Two Drifters, a distillery based in Devon that recently featured on the final episode of Hairy Bikers, is poised for significant growth following the acquisition of a £100,000 funding facility from Time Finance. This agreement is intended to support the distillery’s alcohol tax duty, thereby enabling the business to bottle and distribute more of its sustainably produced rum.
Established in 2019 by husband and wife team, Russ and Gemma Wakeham, the distillery was founded with a vision of creating a carbon-negative operation. They sought to partner with suppliers who shared their commitment to quality and minimal environmental impact. Their dedication to running an electric distillery powered entirely by renewable energy, as well as their meticulous attention to details such as printing bottle labels locally to reduce carbon footprint, distinguishes them as a carbon-negative enterprise. In a market where gin production is prevalent, their focus on rum provides Two Drifters with a unique market position.
By 2024, the company had seen its profits double annually, securing contracts with a major airline and numerous restaurants, bars, and other stockists across the UK. This new funding from Time Finance will enhance the distillery’s production capacity by alleviating the cash flow challenges associated with alcohol production and shipping. The couple has also opened their distillery to the public for tours and needed additional funding for an on-site bar to serve visitors.
Russ Wakeham, co-founder of Two Drifters, explained that the deal with Time Finance was specifically designed to address the regular payment of tax duty. He highlighted that for every £35 bottle of rum sold, £12 is tax, a constant cost that must be paid as the rum leaves the distillery. Despite the business’s thriving status and profitability, the increasing number of new stockists has made cash flow management less predictable. The appearance on the final episode of Hairy Bikers led to an overwhelming surge in website orders, which, although unexpected, was a welcome boost.
Russ expressed pride in the business’s rapid growth and the importance of the funding facility from Time Finance in maintaining this trajectory, allowing them to continue producing high-quality, carbon-negative rum. Mike Freebury, Business Development Manager at Time Finance, remarked on the reluctance of traditional lenders to support new and growing SMEs. He praised the alternative finance sector for providing vital support, emphasizing that understanding the unique needs of a business is crucial. He commended Two Drifters as an exemplary business and expressed satisfaction in being able to offer timely and effective financial solutions to aid their growth.
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.
