Lakes Distillery surpasses £1m funding target

Cumbria’s The Lakes Distillery has surpassed its £1 million (US$1.3m) crowdfunding target after just three days.

The funding will be used to improve warehouses and distribution links

The distillery, based in the Lake District National Park, was offering whisky fans the chance to own a share of the distillery from as little as £10 (US$13) in order to raise £1 million to invest in improving warehouses and distribution.

However, just three days after launching the scheme on crowdfunding site Crowdcube, the firm has already surpassed its funding target.

Nigel Mills, one of the founders of The Lakes Distillery, said: “We launched the campaign in the hope of opening up the world of whisky to a wider audience, and have been so far astounded by the support.”

He continued: “The speed at which we have reached the £1m (US$1.3m) mark really proves that interest in malt whisky is on the rise, and we are delighted to welcome new shareholders to the business.”

The distillery anticipated the share offering to take 30 days to reach its target but demand was considerably higher than expected.

The Lakes Distillery said that the initial £1m (US$1.3m) represented the minimum amount of shares that would be sold, and that its objective now is to raise £1.75million (US$2.2m).

Mills said: “We are hoping for £1.75million (US$2.2m) and given the demand so far, we are confident this can be reached. Small investors have until the offer closes on 30 November to consider making an investment.”

The distillery’s decision to use crowdfunding follows in the footsteps of the successful Equity for Punks scheme from Scottish craft brewery Brewdog, which has helped it grow into a US$1billion brand.

The Lakes Distillery started trading three years ago and has produced £30million (US$39m) worth of whisky at retail.