A County Durham flavoured coffee maker is going for growth after receiving a six-figure cash injection from the Finance for Business North East programme.
Beanies The Flavour Co has secured £300,000 from the Growth Fund and will use the money to develop its product portfolio. The Newton Aycliffe firm makes a range of ground and instant coffees, with around 30 flavours already available and others in development. The company, which intends to create six jobs in the next year, is exploring possibilities in the lucrative ‘ready to drink’ market and revenue generating opportunities from the rise in demand for sugar-free products.
John Evans, managing director of Beanies, said: “The UK coffee market is worth around £1bn, whereas the ready to drink market is around 16 times that size, so the rewards for establishing ourselves in it with a new range of products are plain to see as we currently have very few competitors.
“There’s also been a lot of feedback from major names in the weight loss industry that our products take away the sugar craving that many slimmers feel, even though they’re totally sugarfree, and this is a market where we also think there are many opportunities.”
The deal came about after chartered accountancy firm Clive Owen & Co introduced Beanies to NEL Fund Managers, which administers the Growth Fund.
Chris Parker, investment executive at NEL Fund Managers, said: “Beanies is a well-established brand in a growing market where it has few real competitors, and has clear plans for expanding into other areas that could add very significantly to the company’s commercial success.”
Founded by director Mark Porteous in 2009, Beanies sells products through its www.beaniesflavourco.co.uk website, independent high street retailers and food outlets. The company is working with Northumbria University on developing new products.
Photo caption: Left to right. John Evans and Mark Porteous of Beanies with (back, from left) Jonathan Luke of NEL and Ben Williamson of Clive Owen & Co