North East coffee firm snags funding for fast growth
North East coffee firm, Beanies Flavour Coffee has secured investment from NPIF – FW Capital Debt Finance.
The fund is managed by FW Capital and is part of the Northern Powerhouse Investment Fund. The investment is intended to facilitate rapid growth.
Beanies Flavour Coffee is based in Darlington, Tees Valley. It makes 17 flavours in its freeze-dried coffee range and has seen sales of its 50g jars and individual stick sachets grow 50 per cent in the last year. Its products are available in over 30 countries.
John Evans, managing director of Beanies Flavour Coffee, said: “We intend to quadruple our turnover in the next few years with introductions of new products and extending retailers on the high street, over the internet and in the wholesale sector.
“We were very happy to have an experienced team of advisers around us that helped us to secure the funding for this next phase of growth. Our internal team is growing all the time and with the need for extra capacity, working capital is key at a time like this”
MHA Tait Walker assisted with the fundraising process, while Muckle LLP provided legal advice.
Ben Houchen, Tees Valley Mayor, said “The success and rapid growth of Beanies is a great example of the entrepreneurial spirit that I see so often when I visit businesses in the Tees Valley. I would like to congratulate John and the whole team on what they’ve achieved in a short period of time.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union.