Award-winning spirits manufacturer, Curio Spirits, has received a funding boost through the Cornwall and Isles of Scilly Investment Fund (CIOSIF).
The Porthleven-based business has received a £102,413 loan made up of £89,376 from CIOSIF and £12,767 from SWIG Finance, who work with The FSE Group, the appointed CIOSIF Fund Manager, on delivering smaller business loans.
The funding will be used to develop their premises which will enable them to offer gin tasting, tours and allow customers to distil their own gin, creating three new jobs.
The independent artisan distillery was established by husband-and-wife team William and Rubina Tyler-Street back in 2014. William, who is a qualified master distiller, saw an opportunity to create a Cornish gin that mixed Asian flavours with top quality Cornish ingredients. To add to their product portfolio, they now produce vodka and rum, and have recently launched a popular new Hard Seltzer range of canned drinks.
Curio Spirits craft their products using locally sourced ingredients and they grow their own herbs for the botanicals and forage for samphire when in season. Since launching, the business has received multiple awards, including two gold awards at the International Wine & Spirit Competition (IWSC) & four silver awards; was named Best Flavoured Gin 2019 and was nominated for Gin Producer of the year in 2017.
William Tyler-Street, Co-Founder of Curio Spiritscomments: “Rubina and I are really excited to be scaling-up the business and sharing our passion through the carefully crafted range of spirits which we have created. We are looking forward to the next stage of Curio Spirits journey which includes new products and an interactive visitor experience at Porthleven with tours, masterclasses and taster events. We’re extremely excited for the future and cannot wait to get stuck in.”
The deal was led by The FSE Group, with support from SWIG Finance. Rachel Thomson, CIOSIF Business Manager at SWIG Finance, added: “We are delighted to provide this funding, which will enable William and Rubina to move into larger premises allowing them to increase production levels meeting demand. They have great products, all with a Cornish twist. The build up to Christmas should see their multi-award-winning products on shelves ready to make great festive presents.”
The £40m Cornwall & Isles of Scilly Investment Fund provides debt and equity finance from £25,000 to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP).
Lloyd Brina, Senior Manager at the British Business Bank, said: “Curio Spirits have successfully carved out a niche in a highly competitive market and their multiple awards are testament to the quality of their products. We’re delighted to be backing their continued growth as they move the business to the next level.”
LEP non-executive director John Acornley, who chairs the CIOSIF Advisory Board, said: “William and Rubina have grown what was a kitchen table hobby into a significant artisan distillery. Their passion for local ingredients, focus on sustainability, and flair for innovation means they are always looking to the future and we wish them well.”
CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020. Further investment has come from the Cornwall and Isles of Scilly LEP and HM Government.
For more information about the Cornwall & Isles of Scilly Investment Fund including how to apply, please visit www.ciosif.co.uk or follow the fund on Twitter at @CIOSIFBBB2