LifeSafe Holdings PLC
14 June 2022
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ANNOUNCEMENT
This announcement is an advertisement and not an admission
document or a prospectus. This announcement is not and does not
constitute or form part of, and should not be construed as, an
offer of securities for subscription or sale in any jurisdiction
nor a solicitation of any offer to buy or subscribe for, any
securities in any jurisdiction, nor shall it or any part of it, or
the fact of its distribution, form the basis of, or be relied on in
connection with, any contract or commitment whatsoever. This
announcement does not constitute a recommendation regarding any
securities. Prospective investors should not subscribe for or
purchase any securities referred to in this announcement except in
compliance with applicable securities laws and regulation and on
the basis of the information in the final admission document
("Admission Document") to be published by the Company, and any
supplement thereto, in connection with the placing ("Placing") of
its ordinary shares ("Shares") and the proposed admission of the
Shares to trading on the AIM market of London Stock Exchange plc
("London Stock Exchange"). A copy of the Admission Document will,
following publication, be available for viewing on the Company's
website at www.lifesafeholdingsplc.com
This announcement constitutes a financial promotion for the
purposes of section 21 of the Financial Services and Markets Act
2000 and has been approved by W H Ireland Limited which is
authorised and regulated by the Financial Conduct Authority.
14 June 2022
LifeSafe Holdings plc
Intention to float on AIM
LifeSafe Holdings plc ('LifeSafe', the 'Company' or the
'Group'), a fire safety technology business with innovative fire
safety products, announces its intention to seek admission of its
shares to trading on AIM, a market of the London Stock Exchange
('Admission'). The Group is seeking to raise GBP3 million by way of
a placing of new ordinary shares (the 'Placing') on Admission,
which is expected to take place in June 2022. WH Ireland Limited is
acting as Nominated Advisor and Broker to the Group in relation to
the Placing and Admission.
LifeSafe has developed what the Directors believe to be market
disrupting, eco-friendly fire safety protection products to both
protect (via fire extinguishers) and detect (via carbon monoxide,
smoke and heat alarms) fires. At the centre of the Group's product
range is the FER1000 extinguishing fluid, which has been developed
by LifeSafe to extinguish five different types of fire: electrical,
paper, textiles, cooking oil, and petrol and diesel. The Group's
best-selling product using this patent pending extinguishing fluid
is the StaySafe 5-in-1 fire extinguisher. It was launched on Amazon
Prime in the UK in August 2021 and subsequently became Amazon
Prime's top selling fire extinguisher in the UK in the same
month.
The Board believes that the fluid and its associated product
range have an international addressable market, will save many
lives and will protect properties and belongings. LifeSafe believes
that Admission will enable the Group to accelerate its growth
through enhancing its profile and standing in target markets. The
Directors believe that the Group's growth will be driven by the
innovative nature of its products which extinguish five types of
fire and its new fluid derivatives and product launches expected in
2023.
LifeSafe will leverage the Board and Senior Management's
expertise, experience and contacts in the fire safety industry to
drive value creation in the Group. In the year ended 31 December
2021, the Group generated revenues of GBP670k and a loss post
taxation of GBP1.5 million. Since 31 December 2021, the Group has
continued to market its products in the UK and Europe and launched
them in the US and Canada earlier this year. With total sales
having increased each month LifeSafe believes that the Group has
excellent prospects.
Key competitive strengths
LifeSafe's purpose is to generate significant returns for
Shareholders through establishing new markets for its innovative
fire extinguisher products. The Directors believe that the Group
has the following key competitive strengths:
-- Strong management team - LifeSafe has a highly experienced
management team which is seeking to apply innovative new
technologies to create new markets for the Group in fire
safety;
-- High quality product - LifeSafe's StaySafe 5-in-1
extinguisher, a compact, fully recyclable, lightweight,
maintenance-free, easy-to-use, fire extinguisher, which contains
its FER1000 fire extinguishing fluid, which is both non-toxic and
environmentally friendly, and extinguishes five types of fire;
-- Proven digital marketing strategy - LifeSafe's digital
marketing strategy and expertise has enabled it to grow sales
strongly, achieving a high return on advertising spend;
-- Exceptional customer service - LifeSafe's service led culture
is reflected in the high levels of customer satisfaction as seen
through its Trustpilot rating of "Excellent";
-- Multi-channel sales strategy - LifeSafe has established
relationships internationally with Amazon, and in the UK with
Screwfix Direct Ltd retail group ("Screwfix"), and increasingly
with other wholesale customers, such as Bunzl, various UK housing
associations and home insurance companies;
-- Revenue enhancing LifeSafe App - the App enables the Company
to market its products directly to interested customers and provide
useful tutorials; and
-- Significant research & development capabilities -
LifeSafe has a strong pipeline of innovative new products and fluid
derivatives expected to be launched in the first half of 2023.
