Salcombe Gin seeks £250,000

English producer Salcombe Distilling Co has launched a crowdfunding campaign to raise £250,000 (US$327,045) in a bid to become the world's number-one independent luxury coastal gin brand.

The public phase of the raise launched on crowdfunding platform Republic Europe (formerly Seedrs) on 30 September, and achieved 98% of its funding target within 48 hours of launching. The campaign will run until 30 October 2024, allowing for overfunding. In 2022, Salcombe Distilling Co exceeded its crowdfunding target of £1 million (US$1.3m) within the first 24 hours of launching. The company's flagship brand, Salcombe Gin, was established in 2014 by Angus Lugsdin and Howard Davies. In its last financial year, the brand has seen 156% growth in the travel retail and duty free sectors, having targeted expansion into key airports, cruise ships and ferries, all of which the brand says has been a catalyst for its growth and increase in brand awareness. The company created the world's first two distilleries at sea onboard P&O Cruises’ ships, allowing passengers to experience tastings and live distillations. Subject to securing sufficient additional investment, Salcombe Gin plans to capitalise on significant growth opportunities, and will target the ultra-premium segment in the key global markets that have seen positive growth in the last 12 months. The brand noted that with its reputation as a British luxury coastal gin, it is also looking to secure prestigious on- and off-trade listings, and accelerate international expansion through growth in travel retail. Lugsdin commented: “Despite a decline of the UK gin market in 2023, the future for gin remains bright. Around 5.5m cases of gin are consumed annually in the UK and consumption is still 60% above the pre-boom trend in 2013, with the opportunity for sustained growth in specific segments. “UK sales are 24% higher than pre-pandemic levels and the category showed global growth of 4% in 2023 [according to IWSR]."

The brand said that its focus on the high-end segment is projected to yield 66% growth for its 2024 full year, with an ambition of achieving 70%.

Lugsdin added: “We believe that we are perfectly positioned to take advantage of the growth we have seen in global travel retail in the last 12 months, and the strong growth in export markets with export consumer increased demand for ultra-premium British gins. “We are very excited for this next phase of growth as we look to leverage our successes to date and use the investment raised, to invest further in advertising and promotion to support growing sales in key markets, including travel retail and duty free”. Fortnum & Mason partnership In addition, the Devon-based producer has announced a new collaboration with British grocer Fortnum & Mason, which it said has helped establish its position as a prestige brand. Salcombe Gin x Fortnum & Mason Moscatel Cask Aged Gin 2024 Release is a special edition new single cask-aged gin. The botanical profile was developed to compliment the hand-selected American oak cask supplied by Niepoort in Portugal that previously held its Moscatel wine. Selected by the retailer to showcase Salcombe Gin's 'unique approach' to the cask ageing process, it is available from all Fortnum & Mason stores and online.