Spirits of Virtue

Idea

Introduction

Founded in 2018 by brothers Roddy and Kerr Nicoll, Spirits of Virtue makes healthier, lighter, exquisite non-alcoholic spirits for mindful drinkers worldwide. Handcrafted from the finest natural ingredients and unique highland spring water, our diverse range of premium whiskey, vodka, gin, rum and tequila alternatives are infused with innovation, creative vision and our bold sense of adventure.

A family business with a global footprint, today we produce 26 daring, delightful and adventurous flavours across seven brands. Designed to appeal to a wide demographic, all our alcohol-free spirits are low-calorie, low-sugar, vegan, gluten-free and Halal-certified.

From our manufacturing facility in Glasgow, we have sold over £3m since launching*, ship to 16 countries worldwide and manufacture a private label for a leading UK supermarket, as more people choose irresistible flavours, botanical ingredients and authentic experiences over the fleeting pleasure of alcohol.

Substantial accomplishments to date

2018: Spirits of Virtue launches – one of the first non-alc spirit companies.

2019: Begin manufacturing own label products for UK supermarket Asda

2020: Start shipping to Australia after securing listing with Dan Murphy’s.

2020: Establish our own manufacturing facility in Glasgow and assume full control over new product development, range extension and quality management.

2021: Achieved 100% revenue growth from the prior year*

2022: Secured investment from one of the largest independent distillers in the UK and revenue hit over £1m in the year to February 2022.

2023
Ship first containers to the USA.

Win over 20 industry awards, including five Great Taste Awards and two golds from the Global Low and No Masters.

Double own label SKU range with Asda and present proposal for brand listings in 2024.

Receive interest from large US retailer.

2024 so far:

Further range extension secured with Asda, increasing the range by 50%.

Won own label listing with one of the UK’s largest retailers.

Secured an agreement to list our Glen Dochus brand of non-alcoholic whisky with a major UK retailer.

Secured first order from national distributor in Japan.

* Based on unaudited management accounts

Monetisation strategy

1. Branded: The sale of SoV’s own non-alc spirits brands is our core business and long-term focus. These products are sold to retailers, distributors and importers in the UK and internationally. With seven SoV brands and 26 flavour variants, we offer customers a comprehensive range of non-alcoholic spirits from one supplier.

2. Private Label: Some of the fastest growing retailers globally are disount chains such as Aldi and Lidl. Our private label brands, exclusively owned by us, present a significant opportunity to collaborate with these retailers without devaluing our core brands. We’ve previously sold into these retailers as ‘special buys’ and we’re in active discussions regarding a permanent listing.

3. Own Label: Manufacturing products for retailers under their own brand such as ‘Asda Extra Special’ has become a key strategy since investing in our own manufacturing facility. It allows us to build strong relations as well as increase market share.

Use of proceeds

Over the next 12 months we aim to increase our revenues further. Based on this, around 90% of the funds raised will support working capital as Spirits of Virtue moves through this exciting growth phase.

Approximately 10% will allocated to capex to further improve our manufacturing facility. This will facilitate our move from SALSA accreditation to full BRC accreditation.