Published: Nov 06, 2017
Focus:
Finance Durham Fund
County Durham is home to some of the UK’s fastest growing, innovative private companies with impressive growth potential. Business Durham is the economic development company for Durham County Council and has already shown a willingness to support high quality businesses, investing in Atom Bank, Britain’s first digital bank.
The Finance Durham Fund will deliver business and economic growth, create jobs and enhance the skill base across the County. It will invest between £200,000 and £700,000 to support the growth plans of businesses of all sizes and invest in some of the most dynamic industry sectors.
Maven completed the Fund’s first investment last month into local craft distillery, Durham Gin. Founded in 2014 by former NHS chief Jon Chadwick, the small-batch craft distillery makes spirits with a 400 litre copper pot still. The company is now one of the region’s leading craft distillers producing gin, vodka and gin-based liqueurs sold under the Durham Gin and Durham Vodka brands.
The investment will allow the business to move to new premises in central Durham to house enlarged production and storage facilities. The new site will also accommodate a small visitor centre, which will provide guided tours of the distillery and host private and corporate events.
Alongside fulfilling its innovative expansion plans, the funding will also support the launch of Durham Whisky, the North East’s first ever Whisky, which will be produced by Head Distiller, Jessica Tomlinson. The first bottles will be available for consumption in 2021, and customers can pre-order their bottles from the first batch later this year.
Maven is one of the most active SME finance providers in the UK, investing in businesses across the North for almost nine years. With a newly recruited team in the North East, Maven is supporting regional businesses by providing flexible funding packages to suit their growth requirements.
The new offices in Durham and Newcastle will add to Maven’s strong presence across the North of England making it well-resourced to provide the necessary support to local companies, both in terms of the initial investment process and the ongoing support as those businesses grow.
Michael Vassallo, Investment Director for the North East said, “We’re delighted to be managing such an innovative fund that has the flexibility to provide tailored finance packages to suit the growth requirements of businesses. These are investments to yield a return, and we expect to see the £20 million grow to help even more businesses in the future.”
