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Salcombe Distilling Co.

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We produce the internationally award winning Salcombe Gin and non-alcoholic New London Light spirits.

162%
 - 
Funded 16 Apr 2022
£1,000,012 target
£1,628,878 from 882 investors
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Business overview

Location Salcombe, United Kingdom
Social media
Website salcombedistilling.com
Sectors Food & Beverage Non-Digital Mixed B2B/B2C
Company number 09140632
Incorporation date 21 Jul 2014
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Investment summary

Type Equity
Valuation (pre-money) £29.4M
Equity offered 5.24%
Share price £11.76
Tax relief

EIS

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Business highlights

  • Nationwide listings with Waitrose, Majestic Wine and John Lewis
  • 'Start Point' awarded Platinum by the Beverage Tasting Institute
  • Every 70cl and 75cl bottle sold makes our oceans healthier
  • Gross turnover doubled in last two years to almost £5 million*
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Key features

  • Secondary Market
  • Seedrs nominee min. £11.76 +
  • Direct investment min. £100,000.00 +
  • Idea
  • Key Information
  • Investor Perks
  • Team
  • Updates
  • Investors 882
  • Discussion
  • Documents

Idea

Introduction

The taste of tomorrow starts today; at Salcombe Distilling Co., we’re on a mission to bring exceptional taste to the world.

Our business was born out of a desire to create world-class spirits and a genuine and long-standing passion for the sea and lifestyle on and around the water. With 'Salcombe Gin' and our non-alcoholic spirit 'New London Light', we aim to elevate above craft, go far beyond Salcombe and create an emotive connection with our consumers, enabling them to enjoy special moments of escape and luxury.

We're proud to have:

- Carved out a high gross margin position in the ultra-premium spirits market*

- Achieved 100% growth in the past 2 years despite the challenges of the pandemic*

- Built 1% for the Ocean partnerships with leading marine conservation charities

Our brands are positioned to be distinct from other spirits brands with positioning that is ambitious, adventurous and aspirational. We aim to transcend other ‘premium’ brands, as the luxury aspirational alternative.

Substantial accomplishments to date

- Built one of the only distilleries in the world accessible by boat, in an beautiful coastal area with huge visitor footfall

- Carved out a position with an ultra-premium gin pricing strategy of >£40 a bottle, further complemented by being a leader in the hyper premium sector with our Voyager Series at £75 a bottle

- Launched Salcombe Gin and New London Light both in the UK and US (grown from 2 to 9 states since launch) as well as various other fast growing export markets

- Listings in over 1,000 stockists in the UK, including prestige venues such as Selfridges and Fortnum & Mason, alongside national listings at Waitrose and Majestic Wine

- Three Double Gold Medals at the San Francisco World Spirits Competition and Gold at the World Gin Awards for Salcombe Gin. New London Light was described as exceptional being awarded gold at the Beverage Tasting Institute in the US and also awarded the People’s Choice Spirit Mindful Drinking Award

- Built powerful partnerships, with Virgin Atlantic where New London Light is the exclusive non-alcoholic spirit in their global Clubhouses, Princess Yachts where our brands are promoted alongside their luxury yachts at international boat shows, P&O Cruises with whom we launched the world's first distillery at sea, Exeter Chiefs rugby team & Crew Clothing

- An outstanding Gin School which is the #1 thing to do in Salcombe on TripAdvisor and booked all year round

- Gross revenues of almost £5m for FY21/22 and sales quickly approaching 200,000 bottles each year

Monetisation strategy

We have four main rich revenue channels that are supported by our super-premium brand positioning for Salcombe Gin and New London Light;

1. UK Sales to wholesale, on & off-trade, 3rd party eCommerce and other corporate clients; c. 52% of revenues*

2. Direct sales to consumers (via our website, events and retail stores in Salcombe & Dartmouth); c. 26% of revenues*

3. Export and Duty-Free Sales; c. 12% of revenues*

4. Our award-winning Gin School, tasting experiences and waterside bar; c. 10% of revenues and supports our brand*

With this funding round, we intend to take advantage of the huge opportunity in the No & Low sector by capitalising on our recently extended New London Light range, both in the UK and selected export markets, by investing in promotion and sales. Alongside this, we plan to build on our luxury brand positioning of Salcombe Gin to further expand our UK Sales and leverage the excellent foundations created in the US with our distributors.

Some of our UK clients:

Use of proceeds

We intend to raise a minimum of £1m to help fund the next phase of our growth. The funds raised will be used in the following key areas:

Advertising and Promotion – 40%
Launch ambitious powerful advertising and promotional campaigns aiming to drive consumer pull through for both Salcombe Gin and New London Light

Sales and Operations Teams – 20%
Finance our enlarged sales team (and sales agency staff) to grow and support our clients alongside our internal production and operations teams supporting this growth

Product Development – 10%
Continue to develop the New London Light range of non-alcoholic products

Stock and Working Capital – 30%
Operating capital to support cashflow and stock requirements as we grow

In the event of overfunding, we plan to invest additional capital in sales & marketing to further accelerate growth.

Investor Privileges

Key Information

Share Class

The Company has 4 share classes in issue: A Ordinary, B Ordinary, C Ordinary and D Ordinary shares. All classes have equal income and capital rights. In terms of voting rights, B Ordinary and C Ordinary have full voting rights, whereas D Ordinary shares have no voting rights and A Ordinary shares are only entitled to vote in respect of resolutions concerning (i) winding up of the Company; or (ii) changes to the A Ordinary shares’ rights.

Seedrs investors will be getting beneficial ownership in [C] Ordinary shares as part of this round.

Debt

The Company has a £250k CBILS loan from Funding Circle at 5% to be repaid over 3 years, maturing in March 2025.

The Company also has a £250K overdraft facility which is not currently required. This facility currently has a debenture but the company aims to remove this at closure of this round.

The funds raised from this investment round will not be used to repay these debts.

*Based on unaudited management accounts.

Investor Perks

Please note that any discounts, rewards and/or offers listed by a company in its campaign are subject to the terms and conditions applied by that company. It is the company’s responsibility to honour such discounts, rewards and/or offers and Seedrs does not take any responsibility for them.

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If you successfully purchase a share lot of this business, you will be granted access.

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If you successfully purchase a share lot of this business, you will be granted access.

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Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This webpage has been approved as a financial promotion by Seedrs Limited ("Seedrs"), which is authorised and regulated by the Financial Conduct Authority. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Seedrs platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Seedrs platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

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Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £29,435,656

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

Pitch type

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Equity Offered

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When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

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Seedrs nominee

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Seedrs nominee.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

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Secondary market

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Direct investment

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Payment options

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Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

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Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

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