Gin tonic for exporter in the US and Oz
A specialist gin business based near Cambridge UK is exporting its products to the US and Australia after securing a £200,000 working capital facility from Lloyds Bank.
Pinkster Gin, established in Royston in 2013, produces raspberry flavoured gin that is sold through suppliers such as Ocado and Oddbins as well as by 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 spirit was originally created by entrepreneur Stephen Marsh as a hobby before he saw an opportunity in the booming gin market to establish Pinkster Gin as a business. He works with G&J Distillers, one of the world’s oldest gin distillers, and has introduced locally grown raspberries to the drink.
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. The facility will also allow the business to take on larger contracts as the company continues to grow.
Pinkster Gin has an annual turnover of £500,000 and employs 10 members of staff, having more than tripled its turnover last year. 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 due to its popularity 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.”
Jean Aubee, regional manager at Lloyds Bank Commercial Finance, added: “Gin is a traditional favourite in the UK and last year it saw record-breaking sales in pubs and supermarkets.
As a unique product establishing its brand nationally, with aspirations of global exports, Pinkster Gin is a great business tapping into the popularity of flavoured gins.
“We’re committed to supporting SMEs like Pinkster Gin export products and services and to underline this we’ve pledged to help 5,000 new exporters in 2016 and a total of 25,000 by 2020.”