Making a mint from “out-of-time”

This is one of the most unusual entrepreneurial stories I’ve seen that has come out of the credit crunch.  The FT reports on the stunning success of a business that profits from obsolete stock…

Consumers around the UK are tightening their belts - financially at least.  What better way to make a saving on grocery shopping than by buying products that have passed their “best-by” or “sell-by” date?

This article describes how Approved Food has grown rapidly during the credit crunch to become the leading online seller of clearance, short-dated and out-of-date food & drink.  This is no overnight success - the business has been running for eight years - but the downturn in consumer confidence has driven many new customers to the Approved Food website.  The busness has also benefitted from social networking and consumer savings sites like www.moneysavingexpert.com, which have promoted the substantial savings that can be made by buying out-of-date products.

The business gets it stock from wholesalers, suppliers and supermarkets looking to get rid of food coming to the end of its shelf life.  The products are safe to eat or consume - just not (perhaps) in perfect condition.

A quick look at their website suggests that demand continues to outstrip supply as more consumers discover the site.

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