The founder of alcoholic oat drink cocktail Panther M*lk is gearing up for expansion and targeting revenues of £1m in 2023, following talks with a number of UK retailers.
Paul Crawford, who appeared on Dragons' Den in March, is planning an increase in production volumes next year, from hundreds of bottles per month to potentially tens of thousands, in response to rising demand.
The Glasgow-based business recently received a £17,500 loan through the British Business Bank’s Start Up Loans programme and Transmit Startups and expects to launch a Series A fundraise early next year to help fulfil order volumes.
During the pandemic, Crawford was made redundant from his role with a tech start-up and decided to focus on developing the Panther M*lk brand, which began as a side project.
The concoction was first sold from a secret pop-up bar on Glasgow’s Mitchell Lane. In October 2020, a new sustainable oat drink recipe was launched and this summer Crawford took the brand on the road with a converted horse box, known as the Panthermobile, visiting some of Scotland’s biggest festivals and events.
After securing contracts with several restaurants, bars and hotel chains in Glasgow, Crawford is setting his sights on the UK retail market and also hopes to grow the business’ headcount.
He said: “This year our focus has been on getting the brand out there and while we’ve got a strong following in Glasgow already, it would be great to see Panther M*lk enjoyed all over the UK.
“Appearing on Dragons' Den was brilliant for exposure and even though the deal with Deborah Meaden didn’t go through in the end, her advice and guidance since the show has been invaluable and we still keep in touch.
“Panther M*lk was the world’s first ready-to-drink oat drink cocktail and we have worked hard to build a sustainable brand with support from consultants at Dark Art Drinks.
“Our packaging is fully recyclable with labels now printed using organic ink and we’re committed to retaining our environmentally friendly approach as production ramps up.
“Finance is a critical element of our expansion programme and it’s great to have had support through Transmit Startups and the Start Up Loans scheme - it is an exciting time for Panther M*lk and our ambitious growth plans are already underway.”
Panther M*lk is one of almost 900 small businesses in Glasgow to receive a Start Up Loan from the British Business Bank. Combined, entrepreneurs in the city have received more than £7.4m in funding to help set up their own businesses, since the programme was launched in 2012.
Barry McCulloch, senior manager for Scotland at the British Business Bank, said: “Panther M*lk has quickly become a cult favourite in Glasgow and the business has gone from strength to strength in its first two years.
“During lockdown, a new wave of entrepreneurs decided to take their ideas to the next level and we are pleased to support ambitious and creative founders like Paul.”
Morag Kelly, business advisor with Transmit Startups, added: “Paul has used his unique ideas and previous experience of selling cocktails to create this incredible vegan drink.
“After using his Start Up Loan to purchase the horsebox, it’s great to see the Panthermobile out and about, professionally wrapped in Panther M*lk branding.”
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