Tooru (formerly Riverfort Global Opportunities), a health and wellness-focused company, issued a trading update for the year ended December 31, 2024 (FY24). During the period, the company began its transition from an investment vehicle under the brand Riverfort to an operational company in the health and wellness sector under the name Tooru. The process was completed post-period in May 2025 following the partial acquisition of Aquis-listed S-Ventures (SVEN).
Prior to the acquisition of SVEN's wellness portfolio, Riverfort redeemed its outstanding debt and equity-linked portfolio for £2.2m in cash. Notably, the group achieved a profitable partial exit from its investment in cybersecurity specialist Smarttech247 during H1 2024. After making an investment in S-Ventures in FY24, Riverfort acquired its wellness assets in May 2025, resulting in S-Ventures owning 27.8% of Tooru.
Riverfort ended FY24 with a cash balance of c. £2.4m and total net assets of £4.2m. Concurrently with the SVEN acquisition, the company successfully raised £0.5m via a placing. The enlarged group was readmitted to trading on AIM as Tooru on May 29, 2025.
Nicholas Lee, non-executive chairman, commenting: "The Board believes that the [acquisition] represents an exciting opportunity and will enable the company to bring additional funding to the acquired operating businesses of S-Ventures. Going forward, the enlarged group would continue to improve its existing businesses, taking advantage of economies of scale and consolidation of infrastructure to support their growth. At the same time, the Board believes that there are several interesting acquisition opportunities available, which would benefit from the team's expertise and existing infrastructure and enable the enlarged group to further scale its operations. ... We are very much looking forward to being an operating company in the health and wellness sector with a portfolio of attractive businesses."
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Tooru (formerly Riverfort) marks a transformative year, shifting from a technology-focused investment vehicle to an operational company in the wellness sector, now trading under the ticker TOO. This followed the acquisition of S-Ventures' health and wellness portfolio in May 2025, which was approved by a large majority of shareholders from both companies. Riverfort's board positioned the deal as a response to waning investor interest in small AIM-listed holding companies, which had kept Riverfort's share price at a significant discount to NAV.
The enlarged group inherited a diverse portfolio of businesses from S-Ventures, including plantain snack brand We Love Purely, protein bar manufacturer Pulsin, gluten-free food specialist Juvela, and e-commerce consultancy Market Rocket. The deal is expected to generate immediate revenue and operating cashflow, spearheaded by Juvela's recent launch of a gluten-free bread line featuring an innovative method that provides a distinct competitive edge.
A concurrent placing at 0.75p/share was launched to support the transaction, raising £0.5m. The group already held a comfortable cash balance at year-end of £2.4m following the redemption of its debt and equity-linked portfolio in March 2024. Going forward, Tooru's cash forecasts are based on its trading as an operating company. Based on these forecasts, the group has sufficient cash runway until at least June 2026 and likely far beyond.
The transformation into an operating company offers significant upside, driven by ongoing investment and development of S-Ventures' businesses, benefitting from cross-selling opportunities, efficiency improvements, and economies of scale. Additional acquisition opportunities are also being explored, promising further growth.
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