April 2014

Investor Presentation

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What We Do• Meat based retailer with 21 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 - 41% of total sales. Individual shop performance is extremely consistent with a very loyal customer base.

4 Markets - 15% 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.

9 Newer stores -44% of total sales. All new stores are now running at profitable levels.

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In House Processing & Distribution

Cold storage

Frozen storage

Cutting

De-boning

Packing & labelling

Wholesale & catering

Sausage & burger production

Own fleet of refrigerated trucks

Delivery to own stores & catering customers

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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

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

• Average spend on raw meat is now c. £10 and on hot food c. £3.50.

* Surveys done of c.300 customers in 2009, 2011 & 2013

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Feb/Mar 2013

Feb/Mar 2014

% Change

Weekly Average Customer Numbers 64.9k 69.9k +8%Weekly Average Spend £5.18 £6.00 +16%

Trading Performance Actual 2011/12 2012/13 2013/14

Turnover £18.9m £18.8m £21.0m

EBITDA £0.6m £0.7m £1.4m

Net Cash/(Debt) £(0.2)m £0.0m £1.0m

Dividend - 0.2p 0.52p

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Key points – Final Results to January 2014

• Sales for the year £21.0m (2013: £18.8m)• Full year like for like sales up 11% (2013: 3%)• EBITDA doubled to £1.4m (2013: £0.7m)• Profit before tax £1.0m (2013: £0.3m)• Earnings per share rose to 1.42p (2013: 0.31p)• Net cash £1.0m (2013: £nil)• LFL sales first 12 weeks of current year up 19%

(2013: 1%)

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LFL Sales PerformanceLike for Like Sales Analysis :

2013/14 Q1 Q2 Q3 Q4 Total

Stores 2% 10% 14% 22% 12%

Markets -6% 0% 7% 21% 6%

Total 1% 9% 12% 22% 11%

2014/15 First 12 wks

Stores 18%

Markets 24%

Total 19%

What’s Driving Performance?•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 Sales promotions o New products

• The ‘Horsegate’ scandal appears to have made a difference to the consumer

o We believe that Butchers are now perceived as selling quality traceable products

o Supermarkets have adopted a strategy of buying only British meat products increased price differential.

• 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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Growth Strategy • First New Store for 2014

o Opened on 21st Marcho Started well with potential to improve further

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Growth Strategy

• New Store Model

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Base£m

Upside£m

Sales 1.04 1.30

Margin 0.46 0.57

Overheads 0.34 0.39

EBITDA 0.12 0.18

Capex 0.25 0.25

Payback 2.1 Years 1.4 years

Opportunities for 2014 and beyond (1)Growing the business:

New Store Openingso a minimum of 2 new shops a yearo 3 likely in 2014

Develop an Online offero Currently finalising research stageo Gap in the market for value offer coupled with quality

Relocate & Centralise Factory Operationso Create a factory Shopo Increase capacity to accommodate expansion and online o Improve efficiency

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Opportunities for 2014 and beyond (2)Continue to drive retail 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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Appendix – Listing & Board details

AIM Listed PLC April 2008• Large Institutional shareholders 23%

Isis 9.1%Unicorn 8.5%Schroders 5.5%

• Directors holding 32%

Board MembersRichard Rose (Chairman) –Chairman at Booker, Anpario and AO World Plc 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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