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Whitebox Cocktails

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We produce single serve, classic cocktails so that you can enjoy a world class cocktail in a few seconds.

183%
 - 
Funded 27 Jul 2023
£450,002 target
£826,995 from 576 investors
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Business overview

Location Aberdeen, United Kingdom
Social media
Website www.whiteboxcocktails.com
Sectors Food & Beverage Mixed Digital/Non-Digital Mixed B2B/B2C
Company number SC693603
Incorporation date 26 Mar 2021
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Investment summary

Type Equity
Valuation (pre-money) £7M
Equity offered 10.56%
Tax relief

EIS

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Business highlights

  • Revenue run rate of £1.1 m based on last 6 months trading*
  • 400% sales growth in 6 months of trading in the U.S.
  • Grown from 60 to over 700 UK independent outlets within 2022.
  • "Best Overall Canned Cocktail" 2 years in a row - The Independent
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Key features

  • Secondary Market
  • Nominee investment min. £25.60 +
  • Direct investment min. £20,000.00 +

Idea

Introduction

Why should you seek out the best cocktails in the world’s top bars, but have to settle for bad replicas at home? We believe that anyone should have access to the world of high quality cocktails.

At Whitebox we open up the world of cocktails beyond the world's top bars to enable anyone to enjoy an exceptional cocktail without being a skilled bartender. We do all of the hard work so that you can effortlessly enjoy the full experience of a classic cocktail, anytime, anywhere.

Based on the ethos that ready-to serve cocktails can be truly excellent, we have utilised decades of collective experience in the industry and the knowledge gained from running the world's top cocktail bars to set up a bespoke production facility to produce our single serve, classic cocktails.

Substantial accomplishments to date

• First full year trading revenue c£792 k on par with BrewDog and ahead of Fevertree at similar times in their journey*

• Current run rate of £1.1 m based on last 6 months trading(Dec 22-May 23)*

• Grown sales in the US by 400% in 6 months

• Now stocked in over 700 independent UK outlets in first full years trading

• Started exporting to 5 international markets

• First full container order going to the US this summer with 69,000 cocktails

• Multiple awards won in 2022 including a Masters Medal for our Old Fashioned and Negroni along with two IWSC Gold Medals

* Based on unaudited management accounts

Monetisation strategy

In 2022, we grew UK distribution from 60 to over 700 independent outlets, launching in key accounts such as Selfridges as well as leading independent retailers including Shop Cuvée, Clapton Craft and Yield. We secured a distribution partner in the US, achieving 400% sales growth in the first 6 months of trading. The brand has also started exporting to Denmark, Netherlands, France and Ireland.

Over the next 12 months, we will focus on growing the number of UK stockists while developing our export markets with a particular focus on the US.

We will increase the number of cocktails in our range to appeal to a wider audience and these will include several of the most popular cocktails such as the mojito and espresso martini.

Use of proceeds

The key uses of funds are :

• Expand production : with sales growing, we need to expand production and invest in a new canning line to increase capacity to 20,000 cans per day.

• Grow Product Range : expand our range of cocktails to include the espresso Martini and Mojito.

• Improve branding and packaging : develop gifting options while improving packaging and branding on all existing platforms

• Invest in inventory : In order to scale up, we need to invest into inventory which will allow us to quickly produce the larger export orders that we're recieving.

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.

Key Information

Founder Disclosure

Ben Irvani, Josh Rennie, and Andrew Porter are all co-founders, directors and shareholders in the Langstane Liquor Company, a spirits producer. There is a full time manager who runs the day to day operations of the company. Ben Irvani and Josh Rennie are involved in quarterly board meetings but also provide support to the manager of Langstane Liquor Company on a weekly basis which can vary between 0-5 hours work per week. Andrew Porter has no weekly involvement in the running of the company, only attending quarterly board meetings as an advisor. Christopher Masters is also a shareholder in the Langstane Liquor Company.

Ben Irvani is the owner of Monkey Bars Aberdeen Limited, which owns and operates two cocktail bars. He is not involved at all in the day to day operations of this business.

Outstanding Debt

The company has two outstanding debts.

1. A Director’s loan with £91,200.91 outstanding, with 8% interest p/a. This is being repaid in monthly instalments, with the final payment due in July 2024. The lender has a bond and floating charge over the company until this loan is repaid.

2. A Shopify Capital financing agreement with £36,480.00 to be repaid. 17% of Shopify purchases will be deducted directly by Shopify Capital, until such time as the debt is repaid.

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

Investment Disclosure

£150,000 of the direct investment reflected into this campaign was received by the company between the 16/12/22 and 19/01/23.

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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

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 Whitebox Cocktails has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 9 June 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 £7,001,915

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

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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

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

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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

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

Security Token

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