Estonian Investors Eyes Expansion on UK’s Most Loved Corporate Gift Card
Boomf is off the shelves. The named company is no longer for sale, as it now has new owners. The men who got their hands on these premium greeting cards and personalised marshmallow company are none other than Roman Grigoriev and Stepan Galaev. Two of them are UK-based businessmen originating from Estonia. For some time the enterprise was in peril, and these two have come in as saviours, as the situation regarding Boomf was more than grim. When it seemed there was no alter-native to imminent demise, a solution came. Now, together with the new ownership, the company is also going to receive a new management team.
Those who are aware of the situation in the world of business see this as a great move, as the entire domain has much to offer in the future. Customers all over the world love the brand and its products. Those who follow this segment know that it has fans not only in the UK, but that their breakthrough to the USA market is also visible. For all of you unaware, what we’re talking about is a $20 billion market on a yearly basis. While greetings cards are superb, the new people in charge are already looking beyond that. The growth in this department is expected both in Europe and on US soil.
The company gained recognition even before the takeover with some of its products going viral. Roman Grigoriev was one of those who admired it, even before he even considered buying the enterprise. In a lengthy interview talking about his admiration for the place, he described it as an opportunity that he had no intention of passing by. As the businessman stated, the moves he and his partner are making in the past weeks are already visible and are opening the doors for the planned expansion to the worldwide markets.
Boomf and Roman Grigoriev are a match made in heaven. His personality was always one focused on other people which made him ideal for potential customers. Furthermore, he brings a lot to the table in terms of entrepreneurship. The experience is there. While his beginnings are tied to the world of real estate, his portfolio is quite diverse. His latest endeavour is called Splento and it is a company focused on video and photography, but more on that later. Between his early days, and Splento he has managed to start six different businesses all of which he was a co-founder. Now, he has set eyes on his eight, which intends to make a boom at the market, through various programs with the goal of making people happy, families brought together and being there for everyone in every important moment. When it comes to the greeting cards business, Grigoriev brings the right spirit fort.
Before conquering the world, Roman has more realistic goals, and that is to cross the four million mark when it comes to the customers. The plan to achieve this is already set in motion. As one could have guessed he plans on pairing his current business Splento and Boomf. Greeting cards, personalised marshmallows, and video and photography bode well together. You can already tell they’re doing fine with silly but amazing products such as the Wild card of Boris Johnson is a hit made by Boomf, the UK Prime Minister, which was very well received by everyone involved. The future will look even brighter across the pond with the incoming card in the form of the former POTUS Donald Trump.
For all of you unaware, Boomf was founded by James Middleton, who is the younger brother of one Kate Middleton. But, even with Royal connection, he was unable to bring the best out of the company. Thus, it was acquired by the two gentlemen we mentioned above.
The sale itself comes in the shadow of bad business moves by James Middleton, which have left the company in a staggering £800,000 debt. So, it’s no wonder that the selling price was set at merely £300,000. The bid was necessary for this company to continue thriving. At the moment it was stripped of cash, the new blood was needed. If you weren’t aware of what’s happening in the company of Kate Middleton’s brother, it went into administration only a few months ago, late in 2021. Now, the new sun is on the horizon for the once successful company which was acquired by the two businessmen we already mentioned and their company called Otkrytka Limited.
The primary reason for the downfall of this company was its inability to keep generating cash. The funding ran out, and there was no income from its shareholders or any involved third parties. But, salvation comes in the form of Stepan Galaev and Roman Grigoriev. As of now, it remains unclear what motivated the two entrepreneurs to invest in this company. The first speculation suggests that it has something to do with the fact that the brand was associated with the Royal family, but these rumours are farfetched. The interesting part is that the new owners have not agreed to take on the debt which was accumulated.
While the company is now in the good hands of new owners, the people formerly associated with it weren’t someone you could scuff at. The names that were tied closely to the brand Boomf were billionaire James Matthews, the husband of one Pippa Middleton, and Nick Jenkins and Duncan Jennings of Moonpig and VoucherCodes respectively. While they left the company in debt, it’s not as bleak as it seemed in the beginning. While the debt is close to £800,000, the company still has value, and its assets are not to be underestimated. The assets are currently valued at a sum little bit over £560,000, which means that the actual debt is closer to £250,000 than to the initial eight hundred thousand pounds.
The company itself is a great one in essence. It has been trading since 2013, and it relies on the business of selling birthday cards and chocolates. According to the most recent financial reports released by the company, it accumulated an amount close to £10 million during 2020. While this is an amazing amount, at the end of the day when you put it all together it still managed to go into minus approximately £700.000.
The competition to acquire the company was immense, but the two guys we mentioned above managed to come out as eventual winners. They were pitted against 28 other bidders, but the fact they were prepared to pay immediately took the win. They even showed great sportsmanship in terms of business decisions, as they agreed to pay out 2% of any future company revenue in the next year to the former owners. If you want to trust analytics, and we want to, the upcoming year will be good for the company, and the profit is on the horizon. It should all go according to plan for the new owner, and everyone should wish them good luck, especially when you consider one of them is an avid dog lover and has six dogs.
About Roman Grigoriev
Roman’s name is tied to seven different companies as we already stated. Thanks to him global leaders are tied to his name as investors, members of the board, and various advisers. Grigoriev is now appointed as the new CEO of Boomf. Thanks to this he’s able to bring both businesses, Boomf and Splento, to the next level. His main traits are the knowledge he attained through work which reflects in being fluent in three languages. Things will be like that when you have 17 years of being an entrepreneur tied to your name. But despite that, hunger is still present, and Roman is on a quest for new plans to make the planet a better place.
Grigoriev has already proved himself as a man who can run a successful company. Splento is proof of his openness to show the world his projects and what he’s all about. For this man, it is all about cooperation and creating a great -environment for both himself and his employees. This is why he’s respected not only by his peers but by his employees and associates too. If we look at the company he already runs, we can say that it’s easy to respect his relationship with high-quality service and a great working -environment.
For all of you who are not aware of what Splento is, it’s a company focused on photography. Roman saw his chance here as we’re talking about an industry that is heavy, more than $50 billion on yearly basis. His company aims to be a big part of this, as they’re focusing on unprecedented service on the markets they cover. Considering his ability to make the best of the project he takes on, we’re sure that Roman Grigoriev will find a way to make the cooperation between- this company and the one he just acquired, Boomf.