Good Phats is seeking to wean consumers away from seed-based oils into what are increasingly deemed as healthy cooking fats made from olives and avocadoes.
The London-based business, which only got off the ground in 2024, has just cracked its first overseas market with a launch in Dubai and is aiming to build on its Sainsbury’s and Waitrose UK listings with a move into restaurants.
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Revenues are expected to flirt with £3m ($4m) in Good Phats’ first full year of operation with a target to breach £5m in 2026.
Founder and chef Tom Redwood says the company is self-funded and concedes Good Phats’ range of extra virgin olive oils and avocado oils, ghee and beef tallow are a “premium” proposition.
“More and more people are being educated [on] whether or not they want to be using seed oils, and we’ve got alternatives, whether that’s a traditional animal fat like ghee or tallow, or a more modern fat like our light avocado oil,” Redwood explains.
“We’re on a mission to make that something that is widespread. Our growth chart is steadily on the way up and we very much feel that we’ve got the potential to be a £20m-plus business in the short term.”
Redwood believes there is an appetite for healthy fats and consumers are willing to pay for it. The company’s Spanish and Italian extra virgin olive oils are retailing in Sainsbury’s for £12.95 and £14.95 for a 500ml bottle, while the beef tallow is selling for £6.35 in Waitrose for a 275g jar.
“When you look at what other retailers are doing – the likes of Marks and Spencer and Waitrose – they are introducing seed-oil-free products to their range, which is a good indication there is a shift within the market,” he says.
“I would say that over the next five to ten years, we’ll see that trend continuing and as the market shifts and the tipping point moves over so the products become more mass available and less niche. Then you’re able to make products more accessible to a wider market.”
Good Phats is in listing talks with other of the UK food retailers and has some new products coming on board later in the year, which, Redwood says, “will show the direction we plan to go”.
He adds: “We are working with some high-end chefs at the moment, which is exciting. We can’t say what they are yet but we do have plans to bring out products that are suitable for kitchens.
“We’ve got a very aggressive growth plan for the future, which does include out-of-home and export.”
Good Phats’ Spanish extra virgin olive oil is a blend of two olives from Andalucia, while its Italian variety comes from Puglia. The beef tallow is “nose-to-tail”, the whole animal rendered down from grass-fed organic cows, Redwood says.
“Our return custom rate is really high and I think it’s because the quality of the oil speaks for itself,” he adds.
“We’re determined not to cut corners but we do appreciate that we are a bit more premium than some of the other oils on the market. We’ve always been very clear from the get-go that we don’t want to be just another olive-oil brand. We’re not an olive-oil brand at all, we’re a fat brand, and that’s our area of focus.”
