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NICE

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NICE is a future wine company. We exist to reinvent an industry obsessed with the past.

152%
 - 
Funded 12 Apr 2023
£750,044 target
£1,146,759 from 347 investors
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Business overview

Location London, United Kingdom
Social media
Website www.nice-drinks.co.uk
Sectors Food & Beverage Mixed Digital/Non-Digital Mixed B2B/B2C
Company number 11281620
Incorporation date 28 Mar 2018
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Investment summary

Type Equity
Valuation (pre-money) £17.8M
Equity offered 6.06%
Share price £55.13
Tax relief

EIS

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Business highlights

  • One can sold every 5 seconds*
  • 144% Growth Year on Year**
  • £3.9m Revenue in 2022**
  • #1 Still Canned Wine brand in the UK and fastest growing***
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Key features

  • Secondary Market
  • Nominee investment min. £55.13 +
  • Direct investment min. £25,000.00 +
  • Idea
  • Key Information
  • Investor Perks
  • Team
  • Updates
  • Investors 347
  • Discussion
  • Documents

Idea

Introduction

As a future wine company, NICE exists to make wine less intimidating and more approachable. We put consumers and occasion at the heart of everything we do, and we have fun doing it.

Angel investors which include Grace Beverley (Founder of TALA & Shreddy), Cassandra Stavrou MBE & Ryan Kohn (co-founders of PROPER), Jasper Cuppaidge (Founder of Camden Town Brewery), Shilen Patel (Co-founder of Distill Ventures), Simon Champion (CEO Boxpark), Steven Higginson (Former CEO Compleat Food Group).


The business was launched in 2019 by Co-founders Lucy Busk and Jeremy May, with a combined 20 years of experience in building food and beverage brands (Cuckoo, PROPER, Vita Coco).

We source unpretentious wines from around the World and share them in a range of packaging formats that best suit the occasion. We have cans for when you’re on the go, in the park or just want one, we have boxed wine for having on tap at home (for up to 6 weeks from opening) and most recently draught wine (on tap) so consumers can order a wine they’ve heard of in their local pub or bar.

We’re a female forward business; female founded, 80% female team, 40% female owned and we are on a mission to encourage more female investors to get involved with NICE.

Substantial accomplishments to date

We have built up a huge breadth of distribution across multiple channels:

Off Trade:

• NICE cans are available nationwide in Sainsbury’s in over 800 stores, where we have grown rate of sale 65% year on year; 49% of consumers are incremental (new to the wine category), and 50% of revenue comes from loyal customers who have purchased 12 or more times.

• Ocado stocks all of the NICE cans and bag in box wine, with our sales rate growing by over 300% year on year.

• We have strong distribution in travel retail in WH Smith, Whistlestop & Urban Express nationwide.

On Trade:

• 40 On Trade wholesalers across the country.

• 185 festivals in 2022, including Isle of Wight, Lost Village & Mighty Hoopla.

• 40 sports stadiums including The Etihad & The Principality.

• Quick serve restaurant chains including Wagamama, ITSU & Clean Kitchen.

Travel:

• In 2021 NICE launched onto Virgin Atlantic as the exclusive wine partner for all routes globally (economy and premium), a long term agreement until at least the end of 2025. We are also present on train lines in the UK.

eCommerce:

• NICE has a prominent direct to consumer business through our own website and Amazon, which delivers NICE to our engaged online consumer base.

Big Budget Energy:

• This is the skill of making small budgets look huge, and we live by it. Whether it’s our high energy, high impact flash mob activations or our above the line media campaigns, we’re always “leading and not following” - another of our core values.

Monetisation strategy

In 2022 NICE achieved a turnover of £3.9m, against a budget of £3.8m. This represented a 144% increase year on year compared to 2021 turnover of £1.6m against a budget of £1m**.

The breakdown of turnover by channel for 2022 was as follows:

Off Trade: 25.9%

On Trade: 40.3%

Travel: 26.8%

eCommerce: 7.0%

We expect to continue on a similar channel split as that mentioned above in 2023.

*calculated on August '22 sales data.
**based on unaudited management accounts.
***based on Neilsen Data YTD Nov '22.

