Just one week after launching its equity crowdfunding campaign on Crowdcube, Cotswold Distillery surpassed its initial £2 million funding target from more than 500 investors. The distillery reported that prior to launching the funding round, it secured £1,185,120 from 21 investors.
Founded in 2013 and began operations in 2014, Cotswold Distillery revealed it produces maturing stocks of whiskey at the rate of 175,000 bottles equivalent per annum. Cotswold then noted that it has also introduced a range of other branded spirits to the market including gin, espresso martini, liqueurs, and fruit brandies.
“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 stated 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’
Speaking about the crowdfunding campaign’s success so far, Cotswold reported:
“Just a quick note to thank you personally for your enthusiasm, due to which we were able to hit our initial £2,000,000 target yesterday evening – only a week into our Crowdcube campaign. It was only fitting that the last £1,000 came from a past (and our best ever) summer intern who was so enamored by his time with us that he’s decided to become an owner.
“This sort of thing is typical of people who’ve worked at, visited, or in some way come to know our distillery – their level of enthusiasm has always been over the top. Don’t take it from me, just read a few of the 1,200+ reviews on TripAdvisor (most of them 5*) – many of which focus more than anything else on the passion, talent and enthusiasm of our amazing team. To know us is to love us – and that’s why such a big part of the current round has been funded by our longest-standing investors and closest neighbours; they believe in what we’re doing and have been eager to support the greater-than-expected growth of our company and our brand.”
Those who invest in the campaign will receive a lifetime 10% discount through the Cotswold’s online shop. The funding round is set to close at the end of May.
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