Neil Smith, Chief Executive Officer of LifeSafe, commented: "We
are delighted to announce our intention to float on AIM as this
represents a new and exciting chapter in the Group's history.
"We are already making good progress in creating and meeting
increasing demand for our life saving products both via our
international multi-channel sales strategy which initially targets
the consumer market via digital channels and through wholesale and
industrial channels.
"It is our firm belief that every home should have our simple to
use and highly effective StaySafe 5-in-1 fire extinguisher to
protect life and property. Furthermore, and building on the success
of our current line up, I am equally as excited about our pipeline
of innovative new fluid, and products that we believe will widen
our portfolio and open new markets.
"The IPO will provide us with the profile, capital and platform
to go on to capture more of what the Directors believe is a growing
market with our innovative fire extinguishing products, whilst
delivering significant value for our shareholders."
- Ends -
FOR FURTHER ENQUIRIES:
LifeSafe Holdings plc Via Buchanan
Neil Smith, CEO Tel: +44 (0) 20 7466 5000
Mike Stilwell, CFO
WH Ireland Limited Tel: +44 (0)20 7220 1666
Chris Fielding
Darshan Patel
Buchanan Communications Tel: +44 (0) 20 7466 5000
Henry Harrison-Topham LifeSafe@buchanan.uk.com
Kim Looringh-van Beeck
Jack Devoy
George Cleary
Overview of LifeSafe
The Company was founded as Firescue UK LTD in 2015, in order to
develop an innovative, novel and eco-friendly fluid capable of
extinguishing multiple types of fire. Following a successful
testing programme, an initial patent application was submitted in
April 2017 directed to the Company's FER1000 fluid. At that time,
the Company was focused on selling the fluid to the traditional
fire safety industry as a replacement for traditional extinguishing
media.
In April 2019, Dominic Berger joined the management team as
Executive Chairman. Subsequently, in
2020, Neil Smith, previously chief executive officer of
FireAngel Safety Technology Group plc ('FireAngel'), was contracted
as a consultant, and was appointed Chief Executive Officer in
October 2021. Most recently, in January 2022, Mike Stilwell, who
had worked with Neil Smith at FireAngel, joined as Chief Financial
Officer.
Following a strategic review, the Board re-focused the sale of
the Company's products towards end-user consumers and re-branded
under the StaySafe brand. In July 2021, the Board re-named the
parent company LifeSafe Holdings Limited.
The Group's best-selling product, the StaySafe 5-in-1, which is
certified to extinguish five types of fire, was subsequently
launched on Amazon Prime in the UK in August 2021, in selected
European countries in October 2021, in the US in February 2022 and,
most recently, in Canada in April 2022. The StaySafe 5-in-1 became
Amazon Prime's top selling fire extinguisher in the UK within the
same month.
StaySafe 5-in-1 and the PanSafe pan fire extinguisher were
launched in Screwfix in Spring 2022 with the StaySafe range of
smoke, heat and carbon monoxide detectors also now available on
www.screwfix.com .
LifeSafe is developing new fluid derivations and products for
launch in 2023.
LifeSafe's products
Extinguishing fluids
FER1000 extinguishing fluid
At the centre of the Group's existing product range is the
FER1000 extinguishing fluid, which has been developed by the Group
to extinguish five types of fire, these being: electrical; paper;
textiles; cooking oil; and petrol and diesel.
The FER1000 fluid, for which a UK patent application was filed
on 21 April 2017, is environmentally friendly and both non-toxic
and non-hazardous. It has been tested and verified by the British
Standards Institute in the UK and by Apragaz in Europe to
extinguish, in an environmentally safe manner, each of the
aforementioned types of fire, albeit verified for diesel only in
Europe.
PAN 3000 extinguishing fluid
The PAN 3000 is an extinguishing fluid which, when released,
expands, thereby smothering fires associated with cooking oil.
Protection products
StaySafe 5-in-1 fire extinguisher
The StaySafe 5-in-1 fire extinguisher, the Company's
best-selling product, is a lightweight, easy to use,
maintenance-free, fully recyclable PET aerosol fire bottle,
containing the Company's FER1000 eco-friendly extinguishing fluid.
The fluid is contained within a bag-on-valve system, which consists
of an aerosol valve with a crimped bag, with a pressurised air
propellant in the space between the bag and the PET bottle.
StaySafe PanSafe cooking oil fire extinguisher
The StaySafe PanSafe is a sachet containing the PAN 3000 variant
of the FER1000 fluid targeted specifically at cooking oil fires.
The sachet contains a strengthener so that it can be placed by hand
into a pan fire, which causes the fluid to be released, so
expanding and smothering cooking oil fires, thereby extinguishing
them and preventing re-ignition.
