intelligence PROFESSIONAL EXPERTISE Funding gets distillery in the spirit


A family-owned spirits manufacturer has invested in new equipment that will see turnover increase by 50%, with the support of a funding package from Lloyds Bank Commercial Banking. Colwith Farm Distillery is based


on a family-owned fifth-generation potato farm in Lanlivery, Cornwall. It developed its plough-to-bottle distillery in 2018 to tap into consumer demand for craft spirits, which has seen sales of the spirit in the UK increase by 267% over the last decade. It uses 200 tonnes of potatoes a


year to make its own single estate vodka and gin, which is sold to retail outlets, pubs and restaurants throughout the West Country, and recently introduced gin-making masterclasses and distillery tours. As a result of growing demand, the business secured a significant loan


spirits over the past five years. We saw an opportunity to make the most of this, as the potatoes we grow are one of the key ingredients for distilling alcohol. Our gin has received a really positive reception since we started selling to the public last summer. “Thanks to the financial backing


from Lloyds Bank, which forms part of the bank’s pledge to lend £1.5bn to South West firms to help Britain prosper. The loan is being used to purchase new distillation equipment, including a Genio stripping and polishing still and potato pump, and has also contributed to a steel portal frame building. Colwith Farm Distillery is now set to launch four new products


this year, including classic dry gin, rhubarb gin, rose and hibiscus infused vodka and vanilla vodka. These additions are expected to boost annual turnover by 50%. The business also plans to increase its headcount by a further 25% over the next 12 months. Steve Dustow, director at Colwith


Farm Distillery, said: “There has been a surge in demand for artisan


from Lloyds Bank, we are able to continue to invest in our product portfolio to offer our customers new and exciting flavours.” Jeremy Weekes, agricultural


relationship manager at Lloyds Bank Commercial Banking, said: “Colwith Farm Distillery is a prime example of a business that has spotted an opportunity to move into an adjacent sector, leveraging its current proposition. We are committed to being by their side, and with the funding in place we envisage great success for the business.”


Firms in bid for finance


A friendly firm of Chartered Accountants providing a full range of tailored services to local businesses, individuals and start-ups since 1982.


Including accounting, tax, bookkeeping, VAT, payroll and company secretarial services.


We are happy with technology of all ages, from pen and paper through to cloud -


It’s your choice!


T: 0117 9573 537


W: www.lloydbottoms.co.uk E: mail@lloydbottoms.co.uk


26 insight JULY/AUGUST 2019


118 High Street • Staple Hill Bristol • BS16 5HH


More than half (55%) of scale- up businesses in the South West with a turnover of more than £1m are actively looking for external finance, according to the new Dream Bigger: Funding Ambition report from financial and professional services firm Smith & Williamson. The region is often recognised


as an ideal place to start and grow a business, but despite this, the report reveals that the number of scale-ups in the region accounts for just two per cent of the total, which could be due to issues when accessing funding.


Business founders cite ‘building infrastructure’, ‘strengthening management’ and ‘financing R&D’ as the primary motivators for seeking investment in their business. However, despite this hunger


for finance, the failure rate remains high. The report established seven-in-10 businesses (70%) were unable to secure finance at the first attempt, 39% failed more than three times and nine per cent have made five or more unsuccessful attempts.


A significant factor behind


these failure rates could be the considerable knowledge gap on how to raise external funding effectively. Peter Ball, scale-up lead at the


Bristol office of Smith & Williamson, said: “Securing investment into a business shouldn’t be a blind leap of faith. “To be investor-ready, businesses must ask themselves difficult questions, ensure a strong management team and have a clear plan of action in place. A lot can be learnt from the successes of scale-ups which are often ambitious and certain on their future plans.”


FINANCE


Peter Ball


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32