Team Valley winery says cheers to expansion plans with £10k investment

A North East urban winery has announced that it is scaling up its operations following a £10k investment.

Laneberg Wine, based in Team Valley, received the funding from the North East Small Loan Fund, which is supported by the European Regional Development Fund.

The business worked with NEL Fund managers to secure the investment, which is its second working with the business - the first allowing it to buy the grapes for its first vintage.

The latest investment is set to help increase the winery’s production from 9,000 to around 14,000 bottles this year.

Elise Lane, who founded the winery, commented: “The success of our 2019 wines has enabled us to take a big step forward this year and we wanted to capitalise on this by increasing our production capacity for this year.

“Widening the range of wines we produce will help build brand awareness among an ever-growing range of customers and we’re really excited by the potential of the 2020 vintage.

“We’ve had a very positive relationship with the NEL team and it makes sense to work with them once again as our business moves into the next stage of its development.”

Mark Wharton, portfolio executive at NEL Fund Managers, added: “Ambitious businesses need ready access to investment capital at different stages of their development, so they can keep realise more of their potential and take advantage of new opportunities.

“Laneberg is one of a growing number of regional firms who have come back to us for a second North East Fund investment as they’ve achieved their initial business plan objectives and we’re looking forward to seeing and enjoying the fruits of their labours next year.”

Want your business, product or service to be seen regionally and nationally? Bdaily helps you get your story in front of the right audience, every day. Find out how Bdaily can help →

Join more than 55,000 subscribers by signing up to our daily bulletin each morning here.