Less than 24 hours after launching its equity crowdfunding campaign on Crowdcube, East London Liquor Company secured its initial £750,000 and is now nearing £880,000 thanks to more than 275 investors. The company sought to raise the funds to further drive key growth pillars, including English whisky production and domestic sales channels, commencing to global sales opportunities in emerging markets, such as China.
East London Liquor Company was established by entrepreneur and ex-bartender, Alex Wolper. Since its launch in 2014, the company has sold 327,764 bottles of spirits in the UK, delivering £4.25 million in sales revenue. The company reported:
“We have been overwhelmed by the level of interest from the UK and global markets for our honestly-priced spirits and our straightforward approach to distilling. Together, both established and emerging markets represent a massive opportunity for British brands. Brexit poses a challenge to our industry, but the funds raised through this campaign will help us to tear down these barriers.”
East London Liquor Company also reported it is currently valued at £15 million and will build annual bottle sales to 46,000 9L cases (592,000 bottles) in 2022, delivering sales revenue of £9.8 million. The company’s Five-Year Plan forecasts a total of 1.8 million bottle sales over that period driven by 30% year-over-year growth. Total sales revenues for the five-year period will be £28.7 million. Speaking about the Crowdcube campaign’s success so far, Wolpert stated:
“We have been humbled by the support that we have received, with investments ranging from £10 right up to £175,000. 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.”
Tom Hills, Head Distiller, also commented:
“The funds that have been raised through this crowdfunding campaign will be game-changing for us. We can’t wait to start ramping-up production and of course welcoming our investors to the distillery for a celebratory g&t.”
The funds raised during its Crowdcube campaign will help to capitalize on global sales opportunities. The initiative is currently set to close on May 31st.
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