New funding

BGF funds Hyble’s US growth, BBB hits £5m mark

Hyble technology is helping distribute drinks brands

BGF, the capital investor, has provided a £2.5 million follow-on investment in Edinburgh-based Hyble, a provider of marketing technology to the global drinks and hospitality sector.

The investment, part of a £2.8m funding round, will support Hyble’s US launch and the recent signing of a multi-year contract with alcohol distributor Southern Glazer’s Wines and Spirits.

Hyble’s expansion into the US has driven 73% year on year revenue growth in Q1, and expansion of its team across the UK and US to almost 100 in the past year. Its client list includes Pernod Ricard, Diageo and Bacardi.

Chief executive Craig Letton said the funding comes at an important moment for the firm’s long term growth trajectory.

“Having recently relocated to the US, I’ve seen first-hand how our technology is having a game-changing impact for our customers.

“We’re particularly excited about the scale of the opportunity with SGWS and the opportunities it has created as we are now ideally placed to capitalise on this.”

Euan Baxter, investor at BGF and board member at Hyble, said: “We’ve enjoyed working with Craig and the wider Hyble leadership team since our initial investment in 2020.

“During that time, we’ve seen the business deliver significant growth. We look forward to the next chapter as the company explores a wider range of applications for its sector-leading technology.”

Furniture firm acquired

Woodland Kitchens, a Northern Ireland-based manufacturer and supplier of kitchen, bedroom and bathroom furniture, is acquiring Dundee headquartered, JTC Furniture Group, in a transaction backed by BGF.

JTC is a manufacturer and supplier of fitted furniture, focused on the social housing and student accommodation markets and employing over 250 people in the Dundee area. The partnership creates one of the largest cabinet producers in the UK.

JTC’s existing senior management team is remaining with the newly combined business and will continue to lead implementation of growth plans. The combined business will have turnover in excess of £50m.

Investment Fund backs firms

The British Business Bank’s Investment Fund for Scotland has agreed £5 million of deals to support small firms.

The debt funding deals will help cosmetic surgery group, Elanic Clinic; oat milk cocktail brand, Panther M*lk; life sciences recruitment firm, Entrust Resource Solutions; graphic design consultancy, John Young Group; and a whisky labelling business have collectively secured £3.25 million of loans from the fund.

Earlier this year, the Bank announced the first equity deals from the Investment Fund for Scotland through fund manager Maven Capital Partners, supporting med-tech firms Carcinotech and Calcivis, while Kedras Clinics benefitted from the first loan from the fund via DSL Business Finance.

Borders Distillery funding

Funding platform Ferovinum is providing £35 milllion to support The Borders Distillery Company for the next three years.

The arrangement will finance operations at the distillery – the first to operate in the Scottish Borders since 1837– ahead of the release of its single malt.

As a first funding platform dedicated to unlocking growth for wine and spirits enterprises, Ferovinum is able to hold assets during production, storage, distribution and fulfilment.

R&B secures approval for island distillery

R&B Distillers has secured planning permission from Argyll and Bute Council for its Machrihanish Distillery, the first farm-to-bottle distillery in Campbeltown in over 180 years.

The company purchased the Dhurrie Farm in Machrihanish in 2021, and having received the green light for the distillery development – starting with whisky production followed by a full visitor experience, shop, and tasting room – will now work with various stakeholders around environmental guidelines and other conditions before beginning construction on the site next year. 

The Machrihanish Distillery will deliver a new single malt Scotch whisky for R&B, which already owns the Isle of Raasay Distillery. 

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