Use of proceeds

We intend to use the investment funds to fuel growth in four main areas, as follows.

Wine on Tap:

• Our wine on tap is already available in 25 venues around the UK and we have ambitions far greater than this. We will be investing ahead of the curve in wine on tap to ensure we capitalise on our early mover advantage.

Product Innovation:

• Watch this space for our pipeline of highly disruptive and market leading liquid innovations (not to mention top secret) new ways to wine. We will also continue to launch new packaging formats in response changing consumer behaviours.

Team Growth:

• In 2023 we are looking to make some high profile additions to the team to help fuel the next phase of growth for NICE.

International Expansion:

• We now have the perfect case study for wine market disruption to start exploring new markets outside the UK. We plan for our approach to International Expansion to be a combination of highly targeted strategic market entry, combined with smaller “low hanging fruit” distribution markets.

Key Information

Share Price:

The Company has agreed a share price of £55.1272 with offline investors participating in the round.

As the share price in the campaign needs to be to two decimal places, Seedrs investors will be investing at a £55.13 share price.

Valuation:

The pre-money valuation for this campaign has been calculated on a fully diluted basis, including existing rights to equity that may convert and dilute investors in the future. In this case, the valuation on the campaign reflects (i) issued shares (ii) options.

Please note that the pre-money valuation of the business when taking into account only issued share capital, is £16,000,820.94.

Material Debt:

The company has the following loans and credit facilities:

1. £25k Virgin Start Up loan at an interest rate of 6% per annum. The Loan is held by the two co-Founders and is lent to the Company as two Director's Loans on the same commercial terms. The Loan is to be repaid by 2025.

2. £50k bounce back loan from Natwest at an interest rate of 2.5% per annum. The loan is paid back in monthly instalments with the final repayment in May 2026. The outstanding balance currently stands at £33,040.80.

3. £200k loan from an individual with 9% interest rate per annum. The loan is to be repaid by December 2023, although the Company intends to negotiate an extension to the loan with this individual.

4. £500k revolving credit facility from Growth Lending. The rate of interest will be such that the Annual Effective Rate will never exceed 14.99%. For each month of the facility, the Borrower shall have a minimum interest amount due of 30% of the Facility Limit, or £1,562.50 per month. The loan was entered into in December 2021 and is to be repaid by December 2024. The current balance of this facility stands at £150,000.

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

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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Only shareholders can access this page

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

Buy shares

Only shareholders can access this page

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

Buy shares

Share on:

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 campaign for NICE has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 3 March 2023 as a financial promotion. Republic Europe is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. In approving this campaign, Republic Europe has concluded that the information, taken as a whole, is "fair, clear and not misleading." This means that for factual statements we have reviewed evidence of their accuracy, and that for aspirational statements we believe they are phrased appropriately in light of their speculative nature. You should note that in the case of factual statements, the evidence we review is provided by the business, and we do not audit it, which means that we may not be able to identify forged or altered evidence. You should further note that in the case of aspirational statements, the nature of the type of businesses presented on the Republic Europe platform is such that they are likely to have high ambitions, and we may approve statements that convey those ambitions even where we do not believe, or we do not have a view on whether it is likely, that they will be fully realised. The pre-money valuation and investment sought in the campaign are those set by the business: they are not reviewed or established by us, and the valuation is not an independent view of what the business is worth. Given the nature and type of businesses presented on the Republic Europe platform, it is possible that the business has very little cash remaining prior to receiving this investment, and the investment sought may be necessary for the business's on-going existence.

Republic Europe does not make investment recommendations to you. No communications from Republic Europe, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Republic Europe does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Republic Europe, you should consult a professional adviser.

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 £17,778,708

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.

The investee business is responsible for setting its own valuation, it has not been prescribed by Seedrs.

Pitch type

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

Learn more about pitch type on Seedrs

Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

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).

Learn more about investing and pre-emption rights.

Nominee investment

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

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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.

Learn more about Custodian here

Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Nominee investment). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

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Payment options

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

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.

Learn more here

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

This campaign offers the ability to pay for an investment by drawdowns.

Security Token

A security token is a digital asset that represents ownership or other rights. It is a digital form of traditional investments. In the future, you may be able to trade your investment through compatible exchanges.

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