Winchester Distillery hits 65% of crowdfunding target

16th May, 2019 by Nicola Carruthers

English gin and vodka maker Winchester Distillery has raised more than £240,000 (US$307,861) as part of its crowdfunding campaign, smashing its first 30-day target by 200%.

Winchester-Distillery

The team at Winchester Distillery

Last month, Hampshire-based Winchester Distillery launched a crowdfunding campaign to raise £375,000 (US$483,000) to expand its business.

The Crowdcube campaign has so far received £240,000 – 65% of its funding at the time of writing – from 94 investors.

The equity campaign has been in ‘private mode’ on Crowdcube and is open only to followers of Winchester Distillery. The pitch will open to the public later this week.

Winchester Distillery produces up to 1,000 bottles per week – almost full capacity for the site – and is seeking funding to realise its growth ambitions to increase production, grow sales in the UK, export to other markets and launch a rum and whisky. It will also use the money to install a brewhouse and open a gift shop on site.

Founded in 2014, the Hampshire-based distillery has reported average year-on-year sales grew 82% to £714,085 (US$919,600) in November 2018, a profit of £68,055 (US$87,642).

Winchester Distillery founder Paul Bowler said: “The news this morning that our supporters have pledged almost quarter of a million pounds, plus the overwhelming amount of support we’ve received over the last month, has been the best fifth birthday present for Winchester Distillery.

“We’re really excited that our Crowdcube campaign will be open to all later this week and that we’re another step closer to being able to proceed with our expansion plans.”

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