Just days after announcing it was extended its equity crowdfunding campaign on Crowdcube, UK-based distillery The Oxford Artisan Distillery (TOAD) has successfully secured its initial £750,000 funding target.
As previously reported, TOAD was launched in July 2017 and describes itself as a grain-to-glass distillery producing spirits from heritage grain in bespoke stills.has already achieved 85,000 in sales so far and it sells gin and rye vodka. The company claims it is the sole 25-year license with Oxford University and has launched two spirits in the market in the first three months, with further spirits in the pipeline.
“We have raised over £1m equity to date, to fund the development of our distillery near the centre of Oxford. We have generated great media including Countryfile, ITV News, Local BBC, and the Guardian. We have aggressive expansion plans. We are already stocked in 75 bars, restaurants and shops, achieving multiple repeat orders. We plan to utilise our board’s contacts to develop international sales. We are a visitor orientated business, with our tours getting rave reviews and creating enthusiastic advocates. c.50% of our sales are via our site or online.”
The company also revealed:
“We have already raised over £1.26m (both equity and shareholder loan) to fund the launch and are now seeking support for the next phase. We plan to use the funds raised to build our new Visitor Centre (with restaurant and bar). We anticipate the development and fit-out costing £1 million, funded by crowdfunding and existing cash flow. The Oxford Artisan Distillery and TOAD are trading names and trademarks of Still On The Hill Ltd.”
While also sharing details about the campaign’s extension, the TOAD team stated:
“After careful consideration we have extended our crowdfunding campaign until December 31st to allow more time for potential investors and time for our ongoing discussions with investors. We have had great support so far and think that the extension at this busy time of year is a sensible option.”
Funds from the Crowdcube funding round will go towards continuing the Distillery’s growth and development. The campaign is set to close at the beginning of January.