Blavod is looking to invest the money raised in its brands

Blavod is looking to invest the money raised in its brands

Blavod Wines and Spirits is set to up its marketing spend after raising GBP571,300 (US$924,134) from a share placing. 

The London-headquartered group said today (24 October) that it has conditionally raised the money from the placing of 57.13m ordinary shares at GBP0.01 per share. The funds have come from existing shareholders and some new investors, the company said. 

Don Goulding, the group's executive chairman said: “The money we have raised will be put to work swiftly, but prudently, and help the roll-out of brands like RedLeg (a spiced rum) and the recently relaunched Blackwoods gin, both of which have been very successful despite a modest marketing budget.” 

Blavod acquired Blackwoods, along with the vodkas Jago's and Diva, in May this year