BSF Enterprise
BSFA · Main Market · Health Care · mcap £1.9m · 1.1p 3 open situations →
- EV
- £2.4m
- EV / EBIT
- –
- Net debt
- £240k
- FCF yield
- -32.5%
- Revenue
- £51k
- Share price 1y
- −65%
- Insiders 12m
- no deals
- Next report
- around 1 Feb
Open · 3
SCHAKAU automotive and robotics partnership
On 17 Aug 2026 BSF announced Heads of Terms, partly legally binding, for a strategic partnership with SCHAKAU. It covers Lab-Grown Leather in luxury automotive and bio-engineered skin for robotics. It is the second SCHAKAU deal after the ETSYL Heads of Terms of 11 Aug. No revenue value is stated.
- Partner
- SCHAKAU Managementberatung GmbH 17 Aug 2026 ↗
- Revenue model
- Revenue share on SCHAKAU-originated programmes for six years from First Commercial Production; full percentage years 1-3, 50% years 4-6 17 Aug 2026 ↗
- Capital success fee
- 5% up to £10m, 4% £10m-£25m, 3% £25m-£50m, 2% above £50m, payable in cash or equity 17 Aug 2026 ↗
- Equity incentives
- Milestone-based equity and option programme, vesting 100% performance-contingent 17 Aug 2026 ↗
- Next milestone
- Binding leather MOU Sep-Dec 2026; robotics MOU with Tier-1 partner Sep 2026-Jan 2027 17 Aug 2026 ↗
- IP
- BSF retains 100% ownership of patents, scaffolds, trade secrets and workflows 17 Aug 2026 ↗
Next: Binding MOU for lab-grown leather products · 31 Dec 2026
- 17 Aug 2026 Heads of Terms signed; MOUs targeted
£15m equity fundraise deployment
The £15m Blackstone-backed raise was terminated on 13 March 2026. The 30 June 2026 interims show smaller funding in its place: a £385,000 placing at 1p on 2 April 2026, then conditional June 2026 financings of a £500,000 placement and a £1,000,000 Indigo Capital CLN. Subsidiary spin-outs of Lab-Grown Leather and Kerato remain the route for larger capital, with no amount or timing given.
- Stated benefit
- Raising capital at subsidiary level without diluting BSF parent shareholders 26 May 2026 ↗
- Size
- No amount or investor stated 26 May 2026 ↗
- Trigger
- After LGL's June 2026 catalyst and Kerato's results 26 May 2026 ↗
- April placing
- £385,000 before expenses; 38,500,000 shares at 1p, with matching warrants (2 April 2026) 30 Jun 2026 ↗
- June financings
- Conditional £500,000 placement and £1,000,000 Indigo Capital CLN 30 Jun 2026 ↗
- Existing CLN
- £300,000 interest-free, extended 12 months, converts at next raise price 30 Jun 2026 ↗
Next: Subsidiary-level spin-out funding after Lab-Grown Leather and Kerato catalysts
- 30 Jun 2026 Small placings and CLN bridge funding secured
- 26 May 2026 Evaluating subsidiary-level spin-out financing
- 13 Mar 2026 Terminated; seeking alternative funding in coming weeks
- 27 Feb 2026 Delayed; timetable missed, no new date
Lab-grown leather commercial launch
Lab-Grown Leather has worked towards commercial launch since late 2025 and remains pre-revenue. A4 sheets were tanned in March 2026. The 26 May 2026 update says a tanned T-Rex skin is complete and a handbag made by a Berlin designer will be auctioned in Paris on 11 June. The company calls this the lead catalyst, after which LGL will seek spin-out funding.
- Milestone
- Scaffold-free cultivated skin tanned in A4-sized sheets in the UK using vegetable tanning agents, no chromium
- Validation
- Professional tanners confirmed the material is comparable to traditional leather
- Fashion house
- A4 samples to be shared with a leading global fashion house under an existing agreement for evaluation and prototypes
- Revenue
- No revenue or commercial terms stated 26 May 2026 ↗
- Product
- T-Rex Leather, made on the ATEP scaffold-free platform 26 May 2026 ↗
- Funding path
- Post-catalyst, LGL to seek independent spin-out funding 26 May 2026 ↗
- 26 May 2026 Phase 1 vet trials underway; midpoint reached
- 17 Mar 2026 A4 sheets tanned; samples to fashion house
- 10 Mar 2026 First A4 tanned skin made; still pre-revenue
- 1 Dec 2025 Grant-backed trial funded; data from early 2026
Company filings. Not investment advice.