Client Story: Chef In A Box

About Chef in a Box

Paul Mulligan founded Chef in a Box in 2009 after spotting an opportunity for high-quality, substantial ready meals. Based in Drumshanbo, Co Leitrim, the business draws on traditional Irish cooking to create familiar dishes people grew up with but may not have time to make from scratch.

As the business has grown, quality and taste have remained at its heart. It is still owned and run by Paul and his wife, Gemma, who make the key decisions about its products and future.

The Challenge

"My accountant realised the business was going so well, but my debtors were just growing and growing and growing and it was like I was a victim of my own success. We'd get sales and all of a sudden we'd have loads of debt."

Paul Mulligan, Founder and Managing Director

As Chef in a Box won more customers, its debtor book grew too. Some customers took between 70 and 100 days to pay, leaving the business to cover ingredients, production and wages while it waited. The company was profitable, but with cash tied up in unpaid invoices, funding growth was increasingly difficult.

Outside investment could have offered a way forward, but Paul and Gemma wanted to fund their ambitions without giving up ownership or control.

The Solution

Paul’s accountant recognised that those unpaid invoices could unlock much-needed working capital. In 2013, Chef in a Box partnered with Bibby Financial Services to put an Invoice Finance facility in place.

Rather than waiting months for payment, Chef in a Box can access an agreed proportion of an invoice’s value soon after it is raised. As Paul explains, a €1,000 invoice can release up to €800 the following day, with the balance available when the customer pays, less agreed charges.

Because funding is linked to sales, it can grow alongside the business, helping Chef in a Box take on new orders without the same pressure on cashflow.

Working with Bibby Financial Services

“I would describe the relationship as trustworthy, growth-focused, supportive and flexible - a real partnership approach to growth”

Paul Mulligan, Founder and Managing Director

Paul says the process was straightforward from the outset and the connection with the Bibby team felt natural. Over more than a decade, that connection has grown into a relationship built on trust and understanding.

Regular contact and reviews help keep the facility aligned with Chef in a Box’s changing needs. For Paul, that understanding of the business matters as much as the funding itself.

The Impact

"Bibby has been there to fund that unprecedented growth. It would have been really hard to manage and fund - maybe impossible. They've been with us every step of the way."

Paul Mulligan, Founder and Managing Director

Since partnering with BFS, Chef in a Box has grown from around €1.5 million to €10 million in turnover, while its team has expanded from four employees to 54. It now serves approximately 380 customers.

That growth also put pressure on the company’s former premises. With support for its working-capital needs, Chef in a Box has moved into a new production facility, where it produces around 40,000 meals a week. The extra space gives the team scope to develop new products, invest in research and development and reach a wider market.

Most importantly, Paul and Gemma have achieved that growth while keeping the business in family hands. Chef in a Box has the scale to keep moving forward, with decisions about its quality, products and future still theirs to make.