News

Award-winning spirits manufacturer, Curio Spirits, has received a funding boost through the Cornwall and Isles of Scilly Investment Fund (CIOSIF).

The Porthleven-based business has received a £102,413 loan made up of £89,376 from CIOSIF and £12,767 from SWIG Finance, who work with The FSE Group, the appointed CIOSIF Fund Manager, on delivering smaller business loans.

The funding will be used to develop their premises which will enable them to offer gin tasting, tours and allow customers to distil their own gin, creating three new jobs.

The independent artisan distillery was established by husband-and-wife team William and Rubina Tyler-Street back in 2014. William, who is a qualified master distiller, saw an opportunity to create a Cornish gin that mixed Asian flavours with top quality Cornish ingredients. To add to their product portfolio, they now produce vodka and rum, and have recently launched a popular new Hard Seltzer range of canned drinks.

Curio Spirits craft their products using locally sourced ingredients and they grow their own herbs for the botanicals and forage for samphire when in season. Since launching, the business has received multiple awards, including two gold awards at the International Wine & Spirit Competition (IWSC) & four silver awards; was named Best Flavoured Gin 2019 and was nominated for Gin Producer of the year in 2017.

William Tyler-Street, Co-Founder of Curio Spirits comments: “Rubina and I are really excited to be scaling-up the business and sharing our passion through the carefully crafted range of spirits which we have created. We are looking forward to the next stage of Curio Spirits journey which includes new products and an interactive visitor experience at Porthleven with tours, masterclasses and taster events. We’re extremely excited for the future and cannot wait to get stuck in.”

The deal was led by The FSE Group, with support from SWIG Finance. Rachel Thomson, CIOSIF Business Manager at SWIG Finance, added: “We are delighted to provide this funding, which will enable William and Rubina to move into larger premises allowing them to increase production levels meeting demand. They have great products, all with a Cornish twist. The build up to Christmas should see their multi-award-winning products on shelves ready to make great festive presents.”

The £40m Cornwall & Isles of Scilly Investment Fund provides debt and equity finance from £25,000 to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP).

Lloyd Brina, Senior Manager at the British Business Bank, said: “Curio Spirits have successfully carved out a niche in a highly competitive market and their multiple awards are testament to the quality of their products. We’re delighted to be backing their continued growth as they move the business to the next level.”

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, said: “William and Rubina have grown what was a kitchen table hobby into a significant artisan distillery. Their passion for local ingredients, focus on sustainability, and flair for innovation means they are always looking to the future and we wish them well.”

CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020. Further investment has come from the Cornwall and Isles of Scilly LEP and HM Government.

For more information about the Cornwall & Isles of Scilly Investment Fund including how to apply, please visit www.ciosif.co.uk  or follow the fund on Twitter at @CIOSIFBBB2

Coalville-based children’s clothing business, Tiny Explorer Apparel, trading as the Töastie Kids brand, has secured a £300,000 investment to develop a new product range and support a comprehensive marketing campaign.

Töastie Kids received the funding from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group Debt Finance Fund and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).

The funding will allow the business to retain its current workforce, while creating 10 new positions within the next 3 years, enabling the firm to fulfil new contracts. Töastie Kids also plans to increase the size of its current premises to accommodate future orders.

Töastie Kids manufactures a range of outdoor clothing for children from birth to 14 years. Its main aim is to encourage children to explore the outdoors for better physical and mental health. By the end of 2021, the business plans to have 100% of its apparel range made using at least 40% recycled material. The innovative range includes puffer jackets, gilets, onesies and accessories.

Töastie Kids has launched its range in Next, Harrods and was selected by Selfridges for its ‘Project Earth’ and ‘Bright New Things’ initiatives. The brand has recently been recognised within the fashion industry as platinum winner of “Best Children’s Fashion Brand” in the Junior Design Awards category.

Lucinda Waite, Co-Founder and Director of Tiny Explorer, said: “We believe that every child should have the freedom to explore nature to their hearts content without restriction, and creating products to allow them to do this should not cost the environment a heavy toll, which is why we set about launching Töastie Kids. The range is made in small quantities and for every order placed, we send along with it a seed-bearing lollipop which the children can plant in their gardens or window boxes and watch it grow.”

Andy Moss, Head of Fund at The FSE Group, which manages the MEIF Debt Finance Fund, adds: “The world of fashion is an incredibly fast paced industry and founders, Lucinda and Kirstie, are both very experienced individuals operating in this sector, which is forecast to continue growing. The team has a clear mission and purpose for their sustainable brand which has seen the range perform well in high-end retailers including Harrods, Trotters and Childrensalon. We look forward to the next stage of its journey.”

Lewis Stringer, Senior Manager at the British Business Bank, said: “MEIF is actively supporting businesses that are pushing forward the region’s low-carbon and sustainability agenda. We’re delighted to see another manufacturing business, in the textiles sector in Leicestershire, being supported and launching its new product range as it gears up for growth.”

