Gin journey continues following £100k NPIF funding boost
Didsbury Gin has received £100,000 funding from NPIF-FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).
Launched just two years ago by gin lovers Liam Manton and Mark Smallwood, the fledging firm has seen its products snapped up by buyers across the UK, including luxury retail giants Harvey Nichols and Selfridges, following a successful pitch on the BBC’s Dragons’ Den programme.
Today, the firm’s gin is being stocked by national pub chain Wetherspoons and has recently secured a large order with a major supermarket chain.
Funding from FW Capital will be used to fulfil this order, while also financing the development of three new flavours to be launched this Summer.
Liam Manton said: “Financing the ongoing development of the business has been a huge challenge and we have explored several routes including the Start Up Loans programme and traditional invoice financing, as well as the less obvious, Dragons’ Den.
“This funding from FW Capital is incredibly important to the business, enabling us to manufacture and deliver this order to a major supermarket chain which will expose our brand to a whole new audience and wider market place.
“The remainder of the funding has been used for research and development, producing three new delicious gin flavours which we will be launching this Summer.”
Mark Smallwood added: “We have had a really positive experience with FW Capital who have really understood our vision and have shown fantastic support and belief in the business.”
FW Capital senior investment executive, Andy Traynor, said: “The UK gin market is thriving and sales in the UK have never been higher, with consumers buying over 73 million bottles and spending over £2bn on gin last year alone.
“Our support has enabled the business to trade on a much larger scale and I believe there will more significant opportunities for further growth of the business.”
Sue Barnard at British Business Bank, said: “Since its launch in 2017, NPIF’s impact on businesses has been wide-ranging, providing funding to launch new products, employ new staff, enter new markets and acquire new facilities. We are pleased that NPIF is continuing to unlock the North’s growth potential by supporting small growing businesses with vital investment.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
