The century-old cider Taunton Cider Company is raising a glass to Amicus Commercial Finance.
Taunton Cider can now make use of a confidential invoice discounting facility provided by Amicus to help make a return to the shelves.
Confidential invoice discounting is invoice financing that is organised with discretion, enabling a business to receive capital against sales invoices before payment is received. Amicus is offering an alternative by providing a revolving working capital facility based on a proprietary invoice discounting platform.
Taunton Cider has a long history, from 1911 when a local churchman began making cider from locally produced apples at the Heathfield Rectory. In 1911 the Reverend Cornish joined forces with the co-operative to incorporate “The Taunton Cider Company”, set up to produce their now sought-after cider commercially.
Most recently, the company was recognised as the manufacturer behind Dry Blackthorn. At the time of its sale in 1995 it was the second largest cider manufacturer in the UK. The company effectively disappeared until it was re-registered in 2015 by a group of cider enthusiasts. The first bottles of the re-born company rolled off the cider press in November 2016.
Commercial Director at Amicus Commercial Finance Simon Carter said: “The Taunton Cider Company is steeped in history and we’re delighted to be a part of its revival. We’re seeing an increasing number of well-established firms turning to alternative sources of financing like invoice discounting. As working capital and cashflow are by their very nature dynamic, most traditional mainstream systems have failed to keep pace over the last few years.
“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.”
Business Manager at The Taunton Cider Company Amanda Baker said: “Using confidential invoice discounting is a key component of our financing because it allows us to take orders of increasing size, secure in the knowledge that we have the cash right now to fulfil customer requirements. This is absolutely vital for a business in the startup 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. The facility is 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.”