Cotswold Distillery to crowdfund £1m expansion
The Cotswolds Distillery has reached its crowdfunding target of £500,000 in just one week, with plans to launch a new whisky in 2017 and double its production of the spirit.
As of 15 December, the company had raised £551,355.00 with 52 days remaining, with the company now aiming to raise up to £1 million, ahead of an “eventual public listing”.
The distillery plans to use the invested funds launch an English whisky in October 2017, and also revealed plans to double its whisky production over the coming years. Future plans include the expansion of its visitor centre and the opening of a satellite storefront in a nearby Cotswold town.
The company was founded by former hedge fund manager Daniel Szor in 2014, with its inaugural product – a dry gin – now available in a number of global markets including the US and Australia.
The English distillery currently produces a London dry gin, brandies, liqueurs and whiskies, with its first full whisky release set for October 2017. The company is currently producing maturing stocks of whisky at the rate of 175,000 bottles each year.
Setting out its future plans for growth on its CrowdBnk page, the distillery states its believe that there is a “revolution occurring in the global spirits industry”, and that consumers are turning away from “traditional branded spirits to higher priced ultra-premium products from a new breed of artisanal craft distillers”. It also noted the continued importance of provenance of a spirit, that is continuing to drive sales.
“The company is targeting upwardly mobile, aspirational consumers with disposable income and an ability to favour products based on quality, image and the “story” behind them”, the distillery said of its approach to marketing.
“Provenance, quality ingredients and production methods are all key elements as the director believes, consumers seek true authenticity and differentiation from mass market products, favouring those that are produced using premium ingredients in an exacting production process, and sold by those with an authentic, engaging story of provenance.”
The CrowdBnk round, scheduled to continue until 4 February 2016, is now overfunding and will remain open as the distiller endeavours to sell up to £1,000,000 in equity.