Winchester Distillery hits crowdfunding goal

English gin and vodka maker Winchester Distillery has passed its £375,000 (US$483,000) crowdfunding target to expand its business.

Hampshire-based Winchester Distillery launched a crowdfunding campaign on Crowdcube in April this year. Last month, the distillery raised more than £240,000 (US$307,861), smashing its first 30-day target by 200%.

The crowdfunding campaign, which closes in 12 days, has raised £385,010 (US$487,640) from 478 investors to date.

Winchester Distillery produces up to 1,000 bottles per week – almost full capacity for the site – and is seeking funding to realise its growth ambitions to increase production, grow sales in the UK, export to other markets and launch a rum and whisky. It will also use the money to install a brewhouse and open a gift shop on site.

Founded in 2014, the Hampshire-based distillery has reported average year-on-year sales grew 82% to £714,085 (US$919,600) in November 2018, a profit of £68,055 (US$87,642).

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Author: Nicola Carruthers {authorlink}