York-based The Potions Cauldron is expecting its turnover in 2024 to be more than three-times what it was 2022.

The success comes as the business, founded by Ben Fry and Phil Pinder, has reported a successful first five years and their business last month winning the York Press Retail, Tourism and Leisure business award for 2023.

2023 also saw the pair on TV’s Dragons Den and turning down a £200,000 investment from billionaire dragon Peter Jones.

Fortunately, the a magical drinks emporium and mini golf brand had secured a £100,000 investment from NPIF – BEF & FFE Microfinance in 2022.

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This funding was managed by the Business Enterprise Fund (BEF) in partnership with Finance for Enterprise (FFE) as part of the Northern Powerhouse Investment Fund.

The funding enabled The Potions Cauldron to expand its operations, enhance its product line, establish additional sites across the UK, and set its eyes on international expansion.

It all helped the business increase turnover from £1.4 million in 2022 to an expected £4.5 million in 2024.

York Press: Winning a York Press business award in November 2023

The growth came despite the pandemic, which saw the pair lose the wholesale side of their business, making them realised they need to diversify to survive.

The NPIF investment allowed the duo to expand a new business arm.  After the first magic-themed mini golf site in York, The Hole In Wand in Blackpool opened in June 2022 and The Potions Cauldron on Rose Street in Edinburgh in June 2023.

Across each location, The Potions Cauldron has created 30 jobs, and is now looking to expand to other tourist locations like Keswick in 2024, with plans to launch ten further sites over the next five years.

As the business continues to grow, the magical drink range is now stocked in 120 HMV stores across the UK and is distributed to major retailers in the USA. It is currently looking for a European distributor and has plans to export to the Middle East.

York Press: Some of the magical potions

The business has also planned to partner with one of the world’s largest mass media and entertainment companies in the United States to bring its magical products to an established audience and is also exploring expansion into the accommodation market.

Ben Fry, chief enchantment officer at The Potions Cauldron, said: “The Potions Cauldron brand has grown to great heights over the past few years, which has been springboarded by NPIF investment.

“Our relationship with NPIF and BEF extends beyond formalities, where we've participated in coffee mornings and attended chamber dinners— their consistent support is invaluable, rooted in a genuine connection beyond the financial transactions.

“Our business is now growing at a faster rate than ever before, expanding across the UK and reaching across the Atlantic to future partnerships with US brands. We’re excited to see how our growth unfolds, and we’re holding fast to the team that helped us get here with their investment - BEF and NPIF.”

York Press:

Mark Iley, Senior Investment Manager at Business Enterprise Fund said: “We are delighted to have contributed to the growth and success of this unique Northern business which has ambitious plans for continued growth. We look forward to supporting Ben and Phil with the funding they need to ensure Potions Cauldron continues to flourish.”

Debbie Sorby, Senior Manager at the British Business Bank said: “The Potions Cauldron is one of the most unique businesses in the NPIF portfolio. From mythical gift sets to magical drinks and mini golf, The Potions Cauldron have come a long way since its first round of funding, and we’re looking forward to supporting the business to accelerate its growth even further. This is a stalwart Northern business that is playing its part in building a strong tourism and entertainment market across the country.”

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.