Detection products
StaySafe carbon monoxide detector
The StaySafe carbon monoxide detector uses a sensor to warn
occupants of the presence of high levels of carbon monoxide, a
highly toxic gas, which is produced when fuel burns inefficiently.
The StaySafe carbon monoxide detector conforms to the EN
50291-1:2018 standard.
StaySafe smoke detector
The StaySafe smoke detector, which is certified to the EN
14604:2005/AC:2008 standard, is designed to provide an early
warning of a fire, by detecting smouldering fires.
StaySafe heat detector
The StaySafe heat detector, which is compliant with the BS
5446-2:2003 standard, has been designed to detect changes in
temperature in environments where a smoke detector may sound false
alarms due to the occasional presence of smoke.
In addition to each of the individual products summarised above,
LifeSafe also sells a number of product bundles comprising
different combinations of its extinguishers and detectors for
specific applications, so broadening the addressable market. In
addition to each of the bundles being available on
www.lifesafetechnologies.co.uk, the Kitchen Safety and Home Safety
Plus bundles are also available on www.screwfix.com.
The LifeSafe App
As a key element of its strategy, the Group has also developed
the LifeSafe App, which is available on both Apple and Android
platforms.
The App, which is subject to continuing development and
enhancement, is intended to drive additional revenues by building a
direct relationship with customers through:
-- educating and informing them as to how to avoid fires in the home;
-- enabling customers to purchase products from the StaySafe range; and;
-- demonstrating the innovative features and ease of use of the
StaySafe range of products.
The Directors intend that the LifeSafe App will be subject to
continuing development to increase its functionality and its
ability to further enhance revenues.
Market background
The Board believes that the innovative ability of the Group's
StaySafe extinguishers to extinguish five types of fire has the
potential to open up new markets outside the traditional fire
protection market, having seen revenues grow month-on-month since
the launch of the StaySafe 5-in-1 on Amazon Prime in August
2021.
The Board understands that there were 23.5 million households in
England in 2021, while other historic data (Source: English Housing
Survey ONS, 2017), showed that only 17% of households in England
are equipped with an extinguisher. In the Board's opinion, this
indicates an addressable market in England of approximately 19
million homes without an extinguisher, in addition to the other
possible uses in vehicles, caravans, boats and garages. The Board
also believes that there are consumer markets for the Group's
products elsewhere, including in particular North America and
Europe.
In addition to demand from these consumer markets, the Board
also anticipates creating demand for the Group's products from
wholesale customers, such as retail outlets, hotels and
restaurants, in addition to customers in industry. The Board is
therefore confident that the Group can establish new markets for
the Group's StaySafe products.
LifeSafe's strategy
LifeSafe's purpose is to generate significant returns for its
Shareholders through establishing and serving substantial new
markets for its innovative fire extinguishing products.
The Company, led by its highly experienced management team, has
developed a business strategy which has been designed to achieve
this purpose based upon five core pillars:
Innovative 5-in-1 extinguisher product
The LifeSafe business has been built around the Group's highly
innovative and eco-friendly StaySafe 5-in-1 extinguisher product
which extinguishes five types of fire. It is the Board's intention
that the Group will develop further innovative and accessible fire
safety products. The new product pipeline includes new fluid
derivatives.
High level services
The provision of a high level of digital customer service
focused on education, satisfaction and retention, which is
monitored consistently, and reflected, in the Board's opinion, in
the Group's Trustpilot rating of "Excellent".
Digital expertise
Since the re-launch of its business, the Board has adopted a
"Digital First" approach, utilising digital sales and distribution
channels to commercialise and generate demand for the Group's
products, including, importantly, Amazon and the Amazon Launchpad
platform, and via the Company's own website,
www.lifesafetechnologies.co.uk and equivalent sites outside the
UK.
International expansion
Having established increasing demand for the Group's products in
the UK, LifeSafe has already started building demand for its
products in Europe, the US and Canada, in an -effective manner
through its "Digital First" strategy.
Multi-channel sales
As demand and awareness for the Group's products increase within
the consumer market, it is the Board's intention to leverage that
awareness to stimulate demand in other sales channels such as the
wholesale and industrial markets, including, for example, through
Screwfix and various housing associations, and for the fluids in
industrial applications.
Manufacturing and supply
The Group's manufacturing and supply strategy is to work with
established experienced suppliers with reputations for high quality
products and services. The Board believes that using such suppliers
will facilitate rapid expansion, whilst maintaining a consistent
supply of high-quality products with minimal capital outlay for the
Group.
The Board recognises the importance of corporate social
responsibility in society, the community and the environment, and,
as such, actively ensures its supply chain partners comply with the
Group's stringent policies and procedures to ensure it maintains
the highest levels of corporate and social responsibility.
In addition, the Group is a member of Sedex Advance ("Sedex"), a
leading online platform for companies to manage and improve working
conditions in global supply chains. The Group works with Sedex to
ensure its supply chain partners operate in an ethical and
sustainable manner.
