Wold Top Brewery's beers are already a hit in Italy, Sweden, Switzerland and Germany and Canada
A Yorkshire Wolds family brewery is hoping to bottle more global success after being given a £200,000 loan. Wold Newton-based Wold Top Brewery has been brewing for 22 years after founders Tom and Gill Mellor hit upon beers as a brilliant way to diversify and sustain the family farm, which started out in 1945.
Using the barley and malt grown on their land, alongside their on-site water supply, brewing began, with the support of a farm diversification grant. Within just five years of operation, the brewery celebrated its first export milestone - sending its beers to Italy, a market it proudly continues to serve.
Since then, Wold Top beers - which include Marmalade Porter, Scarborough Fair IPA, Wold Gold and Shepherd's Watch - have also become popular with drinkers in Sweden, Switzerland and Germany and Canada. Now, on the back of a £200,000 trade loan, backed by UK Export Finance, the business is boosting its export portfolio to Europe and North America.
The deal was struck as the company came up against a classic exporter's dilemma: the need for additional cash flow to smooth out the interval between shipment, delivery and payment. The solution came in the form of a referral to UKEF by their bank, Virgin Money.
With the backing of UKEF's General Export Facility (GEF), which provides guarantees to help exporters access a range of trade finance facilities, Virgin Money was able to provide Wold Top with a trade loan for the value of up to £200,000.
With this support, Wold Top has been able to fulfil new orders to Europe and North America. And following the recent installation of a canning line, the brewery has increased its offering to overseas clients with a new range of canned beers. As cans are lighter than glass bottles, this enables Wold Top to ship greater volumes more efficiently and sustainably.
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Wold Top, which employs 20 local people, now plans to expand its product range and start exporting to Spain. Kate Balchin, managing director at Wold Top Brewery, said: "Working with UK Export Finance has been critical to our continued success. This support has been particularly important when managing cash flow for exports to countries such as Italy, which have longer payment terms.
"This business means a lot to my family, with the farm having been started by my great-grandfather. The backing from UKEF and Virgin Money has helped us grow and take our beer international."
Manuel Fantin, Humberside, South & East Yorkshire export finance manager at UKEF, said: "It is so rewarding to support a small family-run business and help the company's continued growth. Wold Top are supporting the local economy through their farm-based production process and their expanding portfolio of export orders. The General Export Facility is ideal for just this, providing extra financing to manage new orders or expand exports."
Peter Hough, commercial director,strategic finance at Virgin Money, said: "Providing Wold Top Brewery with access to finance is a great example of how we at Virgin Money look to empower small businesses. The support for UKEF has allowed us to reduce our risk and be able to continually provide support for businesses, like Wold Top Brewery, aiming to continue their export growth."