Less than a year after raising more than £1 million through its crowdfunding campaign on Code Investing, formerly Crowdbnk, Cotswolds Distillery has launched a funding round on equity crowdfunding platform Crowdcube. The company is now seeking £2 million for long-term growth. Prior to launching the funding round, the distillery secured £1,185,120 from 21 investors. The amount has been figured in with how much the campaign has secured since going live publically.
As previously reported, the Cotswolds Distillery was founded in 2013 and began operations in September 2014 and produces maturing stocks of whiskey at the rate of 175,000 bottles equivalent per annum. The distillery has introduced a range of other branded spirits to the market including gin, espresso martini, liqueurs, and fruit brandies. The distillery revealed:
“We now have the capacity to produce 1 million bottles a year to meet future demand, and are recognised as one of the most highly rated craft distilleries in the world. We continue to experience strong growth; our sales increased 75% to £3.1 million for calendar year 2017. By comparison, the UK gin market grew 27% over the same period.”
Cotswolds also revealed a breakdown of where the funds from the Crowdcube campaign will go:
- Build its brand by accelerating investment in advertising and promotion
- Deepen its sales and distribution network
- Build an inspiring new visitor center to be its ‘brand home’
Those who invest in the campaign will receive a lifetime 10% discount through the Cotswold’s online shop. The funding round is currently set to close at the end of May.
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