November 2013

Investor Presentation

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What We Do• Meat based retailer with 20 retail stores in Yorkshire,

Lincolnshire, Nottinghamshire & Derby

• Vertical integration. In house processing, warehousing and logistics (2 factories)

• Varied product offer, Competitive pricing, Loyal customer base.

• 65% Raw Meat; 35% hot food to go

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Retail stores8 Legacy Stores - 45% of total sales. Individual shop performance is extremely consistent with a very loyal customer base.

4 Markets - 13% of total sales. Markets in city centres continue to trade well, whilst footfall to smaller town centre based markets has been on the decline in recent years.

8 Newer stores -42% of total sales. All new stores are now running at profitable levels.

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In House Processing & Distribution

Cold storageFrozen storageCuttingDe-boningPacking & labellingWholesale & cateringSausage & burger productionOwn fleet of refrigerated trucksDelivery to own stores & catering customers

Capacity to double throughput

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Retail Proposition• Product Variety, Quality & Value

• Pre packaged meats sold in multi deck displays. Up to 40% cheaper than the supermarkets.

• Hot cooked preparation/hot & ambient serve over counters – lunchtime takeaway & meals to take home

• Key lines plus products on offer constantly changing• Quick distribution/turnover on promoted goods• Mix & Match Multi Buy Offers• Satisfied customers returning each week

• Special offers communicated outside front of store• Market trader experience on the high street• Tried and tested customer recruitment method

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Varied Product Offer

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Customer Feedback

• 40% of customers say the recession did affect their meat buying habits – most reduced the amount they spent on meat by either1. Shopping less frequently and making purchases

last longer.2. Buying cheaper cuts

• 90%+ of customers highly rate our quality and value for money – which is an exceptional performance underlined by the loyalty of our customer base.

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Key points – Interim results to July 2013

• Like for Like (LFL) sales up 5% in the 6 months to the end of July (2012 : +4%).

• Overall sales have increased to £9.8m (2012 : £9.3m).• Gross profit increased 6% to £4.3m (2012 : £4.1m). • Gross margin up at 43.9% (2012 : 43.6%).• EBITDA significantly improved at £0.5m (2012 : £0.3m).• PBT up 3 fold at £0.3m (2012 : £0.1m)• Earnings per share up to 0.473p (2012: 0.155p)• Interim cash dividend announced at 0.09 pence per share• Generated £0.5m cash in the 6 months to 31st July, 2013 (2012: £0.3m)• Net Cash position £0.3m (31st January 2013: £Nil)• We are encouraged with current trading, like for like sales for the first 8

weeks of the second half are up 10% with gross margin in line with first half performance.

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Why Are We Doing Better?•Management have introduced

o Improvements in IT communications, sales reporting and analysis

o CCTV installed and monitored in each storeo Clocking systems at each storeo Assistant Manager Trainingo Sales promotions o Wastage Management

• External factors are relatively stable – Input Prices and product availability.

• Trading environment is better - Customers still want value but appear to have more money to spend.

• No adverse weather in the period restricting footfall in town centers

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New Store Openings

8 new stores opened between July 2008 and February 2011

Lessons learned :• High cost of capex, coupled with difficulty in predicting relevant

footfall.• High level of expertise required in store to butcher, pack, sell,

cook, manage stock, hygiene & wastage, means that new recruits take time to settle in.

• The larger format stores in major town centre locations are the most profitable and are showing the best returns on capital employed – based on an initial capital outlay of £350k payback occurs within 2 to 3 years

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Opportunities for 2013 and beyondContinue to drive performance going forward via:

Quality of the Hot Food Offer to improve footfallo Training programme for cooks to improve consistency & qualityo Area Supervisor employed to audit standardso New sandwich offer introduced

Improving the training and succession planning for shop managerso The best managers can improve results dramaticallyo New Assistant managers have been identified and trainedo Apprentices are being employed & trained.

Using tactical promotions to improve saleso Sellers employed at stores to improve turnovero New Pack sizes introduced – 3 for £20

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Growth Strategy 1Why current format presents roll out challenges?

o High Capexo Affordable high footfall siteso Complex operational requirements requires skilled

management and time to establish.o Break even point relatively high

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Challenges

Higher Risks

Controlled expansion

Growth Strategy 2

We are currently developing a new model which addresses these issues:

“ HOT FOOD TO GO” only

• Operationally simpler to manage• Most food prep done centrally• Fewer food safety issues• Better consistency of quality• Less local complexity• Fewer retail staff

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Growth Strategy 2 (Continued)

• Higher returns possible• Much lower capex• Smaller retail footprint• More cost effective• Lower break even point• Opportunity to open more stores & scale more quickly

PLEASE BE AWARE THAT THIS IS ONLY A CONCEPT AT THIS STAGE. We are testing the commercials and evaluating the layout, capex and operational costs. Success is yet to be tested.

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Appendix – Listing & Board details

AIM Listed PLC April 2008• Large Institutional shareholders 32%

Isis 9.1%Henderson 8.8%Unicorn 8.5%Schroders 5.5%

• Directors holding 32%

Board MembersRichard Rose( Chairman) –Chairman at Booker, Anpario and DRL(AO.com) Kevin Boyd (Managing Dir) –started as a butcher/manager at CrawshawsLynda Sherratt (Finance Dir) –previously Littlewoods & FordColin Crawshaw (Buying Dir) –pre listing owner/manager of CrawshawsMark Naughton-Rumbo (Non Exec) –previously CEO Whittards.

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