Cotswolds secures £3m to quadruple production
The Cotswolds Distillery will be able quadruple its annual alcohol production after securing £3 million (US$3.6m) in funding.
Located in Shipston-on-Stour in England, the Cotswolds Distillery secured the funding from the Santander UK bank.
The £3m will be used to increase the Cotswolds Distillery’s alcohol production from 125,000 litres a year to 500,000 litres annually.
Daniel Szor, founder and executive chairman at the Cotswolds Distillery, said: “I am delighted that we have had the support of Santander UK in enabling us to maximise our sales potential, allowing us to meet growing demand from the single malt consumer in this luxury category that is forecasting strong growth globally.”
The funds will also help the producer grow internationally, enhancing existing sales in the US, France, Germany, China and Australia.
The company aims to increase its annual sales by 15%, and plans to hit £25m (US$29.6m) turnover by 2030. Export markets will play a key role in this plan.
The distillery currently employs 65 people, and intends to add new members of staff over the coming years as it grows.
Szor established the Cotswolds Distillery in 2014.
Chris Evans, relationship director at Santander UK, added: “Cotswolds Distillery has established itself as a leading brand in the English whisky and gin market, and we are thrilled to support it with this funding package.
“Santander UK has a dedicated specialised whisky sector team as well as expertise and resources to help UK businesses in the sector expand internationally.”
In other funding news, earlier this week drinks-led investment firm Nightcap secured a £10m (US$11.9m) bank loan to pursue its expansion plans.