Michelmores has advised Pentire, a North Cornish drinks brand and Certified B Corp, on its £3m funding round, which included a £500,000 investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF).
Pentire is a direct-to-consumer led business, with its non-alcoholic botanical spirits created by distilling plants native to the local coastline. Its products are championed by chefs across the UK, including Rick Stein, Nathan Outlaw, Paul Ainsworth and Emily Scott, and can be found in Selfridges, Fortnum & Mason, Fenwick, The Pig Hotels, Soho House Group, Daylesford and Planet Organic.
Pentire Drinks was founded by Alistair Frost and his friend Edward Grieg-Gran.
The pair said:
“We’re a young and passionate team who genuinely love our products. Our drinks encompass what it means to be Cornish, and we work hard to make sure they inspire our customers without damaging our local environment.
The non-alcoholic spirits sector is thriving and Pentire is growing along with it. We’re well on the way to becoming an easily recognisable brand and this funding will enable us to continue this rate of growth and put Pentire firmly in the drinks cabinets of people across the globe.
We would like to thank Harry and the team for having supported us on this latest funding round. We have now worked with Michelmores since our first friends and family raise and have always found them to be responsive and entrepreneur friendly and their ability to handle the increasing complexity of institutional investors played an important role in helping us secure this investment“.
Ralph Singleton of CIOSIF added:
“Pentire is an exciting brand which is new to market but already boasts a strong history of sales.
This is thanks in main to the high-quality drinks, but the team behind the range are responsible for creating and raising the profile of the company which has driven sales upward.
We were impressed by Pentire’s strong management team and advisers and have every faith that they will steer this Cornish brand on to even greater success.”
CIOSIF is a £40m fund that provides debt and equity finance to help fast-growing small businesses across the region. It was established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership. CIOSIF were advised by FSP Law.