Boutique Spirits Co saves Hoxton Spirits from administration
London-based Hoxton Spirits went into administration due to cash flow issues in 2024, but has been bought by Boutique Spirits Co.
Founded in 2021 and officially launched in 2022 by Gerry Calabrese, Hoxton Spirits created an array of products, including Hoxton Coconut and Grapefruit Gin, a pink gin, and a banana-flavoured rum.
In 2022, Hoxton Spirits secured a seven-figure sum from banking firm Optiva Securities to help expand its portfolio and grow internationally.
Last year, the company aimed to raise £4 million (US$5.4m) worth of investment by selling shares to investors, in a deal that valued Hoxton Spirits at £35.5m (US$48m).
In a filing on Companies House, reduced order numbers plus significantly higher operating costs than originally forecast resulted in cash flow issues.
Hoxton Spirits asked existing shareholders for supplemental investment, alongside seeking additional third-party funding, but was unsuccessful.
Redundancies
Employees of Hoxton Spirits were made redundant on 31 March 2025.
In an effort to achieve a better outcome for the company’s investors, rather than winding-up the business, the administrators sought to sell both the parent company, Hoxton Spirits Holdings, and its trading operations entity, Hoxton Spirits Operations.
A purchase offer from Boutique Spirits Co was accepted for the sum of £325,000 (US$439,257) for the assets of Hoxton Spirits Holdings and Hoxton Spirits Operations, including stock, plant and equipment, and intangible assets.
The filing said the sale concluded on 30 April this year, and £250,000 was received. This was divided between Hoxton Spirits Holdings (£87,500/US$118,250) and Hoxton Spirits Operations (£162,000/US$219,000). The potential deferred £70,000 (US$94,600) will be payable after 18 months and split equally between the two.
On 11 April, a filing by Boutique Spirits Co on Companies House certified the incorporation of Hoxton Newco as a private limited company. A further filing on 28 April showed a change of name, from Hoxton Newco to Boutique Spirits Co.
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