Kevin Harris, Chair of the Leicester and Leicestershire Enterprise Partnership (LLEP), said: “I am very pleased to see another Leicestershire innovative clothing manufacturer get the funding package they need from the Midlands Engine Investment Fund to support their growth plans. This is exactly why the LLEP supports this funding initiative.

“It’s thanks to businesses like this that Leicester and Leicestershire are at the forefront of UK garment manufacturing. This award-winning business is showcasing that locally produced products tick all the boxes when it comes to sustainability, ethical practices and quality.”

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

The Coronavirus Business Interruption Loan Scheme (CBILS) was managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy (BEIS). The scheme ended on 31 March and has been replaced by the Recovery Loan Scheme. 

The FSE Group, MEIF Debt Finance Fund provides loans between £100,000 and £1.5million to help growing SMEs across the region.

A company designing and manufacturing sustainable packaging is the latest business to benefit from the Cornwall and Isles of Scilly Investment Fund (CIOSIF).

Flexi-Hex, based in Porthleven, has secured a £500,000 CIOSIF equity investment as part of a £1.25million funding round which includes multiple angel investors. The deal was handled by The FSE Group, the appointed CIOSIF Fund Manager.

The funding will be used to support the growth of the business, with a focus on international expansion and continuing to develop its pioneering product range, while creating a number of new jobs.

Co-founded by twin brothers Will and Sam Boex, Flexi-Hex produces sustainable packaging solutions originally developed for the shipping of surfboards. The patented honeycomb sleeves are made of 100% recycled paper, are curbside recyclable, and biodegrade within eight weeks.

Renowned for its strength, the innovative hexagonal cell structure provides improved protection for fragile products and offers a superior alternative to plastic and polystyrene products, such as bubble wrap and air pillows, while delivering an attractive product that is appealing to high-end brands.

Creative Director Sam said: “As surfers ourselves, we knew how important protecting the marine environment is to the surfing community and so in 2018 we launched our first Flexi-Hex surfboard sleeve. Since then we have gone on to develop eco-friendly packaging, that is also aesthetically appealing, for use across a range of sectors including drinks, cosmetics and electronics.”

Operations Director Will added: “This investment comes at a critical point in our development, supporting our launch in the US and other international territories as well as helping us to create additional innovative products and pursue our ambitious growth strategy.”

The global packaging market is currently worth almost $1trillion and e-commerce continues to grow following its pandemic boom. Consumer demand is leading the growing move towards sustainable packaging with legislative changes also becoming a key driver. The UK is set to introduce a tax on plastic packaging from April 2022, while some other countries – including Canada and Western Australia – are planning to ban single-use plastic packaging altogether.

Ralph Singleton, Head of Funds, Cornwall at The FSE Group, commented: “Flexi-Hex has a great track record, having achieved 260% organic sales growth year-on-year since launch. The team has established a strong customer base and has credible co-investors already in place. The investment secures 11 high-quality, professional jobs in Cornwall with many more expected to be created post-investment and we are delighted to be working with this vibrant team to help them take advantage of the opportunities available.”

The £40m Cornwall & Isles of Scilly Investment Fund provides debt and equity finance from £25,000 to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP).

Sarah Newbould, Senior Investment Manager from the British Business Bank, said: “The British Business Bank is actively supporting sustainable businesses around the UK through our regional funds. Flexi-Hex have created an innovative product that will help stem the tide of plastics entering our oceans, while creating jobs in Cornwall. We are delighted to support their further growth.”

LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, said: “Flexi-Hex’s mission to tackle plastics in packaging with a sustainably-sourced, biodegradable alternative is an excellent example of a Cornish business that has innovation and sustainability at its heart. Their patented system has applications in a range of sectors and is poised to break into new markets.”

For more information about the Cornwall & Isles of Scilly Investment Fund including how to apply, please visit www.ciosif.co.uk  or follow the fund on Twitter at @CIOSIFBBB2

For more information about Flexi-Hex visit www.flexi-hex.com

Birmingham-based Hollywood Monster has secured a £250,000 loan enabling it to safeguard 40 employees whilst creating seven new positions over a three year period.

The business received the funding from the Midlands Engine Investment Fund (MEIF), provided by The FSE Group, Debt Finance Fund and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).

With the continued growth of the company and securing new clients, Hollywood Monster will be expanding its workforce to strengthen the current team ensuring both existing and new contracts are delivered.

Hollywood Monster specialises in producing digital wide-format print and signage solutions for companies across multiple UK industries, including fast food, entertainment and retail. The business offers a full end-to-end service from design through to installation.

Tim Andrews MBE, Founder and Chairman of Hollywood Monster, said: “Covid-19 has definitely had an impact on many businesses across the globe during the last year and a half. This funding will enable us to maintain our current workforce, putting the company in a strong position to fulfil its growth plans. We have successfully replaced 90% of our products with sustainable alternatives and this will help us fulfil our target of being 100% sustainable by 2022. Our thanks to Kerry, The FSE Group’s Investment Manager, who guided us through the funding process to secure the loan, assisting the business to achieve its aims.”

