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Whitby Distillery

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Crafting history and making waves on North Yorkshire's coast.

318%
 - 
Funded 12 Jun 2024
£200,009 target
£638,554 from 666 investors
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Business overview

Location Whitby, United Kingdom
Social media
Website www.whitbydistillery.com
Sectors Food & Beverage Non-Digital Mixed B2B/B2C
Company number 10989129
Incorporation date 29 Sep 2017
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Investment summary

Type Equity
Valuation (pre-money) £9.5M
Equity offered 6.30%
Tax relief

EIS

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Business highlights

  • £1.15M Gross Sales in 2024 with £243k EBITDA*
  • Maintained robust 35.72% annual sales growth rate
  • UK's highest-rated distillery on Trustpilot
  • 1% for the Planet: Coastal conservation & RNLI
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Key features

  • Secondary Market
  • Nominee investment min. £28.44 +
  • Direct investment min. £50,000.00 +

Pitch

About the Campaign

Where craftsmanship meets coastal passion.

Founded in a utility room in 2017, Whitby Distillery has grown to become a multi-award winning brand with gross sales of £1.15M in YE Feb 2024*. We’ve been profitable since launch achieving a CAGR of 35.95% so far, and we’re only just getting started.

We’ve recently secured a 100 year lease on the site for a new distillery in the shadow of Whitby Abbey, and are now raising funds to accelerate our growth at this pivotal time for the business.

Join us on our mission to honour our coastal heritage and ignite change, all whilst creating exceptional spirits.

Market Opportunity

The UK gin market is set to grow by over 45% to £2.34B by 2028. With premium offerings driving this surge, we stand out with our multi-award-winning products.

With 8.7M tourism visits to North York Moors National Park per year, our future site next to Whitby Abbey is strategically positioned for growth.

Consumers are increasingly seeking brands aligned with their values, prioritising environmental consciousness. Our mission resonates perfectly, appealing to the eco-conscious consumer.

Traction & Key Accomplishment

• Achieved £1.15M Gross sales in year ending Feb 2024*.

• Listed in over 200 independent retailers across the UK.

• Produced over 250,000 bottles with in-house manufacturing and distribution.

• Maintained a strong 35.72% CAGR (Compound Annual Growth Rate).

• Strong online presence and successful web store driving D2C revenue.

• Skilled and flexible team across working across all operations.

• Quick return on cash - Manufacture to Payment received within 45-day cycle.

• Average online order value of £56, reflecting customer engagement and loyalty.

• £20,000 donated to charities, demonstrating social responsibility.

*Based on unaudited management accounts.

Team

Luke Pentith - Co-Founder - Extensive experience within FMCG Operations including Head of Continuous Improvement at Kraft-Heinz.

Jessica Slater - Co-Founder - Previously Corporate Business Planning Manager at General Medical Council.

Business Model

Trade: Over 50% of sales through a growing network of 200+ independent retailers,

D2C (Direct-to-Consumer): 40% of sales through online, retail, tours and events with <7-day sale-to-payment cycle, maximising cash flow.

Tours: We already successfully run Distillery Tours from our Botany Way site, and the completion of the new distillery represents a significant potential to increase this revenue stream. With the new site we aim to target 30,000+ visitors annually by 2028, leveraging experiential marketing to elevate the brand.

By controlling operations and diversifying revenue, we mitigate risks and capitalise on market opportunities.

Use of Funds

Raising funds to fuel Whitby Distillery's growth, with this investment we intend to drive sales growth, expand market reach, and capture a greater share of the premium spirits market.

- Production expansion

- Marketing: enhance visitor experiences

- Working Capital to fuel our continuous business growth

- Operational efficiency projects

- Team development: Investing in internal capabilities

- Prepare markets for export expansion

- Packaging development: New eco gift/ transit packaging

Key Information

Material Debt:

The Company has the following outstanding debt and overdraft facilities :

1. £600,000 RLS loan from Virgin Money at an interest rate of 2.99% above Bank of England base rate. The loan was entered into in June 2022 and is to be repaid by June 2028. The current amount outstanding is £441,666.73. The loan has a charge over company assets.

2. £600,000 Virgin Development overdraft facility at an interest rate of 3.5% above Bank of England base rate. The facility is yet to be used.

3. Hitachi Asset Finance Loan of £50,000 at an interest rate of £997. The loan is repaid in monthly installments of £997 and currently has £13,935.43 outstanding.

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 and listed above. 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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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

Only shareholders can access this page

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

Buy shares

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 Whitby Distillery has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 1 May 2024 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 £9,480,000

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

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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).

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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.

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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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