A Cornish drinks brand is set to expand its workforce after securing new investment.
Pentire Drinks - whose range of low and non-alcoholic beverages has been championed by celebrity chefs including Rick Stein and secured listings with high street giants such as Selfridges and Fortnum & Mason - said it would create 10 new positions over the next three years.
Based in the coastal village of Port Isaac in the north of the county, Pentire makes drinks designed to appeal to gin, vodka and tequila drinkers at its distillery plants.
The business has now secured a £500,000 equity investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF), along with match-funding from private investors, as part of a £3m funding round.
The B Corp said it would also look to expand “multiple areas” of its business, adding it was “well positioned” to benefit from a growing trend towards moderate alcohol consumption from health-conscious consumers.
Co-founders Alistair Frost and Edward Grieg-Gran said: “The non-alcoholic spirits sector is thriving and Pentire is growing along with it. We’re well on the way to becoming an easily recognisable brand and this funding will enable us to continue this rate of growth and put Pentire firmly in the drinks cabinets of people across the globe.”
The £40m CIOSIF provides debt and equity finance from £25,000 to £2m to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the area’s Local Enterprise Partnership (LEP).
Paul Jones, senior Investment Manager from the British Business Bank, said Pentire’s equity deal was “one of the largest” the fund had backed.
Ralph Singleton, head of Cornwall funds at The FSE Group - the appointed CIOSIF Fund Manager - added: “Pentire is an exciting brand which is new to market but already boasts a strong history of sales. This is thanks in main to the high-quality drinks, but the team behind the range are responsible for creating and raising the profile of the company which has driven sales upward.
“We were impressed by Pentire’s strong management team and advisers and have every faith that they will steer this Cornish brand on to even greater success.”
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