A Devon-based distillery, Two Drifters, which was featured on the final Hairy Bikers episode, is set for major growth after securing a £100,000 funding facility from Time Finance. This new funding will be used to support the distillery’s alcohol tax duty, enabling it to bottle and distribute more of its sustainably produced rum.
Russ and Gemma Wakeham, a husband and wife team, established their rum business in their home county of Devon in 2019. Their vision was to create a carbon-negative distillery and collaborate with suppliers to deliver high-quality products with minimal environmental impact. They are dedicated to running an electric distillery powered entirely by renewable energy and print their bottle labels near their delivery locations to reduce their carbon footprint.
The small and medium-sized enterprise (SME) has seen its profits double year-on-year, having recently secured contracts with a major airline, numerous restaurants, bars, and other stockists across the UK. The new £100k funding from Time Finance will allow the business to expand its production capacity by easing the cash flow challenges associated with making and shipping alcohol. The couple has also opened their distillery to the public for tours and needed additional funding for an on-site bar to serve customers.
Russ Wakeham explained: “The deal with Time Finance was set up to manage one specific area of our business: the regular payment of tax duty. For every £35 bottle of rum we sell, £12 of that is tax. This cost is constant and needs to be paid on the day our rum leaves the distillery. While the business is thriving and profitable, taking on major new stockists means payment and cash flow have become less predictable.
“This year, we were proud to feature on the very last Hairy Bikers episode. Within two minutes of the programme airing, we received thousands of website orders. With a business model typically centred around stockists, this influx of direct consumer orders was a great surprise. The business is growing at a fantastic rate, and we want to maintain this momentum. With the funding facility from Time Finance, we can continue to create the very best, carbon-negative rum.”
Mike Freebury, business development manager at Time Finance, added: “Despite the reluctance of traditional lenders to finance new and growing SMEs, this deal is a great example of how alternative lenders can be a lifeline. We take our time to understand a business and how our funding supports their ambitions.
“We sat down with Russ and Gemma to identify the pressure points and unique circumstances of their operations. Two Drifters is a brilliant business, and I’m pleased we have the capability to provide speedy and effective financial solutions to help them grow.”
Time Finance plc (LON:TIME) is an AIM-listed business specialising in the provision or arrangement of funding solutions to UK businesses seeking to access the finance they need to realise their growth plans. Time Finance can fund businesses or arrange funding with their trusted partners through Asset Finance, Invoice Finance, Business Loans, Vehicle Finance or Asset Based Lending.
