Salcombe Distilling seeks £5m fundingBy Nicola Carruthers
English producer Salcombe Distilling Co is aiming to raise £5 million (US$6.5m) over the next 12 months to grow globally.
The Devon-based gin maker will raise part of the funds through a Seedrs crowdfunding campaign, which will open to the public on 19 April for one month.
Salcombe Distilling Co (SDCo) previously launched a Seedrs campaign in 2019, reaching its crowdfunding target of £800,000 (US$1m) in under 24 hours.
The producer said this funding helped the company achieve 100% sales growth in the last two years, enter the non-alcoholic ‘spirits’ category, launch its Salcombe Gin and New London Light brands in the US, and create the ‘world’s first’ distillery at sea.
Dr Nick Blazquez, a former Diageo executive who became chairman of Salcombe Distilling Co in December 2020, said: “This new round of investment will enable further investment in the brands and in both organisational and production capacity.
“This will drive sustainable growth for SDCo in the dynamic luxury spirits and non-alcoholic ‘spirits’ sectors.”
Salcombe Distilling Co was founded by Howard Davies and Angus Lugsdin in 2016. Ex-Edrington executive Chris Spalding, said to have deep knowledge of the US drinks business, also joined the Salcombe board as an adviser in 2021.
Davies said: “The funds raised in ‘the taste of tomorrow starts today’ crowdfunding campaign will allow us to take our exceptional tasting Salcombe Gin and New London Light to an even greater audience building on partnerships we’ve already established and creating exciting new ones.
“We have high ambitions for continued rapid growth and with Nick in the position of chairman, as well as this current round of funding, we have absolutely no doubt that these goals will be met.”
Ludgsdin noted that the company has expanded its presence across the world, and in the UK with listings in Waitrose, Majestic Wine and John Lewis.
He added: “More recently we’ve achieved strong growth in our export markets too and now export to the United States, the Middle East, China, Singapore and across Europe as well.
“With a plethora of awards, international listings and a superior price position, we believe that Salcombe Gin is on course to becoming the world’s number one luxury gin brand.”
In January this year, New London Light partnered with Virgin Atlantic Clubhouse to offer a drinks menu using its portfolio of three ‘spirits’.