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Innovatus Drinks seeks £1.2m investment
Horse Guards gin owner Innovatus Drinks is looking to raise £1.2 million (US$1.5m) to fund its “ambitious” expansion plans.
Horse Guards gin launched in the UK in 2018
Innovatus Drinks is working to raise the funds through private equity firm Growthdeck.
The company will use the money to build its pipeline of brands for launch, grow its distribution networks and construct its e-commerce platforms.
The drinks firm has access to a range of more than 100 spirit brands, independently valued at £3.6m (US$4.6m). Innovatus plans to relaunch the spirits over the coming years.
Horse Guards gin, which entered the UK market in 2018, will be the first to be relaunched. The brand is already exported to Abu Dhabi, France, Spain and Austria.
Innovatus’s spirits brands to be relaunched include Cuban smoked rum Cuban Smoke, which will debut in 2019.
In 2020, Scotch brand Blues Whisky, which has been aged in ex-Bourbon casks, and Black River mezcal will be released.
Scotch whisky Glen Regal, with heritage dating back to the 19th century, is currently being developed.
Innovatus Drinks is projected to record revenues of £620,000 (US$805,000) in 2019. It is then predicted to grow its turnover fourfold each year, reaching £10.1m (US$13.1m) by the time of Growthdeck’s planned exit from the company in 2023.
Gary Robins, head of business development at Growthdeck, said: “Innovatus is well-placed to tap consumer demand for boutique spirits. The Horse Guards brand has already benefitted from the ‘ginaissance’, and the business will soon be ready to deliver quality products to consumers of rum and mezcal.”
Growthdeck was previously instrumental in helping Cambridge-based pink gin brand Pinkster secure a £600,000 (US$779,000) investment in 2016. According to the equity firm, the investment “is performing above expectations”. A second round of fundraising, valued at £16m (US$20.7m), was completed in December last year.
In March last year, Freya Birch Spirit owner Pure Wild Spirits aimed to raise £750,000 (US$1.04m) worth of investment through Growthdeck.
Growthdeck’s investment in Innovatus Drinks qualifies for tax reliefs under the Enterprise Investment Scheme, which allows private investors to make tax savings by investing in growth businesses.