forty seven 143 00:06:32,600 --> 00:06:36,680 Speaker 1: pence on the London Stock Exchange this morning, the latest IPO, 144 00:06:36,800 --> 00:06:38,480 Speaker 1: of course in the city at a time that we've 145 00:06:38,480 --> 00:06:40,640 Speaker 1: been talking about a dearth of such listing. So great 146 00:06:40,680 --> 00:06:42,760 Speaker 1: to get the perspective there of Thomas Ryder about his 147 00:06:43,600 --> 00:06:46,480 Speaker 1: both the journey to the IPO for the company, why 148 00:06:46,600 --> 00:06:49,320 Speaker 1: they chose to list in London, and his hopes for 149 00:06:49,400 --> 00:06:50,320 Speaker 1: where they go next.