DropWorks, the fledgling UK rum distiller, is to embark on a crowdfunding push.
The Nottinghamshire-based business, set up in 2023, said it wants to build “a global, premium, rum brand”.
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In a statement on the crowdfunding plans, DropWorks, which is using Crowdcube, said it is “uniquely positioned to disrupt a $20bn global category”.
The company added: “The world of premium spirits is changing fast and rum is next in line for a shake-up.”
Without providing more detailed figures, DropWorks said it had grown its sales by more than “300% year-on-year” and sells its rums in a third of the UK’s “top 50 bars”.
It said: “Rum is the last of the UK’s major spirits to premiumise – just like gin in the late 2000s, there’s huge potential to unlock value.
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By GlobalData“DropWorks has already proven traction in over300 venues and ten-plus major wholesalers with full UK coverage.
“We believe that rum is one of the world’s most exciting spirits categories, but much of what’s on the shelf is mass-produced, artificially flavoured and wrapped in tired pirate-and-palm-tree clichés – no offence.”
Potential investors can pre-register their interest on Crowdcube from “late August” and start funding from 1 September.
In an interview with Just Drinks at the BCB London trade show in June, founder Lewis Hayes had said the company was looking for more investment.
“Because I’m so passionate about this message, the louder and bigger we can be with it, the more we can put behind amplifying this message. We’re trying to lay down more stock, trying to create more quality liquid, and trying to grow the team to get the word out,” he said.
Asked what DropWorks was then forecasting for sales and profits in 2025, Hayes added: “We’re not expecting to be profitable for a while. We’re making low margins because we want to get this out to the people by establishing DropWorks as a brand that stands for quality.
“For 2025, we’re already seeing real growth and the curve is looking good. Everyone in the company is very pleased but what we’re not doing is focusing on the sales side of it. We’re focusing on establishing our brand.”
In March, DropWorks announced it had appointed former Diageo executive Graham Appleyard as its chief executive.
