31Dover owner reports 98% rise in turnover
31Dover owner DMD Ventures has reported that turnover grew 98% to reach £11.9 million in the 2017/18 financial year.
The company, which also owns supplier Vanquish Operations, subscription services The Gin Club and Clara Wine and analytics platform Melvin, has recorded almost 100% annual growth for the past four years.
In 2017/18, it received 242,000 orders, up 42%, from an increased customer base of 130,000 shoppers.
It added that it raised £5 million in a private investment round in 2018, which valued the company at £24 million. The capital will be used to expand the reach of The Gin Club and Clara Wine, and overhaul the ecommerce platform on 31Dover.
Founder David Elghanayan said: “How impressive it’s been to see our new chief executive, James Bagley, and the DMD team in action over the past year. I’m proud of how much we have accomplished in such a short time and am excited to be introducing a new external investor to join our strongest year yet.”
Bagley, who joined the business in 2017 after a stint at Naked Wines, added: “It’s a challenging market. Even though parts of the drinks industry have been struggling as of late, there are still plenty of opportunities and innovations for us to support and grow the business.
“With our focus on the very best products and outstanding customer service – supported by a leading digital marketing team and data-driven approach – I’m confident that 2019 will be our strongest year yet.
“We’re very lucky to work in such an exciting industry full of interesting, motivated individuals and we’re especially thankful for the strong partnerships we made over the past year which helped us to reach this point.”
DMD described 31Dover as “the UK’s leading online drinks retailer destination for women and men aged 24-35, attracted by its wide range of craft gins, luxury spirits and Champagne”.