The funding will support the century-old famous British cider brand as it makes a return to the shelves.
Formed in 1911, the Taunton Cider Company was most recently recognised as the manufacturer behind Dry Blackthorn and at the time of its sale in 1995 was the second-largest cider maker in the UK.
Following the sale, its owners decided to concentrate on the Dry Blackthorn brand, leaving the Taunton Cider Company’s brand to be reignited under the new ownership of a team of fast-moving goods and retail specialists.
Amicus Commercial Finance’s will provide a revolving working capital facility based on a proprietary invoice discounting platform, which utilises the latest available technology.
This proposition has proved to be very attractive to a broad range of businesses with a turnover of between £1m-20m.
Simon Carter, commercial director at Amicus Commercial Finance, said it was delighted to be part of the Taunton Cider Company’s revival and said it was seeing a number of well-established firms turn to alternative sources of financing.
“As working capital and cash flow are by their very nature dynamic, most traditional mainstream systems have failed to keep pace over the last few years.
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“At Amicus Commercial Finance we have taken a fresh, tech-driven approach that builds on some of the lessons learned in the fast-growing alternative finance sector.
“Our goal has been to combine deep sector experience with a high-touch personal service and cutting-edge technology to make the process as straightforward and efficient as possible for SMEs.”
Amanda Baker, business manager at the Taunton Cider Company, said that using confidential invoice discounting was a key component of its financing as it allowed it to take orders of increasing sizes secure in the knowledge that it had the cash right now to fulfil customer requirements.
“This is absolutely vital for a business in the start-up phase, like ourselves, especially when serving the needs of large retailers.
“Amicus Commercial Finance impressed us because of their ability to see our vision for the company.
“They looked beyond our current position and shared the passion of the management team to bring an iconic brand back to life.”
Amanda added that the facility was working very well.
“The Amicus Commercial Finance team is always there for us.
“Above all, we feel protected – a luxury for any business enjoying early-stage high growth.”