Gin-maker kicks off £400,000 equity crowd funding drive
A North Yorkshire gin-maker has launched a crowd-funding campaign to promote growth and to encourage investors to become part of its operation.
Whitby Distillery’s campaign will support its planned expansion through trade, retail, tourism and export.
The gin-maker’s £400,000 equity crowd-funding campaign is being run by crowd-funding specialists Seedrs. People can back the business via the Seedrs website, at www.seedrs.com
And, as part of the Enterprise Investment Scheme (EIS), investors can claim 30% tax relief where eligible.
Whitby Distillery, makers of Whitby Gin, was founded in 2017 by Jessica Slater and Luke Pentith who have grown their business from a passion project to one whose gin is now stocked in more than 200 outlets across the UK.
Pentith said: “Our equity crowdfunding raise on Seedrs will see us selling a small amount of the business through shares to our customers and to the general public.
“We believe this is a wonderful opportunity to become involved in our flourishing business, which has shown sustainable growth year-on-year and has tremendous potential.”
One of Whitby Gin’s key projects over the next couple of years is to renovate two derelict barns at Abbey Lands on the south-west corner of the Whitby Abbey grounds. This has planning permission and a 100-year lease agreed.
Pentith added: “This isn’t just about raising funds, it is an invitation to be an integral part of our growth and to own a piece of the dream.
“Once our new distillery is fully operational, we anticipate the business will grow by 500% over the next five years.
“There is a huge opportunity for a destination gin distillery in Yorkshire. The gin market in the UK is flourishing, with a 50% increase expected between 2023 and 2028. By 2028, the market’s value is predicted to be £3.18bn.”
Slater said: “The opening of our distillery and visitor centre will be a complete game-changer for us, amplifying our brand across the UK, allowing us to reach more hearts and glasses, unleashing a wave of innovation and crafting exciting new spirits and products that will leave a lasting impression.
“While we have been very happy in our current premises in nearby Botany Way, our new home will take Whitby Distillery to the next level, stepping up production and giving visitors the opportunity to see us distilling and bottling through the week with our tour experiences.
“It is an honour and a privilege to be restoring these derelict buildings on such a world-famous site.
“Our new eco-friendly and sustainable distillery is a serious commitment to Whitby. We are making a significant investment into the local community and the future of the town. Once complete and established, we anticipate having up to 25 employees.
“As well as the distillery, our plans include the visitor centre, which will showcase our production process and our various spirits, as well as paying homage to the amazing cultural heritage of Whitby and providing an educational and corporate business space.”
