Rum brand aims to raise £100k to expand
Scotland-based John Paul Jones Rum is hoping to secure £100,000 (US$122,133) to expand its brand and introduce a new bottling in 2023.
The rum brand has seen its first round of fundraising fully subscribed, and credits this to John Paul Jones’ ‘rocketing reputation’ and general market growth.
The £100,000 target will be raised on top of its established company valuation of £2 million (US$2.4m).
“Rum is clearly the right place to be and John Paul Jones has proved itself to be one of the spiralling sector’s stellar performers,” said founder Ollie Blackett.
“We ended 2022 on a real high with some remarkable successes and we are already on course for some even bigger adventures in 2023, and beyond.”
The funds will allow John Paul Jones to add a new rum, called Providence, to its portfolio – a smoky, dry bottling aged in Scotland in ex-Islay whisky quarter casks. The liquid is due for release in spring 2023.
John Paul Jones’ latest fundraising offer is available via the government’s Seed Enterprise Investment Scheme (SEIS). The initiative allows individual investors to reclaim tax relief of up to 50% on these investments.
The brand takes its name from 18th-century naval captain John Paul Jones, who was the US’s first well-known naval commander in the American Revolutionary War.
In 2022, the brand became available in UK stores Fortnum & Mason, and Daylesford Organic.
In more rum-based news, Captain Morgan owner Diageo recently agreed to acquire Philippine rum brand Don Papa for an initial €260m (US$281.5m).