YFM savours new investment

Venture capital investor YFM Group has backed construction of the first UK sea salt plant to harvest salt direct from the ocean.

Cornish Sea Salt Company got the go-ahead for the project following a six-figure investment from the YFM-managed South West Ventures Fund, alongside investments from other organisations focused on the region.

The amount of YFM’s funding was not disclosed, but the Government-backed South West Ventures Fund can make initial investments up to a maximum of £250,000. Other participants in the funding round include Finance Cornwall, which is part-funded by the European Regional Development Fund, and the non-profit South West Investment Group.

YFM investment manager Julian Dennard comments: ‘[The deal] represents a great opportunity to support a pioneering company that will have a positive impact on its local economy and create more jobs. Cornish Sea Salt is a strong brand that we believe will gain support from the catering and hospitality industries and consumers.’

The project is based at Porthkerris on the Lizard Peninsula. Cornish Sea Salt’s stated aim is to hand-harvest a flaky, white salt for use in cooking. The company claims that its product will be a purer, healthier and tastier alternative to traditional table salt.

Marc Barber

Marc Barber

Marc was editor of GrowthBusiness from 2006 to 2010. He specialised in writing about entrepreneurs, private equity and venture capital, mid-market M&A, small caps and high-growth businesses.

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