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Lakes Distillery ‘explores possibility’ of IPO
English spirits producer The Lakes Distillery is considering listing its shares on the London Stock Exchange to raise £15 million (US$19.5m).
The Lakes Distillery is considering launching an IPO
Later this month, The Lakes Distillery’s shareholders will meet to discuss and potentially approve the initial public offering (IPO) on Aim, a sub-market of the London Stock Exchange.
Cumbria-based The Lakes Distillery formed in 2011 and began operating in 2014, becoming the region’s first new distillery in more than a century. The firm produces gin, vodka, flavoured liqueurs and single malt whisky, which is yet to be released.
Last year, the group launched a £1m crowdfunding campaign via Crowdcube and surpassed the target in just three days. In total, the campaign raised £1.62m, with equity sold to 2,435 investors.
Also in 2017, The Lakes Distillery sold all 2,975 of its Founders Club memberships, raising more than £2m.
“The Lakes Distillery has strong brand credentials, is located in an area of outstanding natural beauty, the Lake District National Park, a Unesco World Heritage site, and has a successful track record of innovation and brand development,” said Nigel Mills, CEO of The Lakes Distillery.
“We believe we are well positioned for growth, with multiple revenue streams, and an appreciating asset in the form of our whisky stock, developed using our multi-oak, multi-Sherry led production process.
“We are exploring an IPO as a flexible source of capital to allow us to increase our production significantly, whilst remaining independent and focused on quality, as well as investing in our whisky stock, our sales and marketing capabilities and our distribution channels. Ultimately this will help us to achieve our ambition to build a global luxury whisky brand.”
The Lakes Distillery was founded by Paul Currie, chief operating officer, who was joined by Mills in 2012. The rest of the executive team consists of chief financial officer David Robinson and chief whisky maker Dhavall Gandhi.
The non-executive board of directors consists of chairman Alan Rutherford, Tim Farazmand, Paul Neep and Richard Hutton.