New products to boost distiller's revenues by 50%
A family-owned spirits manufacturer will launch a range of new products after investing in a new still, with the support of a funding package from Lloyds Bank.
Read time: 5 mins Added: 29/05/2019
Colwith Farm Distillery is based on a potato farm in Lanlivery, Cornwall, that has been in the Dustow family for five generations.
It developed its plough to bottle distillery in 2018 to tap into growing demand for craft spirits, sales of which have increased by 267% over the last decade.
It now uses 200 tonnes of potatoes a year to make its own single estate vodka and gin, which is sold to retail outlets, pubs and restaurants throughout the West Country.
The farm has also recently introduced gin-making masterclasses and distillery tours to the public.
Backing new product development
The funding is being used to buy a new Genio still, which will support the launch of four new products, including rhubarb gin, rose and hibiscus infused vodka, vanilla vodka and classic dry gin, which are expected to boost annual turnover by 50%.
The business also plans to increase its headcount by a further 25% over the next 12 months.
"Thanks to Lloyds' financial backing, we're able to continue investing in our product portfolio to offer our customers new, exciting flavours."
Steve Dustow, director, Colwith Farm Distillery
Steve Dustow added: "There has been a surge in demand for artisan spirits over the last five years."
"We saw an opportunity to make the most of this as the potatoes we grow are one of the key ingredients for distilling alcohol.
"Our gin has received a really positive reception since we started selling to the public last summer."
"Colwith Farm Distillery is a prime example of a business that spotted an opportunity in an adjacent sector, leveraging its current proposition."
Jeremy Weekes, agricultural relationship manager, Lloyds Bank Commercial Banking
Capitalising on growing demand
Jeremy Weekes added: "We are committed to being by the side of business, and with the funding in place we envisage great success for Colwith Farm Distillery in the coming years as demand for its quality spirits continues to rise."
All lending is subject to status.
Important legal information
The products and services outlined on this site may be offered by legal entities from across Lloyds Banking Group, including Lloyds Bank plc and Lloyds Bank Corporate Markets plc. Lloyds Bank plc and Lloyds Bank Corporate Markets plc are separate legal entities within the Lloyds Banking Group.
Calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help improve our quality of service. Please note that any data sent via e-mail is not secure and may be read by others.
Lloyds Bank is a trading name of Lloyds Bank plc, Bank of Scotland plc and Lloyds Bank Corporate Markets plc. Lloyds Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no.2065. Bank of Scotland plc. Registered Office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland no. SC327000. Lloyds Bank Corporate Markets plc. Registered office 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 10399850. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278, 169628 and 763256 respectively.
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.
Lloyds Banking Group includes companies using brands including Lloyds Bank, Halifax and Bank of Scotland and their associated companies. More information on Lloyds Banking Group can be found at www.lloydsbankinggroup.com
While all reasonable care has been taken to ensure that the information provided is correct, no liability is accepted by Lloyds Bank for any loss or damage caused to any person relying on any statement or omission. This is for information only and should not be relied upon as offering advice for any set of circumstances. Specific advice should always be sought in each instance.