A County Durham flavoured coffee maker is going for growth after receiving a six-figure cash injection from a regional business growth fund.
Beanies The Flavour Co has secured £300,000 from the Finance For Business North East Growth Fund and will use the money to develop its product portfolio.
The Newton Aycliffe-based firm makes a range of ground and instant coffees, with around 30 flavours already available and others in development. The company, which intends to create six jobs in the next year, is exploring possibilities in the lucrative ‘ready to drink’ market and revenue-generating opportunities from the rise in demand for sugar-free products.
John Evans, managing director of Beanies, said: “The UK coffee market is worth around £1bn, whereas the ready to drink market is around 16 times that size, so the rewards for establishing ourselves in it with a new range of products are plain to see as we currently have very few competitors.”
The deal came about after chartered accountancy firm Clive Owen & Co introduced Beanies to NEL Fund Managers, which administers the Growth Fund. The fund is part of the £125m Finance for Business North East programme.