For the award-winning gin makers, Wolf Lane Distillery, having their invoices paid faster means they can have the confidence to grow their business.
The Cairns-based, Australian-owned distillers have gone from strength to strength since launching their crisp botanical gins in October 2019, including distribution through national chains Liquorland and Vintage Cellars.
Director Darren Barber says having their Coles Group invoices paid earlier means they can focus on their business development goals.
“Getting paid regularly allows us to grow and expand quicker, knowing that the money comes through faster,” he says.
“Money in the bank can make growth a lot easier.”
They are on track. In less than 18 months their gin brands have won 38 awards in Australia and internationally.
From their distillery on the site of a heritage stables in tropical north Queensland, they are producing gins that have won a gold medal at the Australian Gin Awards, the Best in Australasia 2020 at London’s Gin Guide Awards London, a gold medal at the Australian Gin Awards and the Australia Liqueur Distillery of the Year at the New York International Spirits Competition.
On the business front, Wolf Lane used the Earlytrade platform throughout 2020 to bid for different rates before locking in this year.
“It seemed to work quite well for us, so we’ve gone into a fixed rate now,” Mr Barber says. “Obviously cash flow is king. It works really well for us getting paid.”
He says across their industry many major distributors work to a 30-day, end-of-month cycle, where payment could be up to 60 days.
Now, Wolf Lane’s payments come in about five days. “The interest rate that Earlytrade was offering is quite low [so] it’s kind of a no brainer,” he says.
Having access to their cash means they can get back to expanding their gin making and business operations.
“We’re aiming to be one of Australia’s leading gin distilleries,” he says. “Get out and try it if you haven’t already.”