Lisburn-based specialist coffee roasting company ‘Pure Roast Coffee Limited’ is to further target export markets following an investment from the £50m Growth Loan Fund.
Finance for the £50M Growth Loan Fund – which provides mezzanine finance to established Northern Ireland SMEs seeking to access growth finance – has been provided by Invest Northern Ireland and private investor, Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC).
Pure Roast Coffee, formed in 2009, is the only company in Ireland which produces single serve ‘coffee pods’, as well as producing roasted coffee beans and filter coffee.
The firm, which exports 98 per cent of its produce, this year produced 14 million coffee pods and is now looking forward to further growth.
Managing director Martin Symington said that the investment will allow the company to focus on growing its global audience, continue to invest in equipment and create new positions within the firm.
“This year we have had tremendous growth outside of Northern Ireland with our high calibre ‘single serve’ coffee pods and whole beans. One of our most high profile clients is ‘Emirates Airlines’ which means our coffee is roasted and packaged in Northern Ireland but consumed in business lounges globally.
“We are confident that with the quality of our product, and the demand in the market we will continue to expand, which is why we approached WhiteRock Capital Partners to allow for support to finance further development. The investment will allow us to invest in an industrial sized coffee grinder, improving the efficiency of our operation. We also hope to expand our team, with the potential to create three new local jobs.”
The company is among the first of fifteen companies to have already secured approval for investment from the new Fund, which launched only in June this year and commenced its investment period from September.
A Belfast-based team of specialist advisors, WhiteRock Capital Partners LLP, has been established to respond to enquiries to the Fund by the consortium of three partners – Braveheart Ventures Limited; NEL Fund Managers and Clarendon Fund Managers, all of which are authorised and regulated by the FSA.
Paul Millar, Chief Investment Officer of WhiteRock Capital Partners LLP said: “Pure Roast Coffee is a superb example of forward thinking that will lead to further growth through export. This also serves to demonstrate how, with innovation, creativity and ambition; an indigenous company can compete with confidence in the global market. With the growth capital we have provided, we are glad to have supported this innovative firm’s progress. WhiteRock Capital Partners welcomes applications from similar ambitious SMEs in Northern Ireland who are seeking to grow.”
Michelle Hawkins, Partner at FPM Chartered Accountants, who assisted Pure Roast Coffee with their business plan and subsequent submission to Whiterock Capital, said: “The Growth Loan Fund has created a much needed source of funds to facilitate growth within the SME’s in Northern Ireland and the assessment process was extremely proficient and timely, with the initial decision being taken within 10 days of submission. This funding is of huge significance to Pure Roast Coffee and will enable the company to proceed with its exciting growth plans.”