Specialist gin producer Pinkster Gin is exporting its products to the US and Australia after securing a £200,000 working capital facility from Lloyds Bank.
Established in 2013, the business sells its raspberry-flavoured gin through Ocado and Oddbins, as well as independent wine sellers. The company also recycles the berries used to make the gin and sells ‘Boozy Berries’ in local farm shops and delicatessens across the UK.
The working capital facility provided by Lloyds Bank Commercial Finance will provide a cashflow injection to support its plans to export to wholesalers across the US and Australia. It will also allow the business to take on larger contracts as it continues to grow.
Pinkster Gin, which employs 10 staff, more than tripled sales to £500,000 last year.
Owner Stephen Marsh said: “The gin market is thriving with great opportunities, not just in the UK, but globally. More than two-thirds of gin distilled in the UK is exported, and we’re looking forward to introducing our British-made products to foreign markets.
“We’ve seen the business grow considerably over the last three years and we’re on track to continue this growth into the future. With the working capital facility from Lloyds Bank, we now have the headroom to take on larger contracts and drive sustainable long-term growth.”
British gin increased in popularity in the US in 2015, with record £159m worth shipped to the country, up 9% from the previous year. The Wine & Spirits Trade Association said the “quintessentially British, internationally recognised spirit” has benefited from the recent success of James Bond movies, Downton Abbey and Adele.
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