ELLC exceeds £750k crowdfunding target in 24 hours
Vodka, gin and whisky producer East London Liquor Company has passed its £750,000 (US$1.03 million) crowdfunding target in just 24 hours.
Based in London’s Bow Wharf, the distillery has already raised £850,480 worth of funds during the first day of opening with 28 days remaining.
The distillery launched its investment campaign on Crowdcube earlier this week (1 May) in an effort to expand its operations.
The money will be used to increase English whisky production, grow the brand within domestic sales channels, and drive global sales opportunities in emerging markets.
“We have been humbled by the support that we have received, with investments ranging from £10 right up to £175,000,” said Alex Wolpert, who founded the distillery in 2014.
“Our loyal fans have been integral to our success from day one and we’re excited to now be able to take our business to the next level with their backing.”
ELLC has outlined details of its five-year plan to 2022, by which time it hopes to have grown annual sales to 46,000 nine-litre cases, generating sales revenue of £9.8 million. In 2017, the distillery’s sales hit £1.9m, with income from the ELLC’s bar, shop and tour offerings surpassing £1m.
Wolpert also envisions quadrupling bottle sales to 1.8m by 2022, driven by 30% year-on-year growth. Total sales revenue for the five-year period is forecast to reach £28.7m.