East London Liquor Company raises over £850,000 in one day to make English whisky
A UK distillery has raised more than £850,000 in just 24 hours through crowdfunding, exceeding its target by an extra £100,000.
Hackney-based East London Liquor Company said it plans to invest its windfall in the production of English whisky, as consumer interest in global whiskies continues to grow this year, as well as looking into distribution in emerging markets such as China.
The campaign will now run for 28 more days to continue fundraising efforts, closing on 31 May.
“We have been humbled by the support that we have received, with investments ranging from £10 right up to £175,000,” founder and former bartender Alex Wolpert said. “Our loyal fans have been integral to our success from day one and we’re excited to now be able to take our business to the next level with their backing.”
East London Liquor Company is currently valued at £15m and with funds raised will build annual bottle sales to 46,000 9L cases (592,000 bottles) in 2022, delivering sales revenue of £9.8m. The company said it aims to sell 1.8m bottle sales over the the next five years, with total revenue topping out at £28.7m.
Earlier this year, a report by market researcher Euromonitor identified innovation in the whisky category as a key trend for consumers in 2018.
While Irish whiskey will continue to grow in popularity, there is also scope for other regional and national spirits to come into the spotlight.
“Whiskies, cognac, English gins and vodkas will be the usual suspects dominating most of the headlines,” said Euromonitor’s Spiros Malandrakis, adding that “niche local specialties will also reach escape velocity beyond their respective domestic markets. Artisanal positioning, rebranding for an international audience, flavour sophistication initiatives and on-trade seeding trials will be the key drivers for expansion.”