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House of Elrick gin rejects Dragons’ Den funding offer

Aberdeenshire-based gin brand House of Elrick has walked away from an £80,000 (US$112,000) investment offer on hit BBC programme Dragons’ Den and will instead use crowdfunding to support its growth.

House of Elrick was launched in 2014 by Stuart Ingram

The Scottish gin brand appeared on the BBC Two programme last night (18 February), which sees entrepreneurs pitch their businesses to a group of famous investors.

Stuart Ingram, founder of House of Elrick, initially accepted an offer of £80,000 (US$112,000) in return for a 10% stake in the business from Peter Jones.

However, since filming the episode, the gin maker has been unable to reach an agreement with Jones and has now turned down his offer.

In a Facebook post, House of Elrick said: “Following the recording last year and further discussions with the team we were unable to agree on a percentage stake for the entire business and so did not continue with Peter’s investment.

“Instead Stuart continues to completely self-fund and grow the brand, launching two more gins this month.”

House of Elrick has now launched a crowdfunding campaign, which aims to raise £350,000 (US$490,000) before the end of March.

Investment in the business will help to construct a new distillery at its current site in Aberdeenshire, which will include a new 100-litre copper still produced locally.

The distillery also hopes the £350,000 (US$490,000) will help renovate the house and grounds it currently stands in, transforming it into a “must-go destination”.

With plans to renovate its walled garden, construct a new distillery and open a restaurant, the forecasted budget for the project is upwards of £850,000 (US$1.2 million).

In recent months, a growing number of new distilleries have turned to crowdfunding to boost capital. Last year, Kent’s first microdsitllery, Anno Distillers, launched a campaign to raise £750,000 (US$1.1 million).

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