No-ABV brand Lyre’s valued at £100m

Non-alcoholic ‘spirit’ brand Lyre’s has been valued at more than £100 million (US$138.7m) after completing its latest seed-plus funding round. The valuation, achieved in under 24 months of trading, makes Lyre’s the ‘most valuable’ independent non-alcoholic ‘spirit’ brand to date, the company said. Available in 43 countries, Lyre’s has reported double-digit revenue growth month on month, and forecasts sales to exceed £35m (US$48.6m) this fiscal year. Mark Livings, Lyre’s co-founder and CEO, said: “It’s truly…

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Listoke Distillery offers 5% stake through fundraiser

Irish spirits producer Listoke Distillery is offering a 5% stake in its business through a raffle, which aims to raise funds for further growth. Listoke Distillery, which produces Listoke 1777 gin and Wise Owl Whiskey, is based in County Louth, Ireland. In order to fund its expansion, the Irish distiller is selling tickets for a raffle, with the aim of raising £200,000 (US$279,640). The top prize for the raffle will be a 5% stake in…

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Nusa Caña seeks £400,000 investment to expand

Indonesian rum brand Nusa Caña is aiming to raise £400,000 (US$548,000) on investment platform Crowdcube to support its expansion plans. Founded by Marc Rodrigues, Joe Milner, Andy Gaunt and and Sam Jeveons in 2015, Nusa Caña will use the funds to help grow volumes in the UK’s physical and online retail channels. The money will also help to build brand awareness through event- and brand-based digital marketing. Rodrigues, managing director of Nusa Caña, said: “Indonesia’s…

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Greenbar upgrades RTD facilities after sales boost

Los Angeles-based Greenbar Distillery has invested US$2 million in ready-to-drink cocktail production after sales of its canned serves grew 384% in 2020. Greenbar Distillery, which added a new line of canned cocktails to its range last year, said the ready-to-drink (RTD) market now accounts for more than 65% of its volumes. In 2018, the company had no RTD sales. To meet the increased demand for its RTD line, Greenbar Distillery has installed a US$2m high-speed…

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Beam Suntory invests £6m in Glen Garioch

Spirits producer Beam Suntory will invest £6 million (US$8.3m) in Highland Scotch distillery Glen Garioch to reintroduce floor maltings and other ‘traditional’ processes to the site. The Glen Garioch distillery in Oldmeldrum, Scotland, was founded in 1797. The £6m renovation will also include the installation of direct fire heating to the wash still. Furthermore, Beam Suntory will also introduce a ‘cutting-edge’ direct fired distillation method, which will reduce the distillery’s carbon footprint by 15%. Kwanele…

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