Loan from Propel has helped family firm Jolly’s Drinks find new life
“We were impressed with the overall level of support provided by Propel compared to other lenders, which ultimately gave us the confidence we needed to take on a new business in current climate.”
Cheryl Ingram, Managing Director, Jolly’s
Jolly’s is a soft drinks manufacturer operating in the wholesale market, but legislative issues surrounding sugary goods and single-use plastics, as well as changing consumer tastes, meant additional investment was required to move the company forward and fast.
Incoming Managing Director Cheryl Ingram explains: “All these things were happening at the same time and we simply couldn’t have taken the business on without a significant amount of disposable income to hand.”
Originally founded by the Jolly family in 1896, incoming Managing Director Cheryl Ingram knew a 2018 takeover could only succeed with further investment in factory facilities, equipment and existing product ranges.
A funding boost from Propel made both the acquisition of and investing in the business at the same time possible.
Cheryl Ingram added: “Propel supported us in gaining access to the capital we needed to acquire the company so that we could make our own investments directly into the business itself. We were impressed with the overall level of support provided by Propel compared to other lenders, which ultimately gave us the confidence we needed to take on a new business in current climate. We’ve already gone to market with some of our new flavours – attracting new custom, increasing headcount and our turnover in the process – as a result of the support we received.”
Matt Jones, Head of Asset Finance at Propel, said: “This is a great representation of the boost Propel can give small and medium sized business for the greater good of not just the company concerned, but also an entire industry and the wider UK economy. We are aware that attracting the right investment at the right time for new business owners can often mean the difference between launching or acquiring or not at all, with little in between – we’re absolutely delighted that in this case it has enabled a long-standing family firm to find new life in the modern world.”
Contact us on 01633 415222 to discover how Propel can help you power your business momentum.