Ice cream maker Hill Station has raised GBP3.3m (US$6.6m) through a share offer as the wet weather in the UK continues to hit sales.
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The bulk of the cash raised will be used to pay debt and provide working capital for the company.
Some GBP650,000 has been set aside for the cash element of Hill Station’s acquisition of The So Real Ice Co.
The damp summer in the UK has hit sales across the ice cream sector. Hill Station chairman Bill Mapstone said the company’s sales are “in line” with the ice cream market but said trade is below expectations.
“The inclement weather prevailing throughout May, June and July has continued so far in August. Sales have continued to be significantly below expectation so far this month as a result,” Mapstone said.
“New products have been developed over this period and following the fundraising, the board has confidence in the future and direction of the business.”
