Monaghan-based bottled water company, Celtic Pure has revealed plans to raise up to €5 million to finance an expansion of its bottling facility in 2017, reports the Irish Times.
The expansion plans could see the brand’s sales double in the coming years, with a lot of this growth expected to come from export sales.
Hoping to gain a foothold in the US market this year, Celtic Pure has signed deals with distributors there to supply its products to restaurants. It also has distribution deals in Australia, China and the United Arab Emirates.
Owner Padraig McEneaney told the Irish Times that the business grew by 27 per cent last year, achieving sales of around €8.6 million. In 2016, it is aiming to break the €10 million sales barrier.
“The future investment in our facilities will bring the business to the stage where we can target sales of €18 million to €20 million,” McEneaney said.
Celtic Pure is also in talks to acquire a plot of land beside its current premises, which will facilitate the planned expansion and allow it to add warehousing facilities and more efficient bottling lines.
A decision has not yet been made as to whether the capital for the expansion will come through debt or investors.
© 2016 - Checkout Magazine by Jenny Whelan.