Member Article

County Durham coffee company receives £300k investment from North East Growth Fund

Newton Aycliffe-based flavoured coffee company Beanies is aiming to increase its product portfolio and create news jobs thanks to a £300k investment from the Finance For Business North East Growth Fund.

Founded by director Mark Porteous in 2009, Beanies The Flavour Co’s now exclusively supplies its products to Sainsbury’s. The firm is also in ongoing negotiations with a number of other major multiple retailers.

Beanies is turning its attention to the ‘ready to drink’ market, with the development of iced coffees under consideration, and plans to build on the sugar-free products’ available.

Beanies has worked with regional fund management firm NEL Fund Managers to obtain a £300k investment from the Finance For Business North East Growth Fund, with long-term advisors Clive Owen & Co advising them on the deal.

The firm is hoping to create around six new jobs in the next six months, as it explores new export markets to building existing overseas sales in South Africa, the Middle East and mainland Europe.

Managing director John Evans says: “Our aim is to offer an alternative dimension to coffee, and the strong brand that we’ve built up over the last five years by listening and responding to what our customers want has created a very solid base from which we think we can expand further.

“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, and 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 sugar-free, and this is a market where we also think there are many opportunities.”

Image above right shows (L-R) John Evans and Mark Porteous of Beanies with (back, from left) Jonathan Luke of NEL and Ben Williamson of Clive Owen & Co

This was posted in Bdaily's Members' News section by Ellen Forster .