A Somerset craft cider maker has expanded its production to supply pubs, bars and retail across the UK, thanks to a £35,000 cash injection from the South West Investment Fund via fund manager SWIG Finance.
Somerton-based Pulpt prides itself on using only freshly pressed apples from across Somerset and Devon to produce a range of eye-catching cider brands.
Company co-founders Jim Wakefield and Al Collar (pictured) brought different skill-sets to the business – Jim from finance, Al from HR – and neither had experience of commercial cidermaking.
But having identified the market as “a real opportunity to push the category forward”, they took a leap of faith in 2017 and invested in bespoke small-scale equipment that would enable them to press and ferment local apples.
Seven years later, a loan from the British Business Bank’s South West Investment Fund, with support and guidance from SWIG Finance, has enabled the pair to invest in new equipment. 
This has allowed them to extract more liquid from the same number of apples, alongside two large stainless steel tanks, increasing capacity and efficiency.
“It meant we could go for larger contracts knowing we could supply them,” said Al.
“That’s the value we were able to drive thanks to SWIG and the South West Investment Fund, added Jim.
“SWIG cared about what we were trying to achieve and looked at us through the lens of a small business trying to grow. They showed an interest in us as our business, rather than a profit opportunity with a computer saying yes or no – and the rates were clear and transparent.”
SWIG Finance business manager Rachel Thomson said she was bowled over by the product. “I liked the provenance and the traceability,” she said.
“The directors are experienced in business and are running a tight ship. Their expansion will help create good quality jobs in this rural area in the future.”
David Tindall, Senior Investment Manager at British Business Bank, added: “The South West Investment Fund is here to drive sustainable growth and innovation, and in Pulpt we have a craft cider maker that is committed to local sourcing and tapping new markets by putting a modern take on a traditional product.”
The South West Investment Fund is operated by the Government-backed British Business Bank and offers a range of commercial finance options with loans from £25,000 to £2 million and equity investment up to £5 million.
The fund covers the entire South West region and SWIG Finance manages the smaller loans part of the fund, up to £100,000.
The fund is increasing the supply and diversity of early-stage finance for South West smaller businesses, providing funds to firms that might otherwise not receive investment and helping to break down barriers in access to finance.
If you would like an informal chat about your funding requirements, contact SWIG Finance by emailing info@swigfinance.co.uk or telephoning 01872 227930.
Join Somerset Chamber of Commerce to give your business a stronger voice both locally, regionally and nationally. Combined with local town chambers, we represent over 2,000 businesses across Somerset with a direct line to policy-makers at all levels.
