Six-figure takeover deal for renowned coffee roaster
A six-figure deal has sealed the switch in ownership of Lake District coffee roaster, Rinaoldo’s Speciality Coffee and Tea.
It is now set for growth under new owner, entrepreneur Jayne Hynes, enabling original founder, Rin Colombi, to retire.
Rinaldo’s roasts 100% Arabica speciality coffee from its operation at Lakeland Food Park on the outskirts of Kendal.
The business has built a reputation for high quality, ethically sourced coffee from small scale suppliers from around the world. The beans are roasted using a Giesen roaster, originally purchased through a crowdfunding raise in 2015.
As well as prized loose-leaf tea and speciality coffee provision, Rinaldo’s also retails high end espresso machines for the home and commercial markets. It employs four full-time staff.
Jayne Hynes, managing director of Rinaldo’s, said: “I was looking for a business that shared my passion for ethically sourced, high end, sustainable products, and Rinaldo’s is a great fit. I have been buying my coffee beans from Rinaldo for years, and I regularly used to pop in for a chat about the food and drink industry, so to now own this fantastic business is a dream come true.
“Rin has built a great reputation over the years, and I believe that we can take this legacy business to the next level and have recently added to our experienced team.”
She added: “There is huge potential to expand the online business and share our fantastic teas and coffees with customers throughout the UK. We are extending our network of wholesale clients, too.
“Working with like minded ethical suppliers and customers is of paramount importance to everyone that works here. The UK consumer is increasingly seeking ethically sourced goods, and our product provenance is second to none.”
Rinaldo’s Great Taste award-winning Casa Espresso Blend is sourced directly from Brazil and El Salvador. Communication with the farmers ensures a high standard of quality control and a consistently excellent end product.
The majority of coffees offered by Rinaldo’s are seasonal varieties from around the globe. A recent addition is a Mexican coffee from a women-led farm, founded to promote coffee growing for generations of Mexican women to come. A proportion of the profits is reinvested in programmes that promote gender equality and strengthen the organisation in the larger coffee growing community.
Rin Colombi, said: “Jayne has a fantastic vision for the company, and it’s heartening to know that the business we’ve built over the years has a bright and secure future. We put our heart and soul into our products and built our customer base over the years that values the quality of the coffee and tea we sell.”
The funding was provided by Leeds-based Fresh Thinking Capital to support the acquisition and initial growth plans.
Andrew Walls, director of Fresh Thinking Capital, said: “We established Fresh Thinking Capital to help entrepreneurs bring their vision to life and back great companies like Rinaldo’s. The coffee market continues to grow, with Brits spending nearly £3bn a year on coffee, tea and cacao. I am confident that Rinaldo’s is well positioned for expansion.”
Stephen Johnson, UK director at specialist broker TSF Finance, said: “We pride ourselves on finding the best solution for each customer. Jayne has a great vision for Rinaldo’s and I’m confident that the funding provided by Fresh Thinking Capital will fuel growth into the future. The deal was a fantastic team effort.”