Whitby Distillery hits £400,000 target

Yorkshire-based gin producer Whitby Distillery has surpassed its fundraising target of £400,000 (US$500,663), reaching half the figure in just three hours.

Through a Seedrs campaign, the distillery aimed to raise £400,000 (US$500,663) to support its expansion plans.

The company raised £200,000 (US$250,585) in a private launch to pre-registered investors in just three hours.

The campaign is now open to the public and has raised £444,527 (US$556,894) to date.

Located in the English seaside town of Whitby, the distillery launched the crowdfunding campaign to help its expansion in trade, retail, tourism and export.

The distillery, producer of Whitby Gin, was founded in 2017 by Jessica Slater and Luke Pentith. The current site is located near Botany Way.

To expand its production, Whitby Distillery is in the process of building a new distillery and visitor centre on the grounds of Whitby Abbey, where it has a 100-year lease.

The distillery has sold more than 250,000 bottles to date. The company reported gross sales of £1.15 million (US$1.44m) in the year ending February 2024, with earnings before interest, taxes, depreciation, and amortisation (EBITDA) reaching £243,000 (US$304,439).

Once the new site is fully operational, Pentith expects the business to grow by 500% over the next five years.

Investors in the gin producer will receive tour vouchers and private evening events at the new distillery.