Many people dream of starting a business. But not many people form a company, launch a crowdfunding campaign and secure a stock exchange listing in just eight months.
That’s exactly what Perth-based Nick Tulloch has achieved.
From being nothing more than a kernel of an idea 12 months ago, his cannabis oil company Voyager is now worth more than £5 million.
The firm, based at King James Business Centre, sells oils, soaps and ‘gummies’ made with cannabis extracts.
On Wednesday, Voyager started trading on the Aquis stock exchange. The listing raised £400,000 and values the start-up at £5.4m.
Voyager stock exchange listing
Founder and chief executive Nick Tulloch said he was “over the moon” to have grown the business so far since it was formed in November.
“The plan was always to bring the company to stock market listing,” he said.
“I really could not have said back in November that in eight months we’d be on the stock market.
“I’m a bit shell shocked and a bit tired because it’s been a lot of work to get here, but I am over the moon.
“We are really pleased.
“We have given ourselves a great opportunity. Now the hard work really starts.”
Along with other investment, the company has raised £2.5m. Its cash balance is more than £2m.
Voyager has opened more than 30 new trading accounts with independent retail stores and chains in the last month.
Mr Tulloch said: “We therefore begin July with a very healthy balance sheet, new products developed, manufactured and paid for, and our first year’s rent on our St Andrews store already settled.
“We have achieved our objective of providing liquidity for our shareholders on schedule.”
Following the stock exchange listing, Mr Tulloch believes Voyager is in a “very strong long-term position”.
Voyager plans for continued expansion
The firm, which employs six staff currently, will open its first store in St Andrews next month.
Five staff will join the team at its Fife premises and there are plans for a second shop.
Mr Tulloch said he is “actively looking” at options, including in Perth and Dundee.
The chief executive said: “We’re looking at a location about an hour from our office in Perth.
“My heart is in Perth, but whether Perth is right for a CBD store? I really want the answer to be yes.
“Dundee is possibly better because it’s got higher footfall. You might say it is too close to St Andrews and are we cannibalising our own store?
“The other options are Edinburgh and I wouldn’t rule out Glasgow.
“We’re always on the lookout for new premises.
“If we find a store tomorrow, but if it takes us two months, so be it. It’s about getting the right location”
“By September I would expect to be able to say we’re moments away from opening our second store.”