A Plymouth cocktail bar has received a £100k business loan to remodel itself as a plant-based eatery.
Backed by British Business Bank’s Recovery Loan Scheme, Seed Sip obtained funding to refit the business as they transition into a restaurant.
Formerly known as The Gin Sanctuary, the business is co-owned and led by Jamie and Stephanie Sharp. Seed Sip will now offer a plant-based menu alongside its extensive drinks offerings. There are more than 30 plant-based cocktails to choose from.
During 2020, trading began at the height of the pandemic. By remodelling, they will plug the gap in the market for high-in-demand plant-based food.
Open six days a week, the business has already created four new jobs. There are plans to create two further roles in the coming months.
Furthermore, Seed Sip works hard to support its local community. Aside from creating new jobs for local people, they source their ingredients locally too.
Following the funding, co-owner Jamie said: “Without the funding, we would not have been able to pivot from cocktail bar to restaurant and cocktail bar. The cost involved was too much as an independent owner to cover. The loan allows us to offer our new brand and positioning, drive footfall across seven days a week and invest in talent which will ultimately drive growth.”
Meanwhile, SWIG Business Manager Rachel Thomson commented: “Plant-based food is on trend and better for the environment. Although Seed Sip began trading at the height of the pandemic, they have made a real success of it and have been trading very well with room for expansion. As a vegetarian myself, I am always pleased to see restaurants where everything is plant-based because it means there is no cross-contamination.”
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About SWIG Finance
SWIG Finance is a non-profit company that supports viable South West businesses that can’t secure sufficient funding from their bank. By empowering underserved SMEs to overcome their financial barriers, we are working to create a more balanced financial ecosystem.
We’re growing every year. In 2021/22, we lent £10.8m to 502 businesses, helping to create and secure over 1,000 jobs and generate £32.3m. For more information visit https://www.swigfinance.co.uk/social-impact-report-2022/
If you’d like an informal chat about your funding requirements, get in touch with our friendly and professional team to see how we can help: info@swigfinance.co.uk / 01872 227 930.
Legal Notice: The Recovery Loan Scheme is managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy. British Business Bank plc is a development bank wholly owned by HM Government. It is not authorised or regulated by the PRA or the FCA. Visit https://www.british-business-bank.co.uk/finance-hub/recovery-loan-scheme/
