Kenya Greenmaster Fresh Business Plan — Implementation Roadmap

The phases from first 45 hectares to 370, packhouse and certification build, dependencies and the gate at each stage.

Implementation Roadmap

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13.1 Development programme
13.2 Critical dependencies
13.3 Conditions precedent to drawdown

Figure 23. Implementation roadmap — the retail programmes gate the prepared capital.

13.1 Development programme

Phase	Months	Activities	Gate — do not proceed without
1. Conditions precedent	1 to 6	Secure European retail programme indications covering a majority of planned first-year prepared volume; appoint the technical director and head of prepared operations; contract first-year hectarage and map collection catchments; obtain a credit-approved receivables facility and term loan	All seven conditions precedent satisfied. Equity drawdown follows, not precedes
2. Build and certify	6 to 16	Packhouse fit-out and cold chain commissioning; collection centres and field cold rooms across two counties; group certification with internal control system and first audits; systems approach for regulated pests established with the inspectorate	Group certification granted; first bulk consignment shipped
3. Bulk then prepared	16 to 31	Bulk export at 45 hectares while measuring pack-out and grading discipline; build the prepared and high-care facility; retail food safety standard audit and certification	High-care facility certified; first prepared revenue. Capture above 30% by end FY2028 or stop expanding
4. Scale the base	Years 3 to 4	Commission the avocado grading and packing line; scale to 200 hectares and prepared capture to 48%	Capture holding at plan; facility headroom above US$0.50m
5. Reach maturity	Years 4 to 5	Second facility provider; scale to 370 hectares and 1 600 growers with capture at 60%	81% of field weight reaching Europe

The sequencing rule for this business: the retail programmes gate the prepared capital

The prepared line is the plan. Building it before the retail programmes exist converts a processing business with a customer into a specialised facility looking for one, and the capital is not recoverable in that state — a high-care room with controlled air, segregated flow and chlorinated wash has no alternative use and no second-hand market in Kenya. The roadmap therefore places written programme indications in the first six months, ahead of drawdown, and gates the US$1.62m FY2028 capital commitment on them. Note also the deliberate lag between first bulk consignment at month 16 and first prepared revenue at month 31: bulk export comes first so that grading discipline and pack-out are measured on real volume before the facility that depends on them is built.

13.2 Critical dependencies

Dependency	What it gates	Why it cannot be accelerated
Retail programme indications	The prepared capital commitment	European category buyers plan seasonally. The conversation cannot be compressed and the facility has no alternative use
Technical director appointment	Certification and the systems approach	The licence to trade depends on it, and the certification body engages with a named responsible person
Group certification	Any European sale	Requires an internal control system, documented audits of every grower, and traceability from pack to plot
Systems approach for regulated pests	Sustained market access	Documented pest management from plot to pack. Established before the first consignment, not after the first interception
Collection centres and field cold rooms	Shelf life at the European end	Field heat removal within two hours. Distributed infrastructure across two counties takes a full build season
Retail food safety standard	First prepared revenue	Audits a facility in operation. Certification cannot precede commissioning
Credit-approved receivables facility	The trade cycle from FY2028	Equity should not fund a trade cycle a facility was assumed to carry
Three seasons of grower delivery history	Reliable supply and lower side-selling	Cannot be bought. It is the accumulated result of paying reliably and buying the whole harvest

13.3 Conditions precedent to drawdown

Seven conditions, and the first and fifth are the ones that should not be waived

One. Written indications of interest or supply agreements from at least two European customers covering a majority of planned first-year prepared volume. Two. Technical director and head of prepared operations appointed or under signed offer. Three. Contracts executed over the first-year hectarage, with planting calendars agreed and collection catchments mapped. Four. Certification body engaged with a scoped timetable for group certification and for the food safety standard covering the high-care facility. Five. A credit-approved term sheet from a trade finance provider for a receivables facility on the modelled advance rate and pricing. Six. An executed or credit-approved facility agreement for the US$3.0m asset finance, or a revised equity quantum reflecting its absence. Seven. Shareholders agreement, board charter, delegation of authority, and monthly management reporting covering prepared capture rate, pack-out, receivable days and facility headroom. The first is the plan itself; the fifth determines whether the company reaches the FY2029 supply base with any capital left to run it.

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