Award-winning fruit preserve and chilli jam manufacturer, Single Variety Co, has received a £200k funding boost via SWIG Finance to expand capacity.
The finance package included a £100k loan through the British Business Bank's £200m South West Investment Fund, and a £100K SWIG Finance Business Loan.
Based in their family-run jam factory in Warmley, Bristol, the business currently has nine employees and is led by husband-and-wife team, Nicola and Ross Elliott.
Single Variety Co currently produces 10 core products, plus monthly seasonal specials. They have a growing list of over 500 UK stockists and a thriving online business.
The new investment from SWIG Finance, which manages the smaller loans element of the South West Investment Fund across the region, will enable Single Variety Co to double its kitchen production capacity to meet increasing demand. It will also support their launch into foodservice with their “Simply Jam” brand: a range of jams developed for the catering industry.
Their products have already won several awards, including Taste of the West Gold and most recently the business won the accolade of Retail Business of the Year at the Bristol Life Awards 2023.
Of the funding, co-owner Nicola Elliott said:
“SWIG Finance have been absolutely fantastic in supporting our small business with a loan from the South West Investment Fund. We were fed up with getting “computer says no” responses from the bank, so it was great to meet Nic from SWIG in person, to take her through our business and plans, and feel supported all the way through the process”.
SWIG’s Senior Business Manager, Nicola Parker, said:
“I was impressed with Nicola and Ross’s business acumen. It was clear to me that they had a well-thought-out plan for increasing their production capacity and had fully considered their requirements ahead of their application. Their determination to disrupt the jam market is inspirational and I am excited to see how the business evolves over time”.
David Tindall at British Business Bank, said:
"We’re pleased that the South West Investment Fund is supporting award-winning jam manufacturer Single Variety Co to scale up and meet rising demand for their products across the UK. The family-run firm has a thriving business and a clear vision for their growth trajectory. We look forward to seeing their expansion over the next few years including into the foodservice industry."
The purpose of the South West Investment Fund is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the South West. It provides loans from £25k to £2m and equity investment up to £5m to help small and medium sized businesses to start up, scale up or stay ahead.
The South West Investment Fund is increasing the supply and diversity of early-stage finance for South West smaller businesses, providing funds to firms that might otherwise not receive investment and helping to break down barriers in access to finance.