A Manchester premium rum company has received a large fund from the Coronavirus Business Interruption Loan Scheme (CBILS) to develop new products and secure listings with major retailers including Morrisons.
Rockstar Spirits has received the five-figure funding from the Northern Powerhouse Investment Fund (NPIF), and the firm said following the enforced closure of bars and pubs during lockdown, it sought additional funding to support its shift to an end consumer-focused retail strategy.
The Worsley firm has already used the money to expand its ‘Bomb’ series of rums, a Navy strength line with 57% ABV, aged for two years in bourbon cask.
The funds are managed by GC Business Finance, and Tom Hurst, owner and founder of Rockstar Spirits, said: “While bars and pubs may be closed, we’ve seen that many still want to enjoy the experience of a premium drink in the comforts of their own home.
"When seeking extra funding to cater to this shift in consumer demand, we went straight to GC Business Finance. Our history with them meant that they knew our business inside and out and were able to provide reliable and timely advice."
The business has also used the loan to strengthen its digital marketing presence and create a new television advert, which is due to be broadcast this month. As a result of the funding, Rockstar Spirits has also secured a new contract to list its range of products with Morrisons.
In August, Rockstar Spirits secured a CBILS-backed loan from NPIF's BFS and MSIF Microfinance, to allow it to fulfil huge demand from stockists including Sainsbury’s, Selfridges, Majestic Wines and Amazon.
Mr Hurst added: “At Rockstar Spirits, we’ve focused on making this premium experience possible by shifting our focus to the end consumer. We were able to use our strong retail presence as a platform and are pleased to have signed a new contract with Morrisons, which has been performing well so far.
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"There are some exciting products also in the pipeline with our ‘Bomb’ series. The Banana Bomb has already proven a hit, and we are looking forward to launching Cherry Bomb in the new year.”
GC Business Finance is an alternative provider for businesses unable to obtain finance through their regular bank.
Jala Daly, senior loans manager at GC Business Finance, said: “From receiving a start-up loan to this NPIF funding, it’s been great watching Rockstar Spirits continue to grow its range of products and its presence in the market.
"Its success is thanks to its brilliant leadership and stand-out products, which are truly unique in the market. At GC Business Finance, we are proud to play a role in the growth of Manchester-based businesses and supporting these businesses as they come up against the challenges that this year has brought.”