BOARD OF DIRECTORS
Dominic Berger, Executive Chairman (aged 52 years)
Dominic has over 25 years' experience in various fast-growing
private and public businesses, with expertise in building,
developing and listing or selling companies, including numerous
turnaround situations. His extensive experience includes leading a
diverse group of listed and private businesses, including Sportsio
/ Umbro.com backed by Doughty Hanson, Blackstar, Venue Solutions
Holdings Plc and, until recently, being Chairman of Happy Drinks
Co. Ltd. He was also previously managing director of Umbro.com.
An FCA approved person, Dominic is also chief executive officer
of Capital Plus Partners, a regulated Corporate Finance business.
Recently he has also advised businesses such as SimplyPayMe, an
award winning fintech business, The Rockster, a business producing
superfood for dogs, and TECs Group, a critical services facilities
management business. Dominic has been Chairman of LifeSafe since
April 2019.
Neil Smith, Chief Executive Officer (aged 51 years)
Neil has diverse experience within multi-channel retailers,
technology and e-commerce businesses, including as a commercial
director at B&Q (part of the Kingfisher Group) and Halfords
Group plc. Most recently, from February 2015 until July 2019, Neil
was the group chief executive officer of AIM-quoted FireAngel
Safety Technology Group plc, a European supplier of smoke, heat and
carbon monoxide detectors. Having joined the Group as a consultant
in 2020, Neil became CEO of LifeSafe in October 2021.
Michael Stilwell, Chief Financial Officer (aged 46 years)
Mike is an experienced CFO who has over six years' experience of
executive positions with publicly traded companies. He is a
Chartered Accountant, having trained with KPMG which he joined in
1997. Mike was, from December 2018 to January 2021, CFO of
AIM-quoted FireAngel Safety Technology Group plc having joined the
group from his role as CFO of AIM-quoted Synectics plc. Prior to
this he held senior finance roles with the Saint-Gobain Group,
Coventry Building Society and the Caparo Group. Mike, who has a
first-class degree in Accounting and Financial Analysis from the
University of Warwick, joined LifeSafe in September 2021. He is
also a part-time executive director of Visum Technologies plc.
The Right Hon. Mark Field, Senior Independent Non-Executive
Director (aged 57 years)
Mark is a former MP and Minister of State for Asia & Pacific
at the Foreign and Commonwealth Office who represented the Central
London constituency of the Cities of London and Westminster in the
UK Parliament between June 2001 and November 2019. A graduate of St
Edmund Hall, Oxford, he practised as a solicitor with Freshfields
in the early 1990s and then founded, managed and sold two
businesses before embarking upon public service. During this time,
he developed expertise of the City and financial and professional
services. As the Minister of State for Asia and the Pacific, he
travelled extensively in the region and was responsible for
bilateral relationships with China and India, developing future UK
strategy and co-operation with ASEAN, and promoting security and
trade partnerships with Australia and New Zealand. Since leaving
Parliament he has embarked upon a portfolio career, which includes
roles as the non-executive chairman of the Isle of Man based
Capital International Bank; senior adviser to the Cayman Islands
Government Office in London; and consultant to turnaround/corporate
restructuring specialists, Buchler Phillips. He is also a
non-executive director of AIM-quoted Frenkel Topping Group PLC.
Emma Hynes, Independent Non-Executive Director (aged 46
years)
Emma is a barrister who specialises in construction and
commercial matters including professional negligence claims. She
has developed a specific focus in the arena of fire safety and
legislation, and is currently instructed as junior counsel to the
Grenfell Tower Inquiry. Before coming to the Bar in 2015, Emma had
a successful career in business communications with Serco, the
Carbon Trust and Microsoft.
Forward looking statements
All statements, other than statements of historical fact,
contained in this announcement constitute "forward looking
statements". In some cases, forward looking statements can be
identified by terms such as "may", "intend", "might", "will",
"should", "could", "would", "believe", "forecast", "anticipate",
"expect", "estimate", "predict", "project", "potential", or the
negative of these terms, and similar expressions. Such forward
looking statements are based on assumptions and estimates and
involve risks, uncertainties and other factors which may cause the
actual results, financial condition, performance and/or
achievements of the Company, or industry results, to be materially
different from any future results, future financial condition,
performance and/or achievements expressed or implied by such
forward looking statements. Except as required by the AIM Rules for
Companies, the Company expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained in this announcement to
reflect any change in the Group's expectations with regard thereto
or any change in events, conditions or circumstances on which any
such statement is based. New factors may emerge from time to time
that could cause the Company's business not to develop as it
expects, and it is not possible for the Company to predict and
therefore to disclose all such factors. Given these uncertainties,
prospective investors are cautioned not to place undue reliance on
such forward-looking statements.
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June 14, 2022 02:00 ET (06:00 GMT)