Investment of new equipment is predicted to boost the annual turnover of a family-owned spirits manufacturer by 50%. The equipment was financed by a funding package sponsored by the Lloyds Bank Commercial Banking.
The distillery, Colwith Farm Distillery, is located in a farm in Lanlivery Cornwall. The Distillery developed a plough used for potato farming to bottle the beverage in the year 2018. This helped the family-owned business tap into the rising demand for craft spirits. Sales for crafts spirits have increased by 267% in the UK in the last ten years.
The distillery is now making single estate vodka and gin using about 200 tonnes of potatoes per year. The drinks are sold in pubs, restaurants, and other retail outlets mostly in and around the West Country. Gin-making classes and distillery tours have also been offered for interested parties.
The business secured a loan from Lloyds Bank to cater to the rising demand. The loan is part of the Lloyds bank’s promise to lend firms in the South West up to 1.5 billion pounds of funds to help the country move forward.
The distillery will use the loan to buy new equipment for distillation and build a steel portal frame building.
With the much-needed financial boost, the distillery will soon be launching new products this year. The products include vanilla vodka, classic dry gin, rose and hibiscus-infused vodka, and rhubarb gin. The new products are forecasted to increase the distillery’s annual turnover by about 50%.
Colwith Farm Distillery is also planning to increase the number of employees by about 25% within the next 12 months.
The financial backing from the Lloyds Bank has helped the distillery invest in their product portfolio and offer their customers more exciting options such as new flavours and brand new selections of their finest products.