In 2019 across Europe, 340 million square metres of printed graphics ended up in landfill.  Hollywood Monster took this opportunity to work with the UK reseller of a new PVC free range of materials and were the first business to successfully trial and implement these products into their range.

Kerry Haughton, Investment Manager at The FSE Group, which manages the MEIF Debt Finance Fund, adds: “Hollywood Monster is a well-established business with over 30 years’ experience in the industry and they have a strong, forward thinking leadership team. It is proud to be seen as an eco-responsible business which has a loyal customer base. It was encouraging to see Tim and his team be able to operate during the challenging lockdown period. The business has welcomed more new contracts and is well positioned to win even more as the UK fully opens-up. We look forward to working with the business as its team grows.”

Ryan Cartwright, Senior Manager at the British Business Bank, said: “This latest investment from MEIF, will be key in enabling Hollywood Monster to both maintain and grow its workforce. By increasing its capacity, the business can take on more contracts and continue on its growth journey. This shows the versatility of MEIF finance and its role in ensuring Midlands’ businesses have access to the funding they need to succeed.”

Tim Pile, Chair at the Greater Birmingham and Solihull Local Enterprise Partnership said: “In response to the pandemic and climate change emergency, many businesses have pivoted their operations. Using this MEIF funding, Hollywood Monster has adapted its products whilst securing and creating new jobs. This support will also help the team fulfil its growth ambitions, ensuring Hollywood Monster contributes to the wider economic recovery of our local economy. Along with businesses, GBSLEP is working with local authorities and colleges and universities to ensure that the recovery delivers inclusive, sustainable economic growth that benefits all our communities.”

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

The FSE Group, MEIF Debt Finance Fund provides loans between £100,000 and £1.5million to help growing SMEs across the region.

Velobici Ltd secured the funding from the Midlands Engine Investment Fund (MEIF) – managed by The FSE Group Debt Finance Fund and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).

The company will use the funds to bolster its workforce over the next three years, creating seven full time jobs, six dedicated to the manufacturing side of the business and a new finance employee.

Velobici manufactures and distributes high-end cycling apparel and accessories. It uses sustainably sourced fabrics and has an adaptable manufacturing strategy that helps limit excess production. The funding will also enable the company to increase stock levels to help meet demand from both UK and export markets.

The company is also planning to move to larger premises, which will increase production capacity and allow the company to grow its distribution channels overseas. Alongside the larger premises, a new range of cycling apparel is being developed for Spring 2022.

Chris Puttnam, Founder and Director of Velobici, said: “Being a keen amateur cyclist myself, I understand the importance of having the correct, high-performance cycling apparel. COVID-19 affected supply chains across the manufacturing sector, but with lockdown restrictions easing, the situation is greatly improving, enabling us to get back to ‘business as usual’, albeit with the correct safety measures in place.

“This funding has not only enabled us to maintain our workforce, but we are now back to full manufacturing strength, fulfilling current orders and scheduling new ones. We take great pride in attention to detail and all our roadwear garments are manufactured by our own master craftspeople from start to finish. The imminent move to our new premises will see capacity increased to deliver a growth in sales.”

Ann Marie McFadyen, Investment Manager at The FSE Group, which manages the MEIF Debt Finance Fund, added: “Velobici has a highly experienced leadership team, all committed to ensuring the business becomes carbon-neutral by 2025. Its respected high-quality ‘Made In England’ brand, being 100 per cent UK manufactured, is well respected and sought after, both overseas and in the UK by both current and new customers.

“The sector is set to continue to expand, and it is great to see the business getting ready to move to a larger production site to fulfil the increase in orders. We look forward to joining Chris and his team at Velobici on the next stage of their journey.”

Lewis Stringer, Senior Manager at the British Business Bank, said: “MEIF funding can be used for a whole range of purposes, from building teams to expanding premises and purchasing equipment. It’s great to see another Midlands’ manufacturing business securing finance from the fund and growing globally.”

Kevin Harris, Chair of the Leicester and Leicestershire Enterprise Partnership, said:  “Velobici is an innovative textile manufacturer whose products and designs are made right here in Leicestershire, keeping our historic heart of the UK textile industry very much alive.

“I’m very pleased that they have secured this funding to enable them to expand their team and invest in the future of their business. It is essential that our local innovative and sustainable manufacturers get the support and funding they need to expand, so they can offer future jobs and opportunities for local people. This is exactly what the Midlands Engine Investment Fund was set up to do.”

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

The Coronavirus Business Interruption Loan Scheme (CBILS) was managed by the British Business Band on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy (BEIS). The scheme ended on 31 March and has been replaced by the Recovery Loan Scheme.

The FSE Group, MEIF Debt Finance Fund provides loans between £100,000 and £1.5million to help growing SMEs across the region.