31 Dover owner records 98% revenue growth

The owner of online drinks retailer 31 Dover, DMD Ventures, has reported a 98% increase in turnover for its 2017/18 fiscal year to reach £11.9 million (US$15.7m).

DMD Ventures – which acquired wholesaler Vanquish Operations in 2017 and owns subscription services The Gin Club and Clara Wine – has recorded close to 100% year-on-year growth for the last four years.

In the year ending 30 April 2018, DMD Ventures received more than 242,000 orders across the group (up 42% compared to the previous year), and grew its customer base by 64% to 130,000.

Furthermore, DMD Ventures also secured more than £5m through a private investment round in 2018, valuing the company at £24m.

The funds will be used to grow The Gin Club and Clara Wine, and also create a new e-commerce platform for 31dover.com.

James Bagley, chief executive, DMD Ventures, said: “It’s a challenging market. Even though parts of the drinks industry have been struggling as of late, there are still plenty of opportunities and innovations for us to support and grow the business.

“With our focus on the very best products and outstanding customer service – supported by a leading digital market team and data-driven approach – I’m confident that 2019 will be our strongest year yet.

“We’re very lucky to work in such an exciting industry full of interesting, motivated individuals and we’re especially thankful for the strong partnerships we made over the past year which helped us to reach this point.”


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Author: Melita Kiely {authorlink}