Led · Equity · May 2018

Pure Cremation specializes in direct cremation—collecting and caring for the deceased, cremating them without a service or mourners present, and returning ashes to families within weeks. The business was founded in 2015 by Bryan and Catherine Powell and has grown to a team of 21 staff. It served more than 1,000 families last year and now accounts for around 5% of all cremations in the UK; the company expected to carry out 2,000 direct cremations in 2018. The company has attracted external growth capital from Puma Investments, which first invested £5m in November and has since provided further funding. Management and investors see scope to scale by no longer relying on crematoria owned by other businesses. Puma’s investment team view the model as disruptive within an established market and say exit options could include a flotation or sale to larger, possibly US-based, providers within a multi-year timeframe.