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BI acquires 25% stake in Gilpin’s gin
Wine and spirits merchant BI has acquired a 25% stake in London-based Westmorland Spirits, owner of Gilpin’s Westmorland Extra Dry Gin.
BI has purchased a 25% stake in Gilpin’s Westmorland Extra Dry Gin
BI and Michael Spencer, chairman of BI, have together acquired the 25% stake. Spencer, who is also group CEO of Nex Group, purchased the share through IPGL, his private investment group.
The investment will provide Westmorland Spirits with funds towards its sales and marketing activity and the development of premium spirits.
Westmorland will use BI’s global distribution centre in London to accelerate Gilpin’s sales and exports as well gaining contacts with potential distributors in other markets.
“This partnership opens up several doors for us in the UK, marketing to wine and spirits connoisseurs as well as the high-end on trade,” said Matthew Gilpin, director of Westmorland Spirits.
“Furthermore, BI’s significant Asia presence will bring our products to a market brimming with interest and potential.
“This transaction and investment by BI and Michael Spencer also opens up the door to expansion of our product range and international marketing efforts as we seek to make Gilpin’s even more of an export success story.”
Spencer added: “I am really impressed by the business Matthew has built, the quality of the product and his entrepreneurial approach. I was therefore delighted to be able to invest alongside BI, to give the business the financial backing it needs to continue growing and further expand its level of exports. I am convinced Gilpin’s will keep going from strength to strength.”
BI’s managing director, Gary Boom, said: “Matthew has developed a seriously smart brand and I look forward to working with him to help grow and develop his brand.”
Established in 2010, Gilpin’s Westmorland Extra Dry Gin is stocked in a variety of high-end bars and restaurants including Ivy Restaurants, Hix Soho, Sexy Fish and Duke’s Hotel Bar.