£600,000 backing for Cumbrian gin company
Published at 14:18, Tuesday, 19 February 2013
Langtons Gin has raised £600,000 worth of investment - enabling the company to market and sell its Cumbrian originated gin worldwide.
The investment comes from private investors and the Sheffield-based Business Angel Co Investment Fund (Angel CoFund).
Langtons of Skiddaw No.1 Lakeland Gin was launched in December 2012 following a two-year development from scratch.
Tim Moor and Nick Dymoke-Marr co-founded the company with an initial £200,000 of funding from private individuals.
The premium gin, which originates in the Lake District using pure slate filtered water from the parish of Underskiddaw, has already secured orders with a number of leading hotel and restaurants as well as premium retail outlets.
Having completed the research and development phase of the business, additional funding was required to focus on product marketing and sales.
The latest investment round raised an additional £350,000 from private individuals and £250,000 by The Angel CoFund.
CEO of Langtons Gin, Tim Moor, said: “It’s great news that we’ve been able to secure this funding which enables us to grow the business by focussing on developing the brand.
“Over the last three months, we have received significant levels of orders from UK customers and we recently took our first export order from Sweden.
“We are in discussions with companies in Japan, the USA and Spain and this funding will enable us to explore these markets.”
Christian Hunt, corporate partner at Clarion in Leeds, acted for Langtons Gin in relation to the private equity investment.
“Langtons Gin underwent a rigorous process to prepare for the completion of this investment round including a transition from being research and development oriented to becoming a sales and marketing company focused on brand building.
“We are delighted that this investment will enable this Northern business to progress and grow.”
Langtons No.1 Gin originates in the Lake District and is distilled by GJ Greenall in Warrington.
Published by http://www.in-cumbria.com
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