East London Liquor Co looks to raise £750,000
The East London Liquor Company has revealed plans to launch a crowd-funding campaign to raise £750,000.
The distillery was set up by entrepreneur and ex-bartender Alex Wolpert in 2014. Since launch Wolpert has grown the business to include a distillery making vodka, gin and whisky, as well as a bar, restaurant and independent bottle shop.
The funds will be used to increase the distillery’s whisky production, along with growing the domestic sales team, leading to further global sales opportunities.
The company is currently valued at £15 million, and the business is estimated to turnover a total of £10.5 million by 2020 (turnover this year is forecast at £2.5 million).
Wolpert said: “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 spirits 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.”
The company’s five-year plan forecasts a total of 1.8 million bottle sales over that period, driven by 30% yoy growth. This growth will be primarily driven by English whisky and gin sales across the USA, Canada and China.
East London Liquor Company already exports to 20 countries but capital raised during its Crowdcube campaign will help to capitalise on global sales opportunities.
Before the end of 2018, East London Liquor Company will be releasing the first whisky to be produced in East London since the Lea Valley Distillery closed more than 100 years ago. The first launch will be the East London Liquor Company’s London Rye Whisky.