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Cornish Sea Salt Co secures third round funding from YFM Group


The YFM Group managed South West Ventures Fund has confirmed a further investment in Porthkerris – based Cornish Sea Salt Co, the UK’s first sea salt plant that harvests direct from the ocean.

This recent investment will be used to accelerate growth. John Steel has been appointed as Managing Director having held management positions at Premier Foods, Marston’s and Weetabix. He has recently overseen new appointments in Cornish Sea Salt’s sales and marketing team.

Demand for high grade culinary sea salt continues to grow in the UK as consumers become enlightened to the benefits of ‘good salt’, resulting in an ideal time for Cornish Sea Salt Co to expand its market share. The company was launched just over 18 months ago and sales figures are on the ascent too having secured listings in over 800 independent delis, farmshops and prestigious foodhalls such as Harrods, Selfridges and Fortnum & Mason and a nationwide listing with Waitrose.

Influential supporters of the award-winning brand include celebrated chefs James Martin, Hugh Fearnley–Whittingstall and Rick Stein. Last month Cornish Sea Salt Co announced news that Rick Stein joined forces with Furniss Biscuits in creating a signature range of biscuits of which Cornish Sea Salt is a key ingredient. The biscuits were created for ‘Stein’s Deli’ and have now proved so popular they have gone onto launch nationally in Waitrose and Tesco stores.

Cornish Sea Salt is a unique product that delivers more taste from less salt and is hand-harvested just eight meters from Grade A classified waters – the highest accreditation to denote water purity.

The Company has won a range of awards from ‘Best Food & Drink Business’, ‘Entrepreneur of the Year’ at the O2 X Awards and has become the first English Sea Salt to achieve Soil Association Certified Product Status. It was also recently awarded 'Best Newcomer' in 2009 by the Observer Food Monthly.

Cornish Sea Salt Co is now setting its sights on the export market and has begun exports through distributors to Canada, USA, Australia, Hong Kong, UAE and Ireland.

John Steel, Managing Director said: “We are proud of our achievements over the past few months. An increase in home cooking due to the recession and people’s demand for a high quality, natural and local produce, has meant that sales in Cornish Sea Salt have rocketed.

“The company is going from strength to strength. This latest round of funding comes at a pivotal time of growth for us and we are delighted with the support from the South West Ventures Fund.”

Julian Dennard from YFM Group said: “Over the last few months Cornish Sea Salt has established itself as a key player in the market; it is a strong, ethical and environmentally conscious brand which now deals with some of the UK’s leading retailers and independents. Its new sales team is already securing outstanding results and its new export strategy really demonstrates that this is a high-growth company with a global vision.”

ENDS NOTES TO EDITORS:

YFM Group is the UK’s most active investor in the small and medium enterprise marketplace. YFM Group manages in excess of £300 million of funds with investment sizes ranging from £50,000 to £5 million. Principal offices are located in Leeds, Manchester, London and Bristol with over 45 investment professionals being employed across the UK.

South West Ventures Fund was established in 2002 to provide risk capital of up to £660,000 to SMEs in the South West of England. To date the Fund has invested over £14m in 31 companies in a wide range of high-growth sectors from software, electronics, telecoms and biomedical, to defence and speciality foods. The Fund is now actively engaged in focusing on its portfolio of companies, supporting them in their growth and development.

South West Ventures Fund is managed by YFM Venture Finance Limited part of the YFM Group. YFM Venture Finance Limited is authorised and regulated by the Financial Services.

For further information about YFM Group and South West Ventures Fund, please telephone 0117 906 3410, log on to www.southwestventuresfund.co.uk or email info@southwestventuresfund.co.uk Media enquiries: To arrange an interview with South West Ventures Fund, please contact Matt Anderson (matt@montagecomms.com) or Aime Southgate (aime@montagecomms.com) at Montage Communications on 0845 644 5404 / 077470 48731.


Publisher Contact Information:

Montage Communications
+44 845 644 5404
matt@montagecomms.com

Company profile of Yorkshire Fund Managers Ltd
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