Devon Distillery Raises a Glass to Future Growth with £100k Funding Deal
Two Drifters are a Devon-based distillery that featured on the last ever Hairy Bikers episode. The business is set for major growth, having secured a £100,000 funding facility from Time Finance.
The deal has been arranged to help fund the Devonian SME’s alcohol tax duty. This enables the business to bottle and distribute more of its sustainably-produced rum.
Husband and wife duo, Russ and Gemma Wakeham, set up their rum business in their home county of Devon in 2019. They envisioned creating a distillery that was carbon negative. Additionally, they partnered with suppliers to ensure the best quality product while minimising environmental impact. Their commitment to running an electric distillery powered by 100% renewable energy sets them apart. They also consider small details, such as printing bottle labels near their delivery location. This helps avoid excess carbon footprint, reinforcing their position as a carbon-negative small business. Although gin has become a popular product to manufacture, very few British rum producers exist. This gives Two Drifters a unique proposition.
Impressive growth and expanding partnerships
In 2024, the thriving SME has doubled its profits year-on-year. It has recently secured contracts with a major airline, multiple restaurants, bars and other stockists across the UK. This growth is taking their business from strength to strength.
The new £100k funding injection from Time Finance will allow the business to expand its production capacity. It will also ease the cashflow challenges of making and shipping alcohol. Additionally, the couple has recently opened their distillery to the public for tours. They required extra funding to set up an on-site bar to serve customers.
One half of the Two Drifters, Russ Wakeham
“The deal set up with Time Finance was to manage one specific area of our business. That’s the need for regular payment of tax duty. For every £35 bottle of rum we sell, £12 of that is tax, and that cost for our business is constant. It needs to be paid on the day our rum leaves the distillery, so while the business is thriving and profitable, we have taken on major new stockists which means payment and cashflow have become less predictable for the business.
”This year we were proud to feature on the very last Hairy Bikers episode and within two minutes of the programme airing we had thousands and thousands of website orders. With a business model typically centred around stockists of our rum, this influx of website orders from direct consumers was a great surprise for us. The business is growing at a fantastic rate, and we want to keep it that way, and with this facility from Time Finance we can continue to create the very best, carbon negative rum.”
Mike Freebury Business Development Manager at Time Finance
“Despite reluctance from traditional lenders to finance new and growing SMEs, this deal is a great example of where alternative lenders are the lifeline. We always take our time to get to know a business and understand how our funding supports their ambitions. We sat down with Russ and Gemma and worked out the pressure points and unique circumstances of their business’ operations. Two Drifters is a brilliant business. I’m pleased that we have the capability to provide speedy and effective financial solutions to help them grow.”
Time Finance, the aim-listed lender specialises in the provision of tailored financial solutions for SMEs. These solutions include business loans, invoice finance, asset finance, asset based lending and vehicle finance.
