Fund invests in tea brand Charbrew
Fruit and novelty tea brand Charbrew has received backing from The North West Fund for Venture Capital to grow in the UK and abroad.
Global Tea and Coffee Exchange, which trades as Charbrew, was founded by Adam Soliman a year ago and now has contracts with more than 50 independent retailers. It also has listings with Booths Supermarkets, Lakeland, Sainsbury's and Casino, a chain of French supermarkets.
Earlier this year, Chris Hook, founder of Warrington-based wheat and gluten-free foods specialist Nutrition Point, joined the business as its chairman. He said the investment from the fund represents a "significant step forward" for the business.
"It will enable Adam and me to accelerate the growth of the Charbrew brand in the UK and other international markets through increased marketing and new product development, while building a strong management team to ensure the business potential is fully realised over the coming years," he said.
Charbrew also has deals in place with US-based Dean and Deluca, a specialist food company, and Lulu, a Middle East-based chain. It has currently has a range of nine teas, mainly herbal and fruit blends, which are designed to be healthy.
EV's Richard Young, fund manager for The North West Fund for Venture Capital, said: "Our funding will enable the business to take the opportunities that are opening up for the brand.
"The fund's investment demonstrates our desire to work with and back young and talented entrepreneurs from the North West and to build the region’s successful businesses of the future."
The North West Fund for Biomedical is part of the wider £185m North West Fund, provided by the European Investment Bank and European Regional Development Fund.
