Crowdfunding pays for distillery’s £3m expansion
COTSWOLD Distillery has raised £3million through crowdfunding to assist in its expansion, exceeding the initial target of £2million in one week, writes Tom Hitchenor.
The business, established in 2014, will use the money from 1,200 investors to introduce a new management structure and expand its marketing, advertising and distribution networks.
A slice will also go toward plans for a new visitor centre to accommodate its 30,000 annual guests.
Work will start later this year. Daniel Szor, founder and CEO, said “It gives us a great feeling that so many investors have expressed such confidence.
“All of our investors are individuals, most of them in business or retired and they all share our passion whilst believing in our vision.
"The largest investment, from an existing investor, was £200,000 and the smallest investment, of which there were many, was for £20.”
The distillery’s Cotswolds Single Malt Whiskey was launched in October 2017 and is available in 12 countries, while its Dry Gin was named Best London Dry at the 2016 World Gin Awards and received the top Gold Outstanding award in the 2017 International Wine and Spirits Competition.
Mr Szor, a former investment banker, added: “We have 2,000 barrels of whisky maturing, which means we are laying down far more whisky than we are releasing.
“A significant amount of capital is now locked up for a number of years. Also, the brand-building is important because in order to continue growing, we need to invest significantly in marketing, advertising and promotion.”