Finance Durham Fund, which is managed by private equity firm Maven Capital Partners, has invested £250,000 in Durham Gin, a small-batch craft distillery.
The investment is the first deal from the £20 million Finance Durham Fund set up by Business Durham, part of Durham County Council, to support the growth of businesses in the region. The Fund is managed by Maven, which recently opened offices in Newcastle and Durham.
Durham Gin was founded in 2014 and now produces gin, vodka and gin-based liqueurs which are sold under the Durham Gin and Durham Vodka brands in retailers throughout the North East. In 2016 its gin sales rose by 16% to 43 million bottles.
The investment will enable the business to move to new premises in central Durham with bigger production and storage facilities. The new site will also have a small visitor centre, which will provide guided tours of the distillery and host private and corporate events.
The funding will also support the launch of Durham Whisky, the first whisky to be produced in the North East, which will be available for consumption in 2021.
Jon Chadwick, Founder of Durham Gin, said: “It was great working with the team from Maven. It was a detailed process and we were working with people who really knew their stuff and who took the time to understand the business.”
Michael Vassallo, Investment Director at Maven, added: “We are delighted to support Durham Gin’s growth plans via the Finance Durham Fund. Jon is a credit to his profession and a real entrepreneur with a very talented team behind him. As the first of many growing businesses the Fund will support, we look forward to helping Durham Gin in their quest to become the region’s distiller of choice.”