UK-based ready-to-drink (RTD) cocktail brand Tom Savano is set to complete a fundraising round at the end of this month with an aim to push its canned products.
Founded in 2018, Tom Savano launched a range of canned cocktails last November to bolster its portfolio, previously only offering a pre-mixed range of bottled serves.
After completing a fundraising round in January 2022, the brand is now set to complete a round of circa £200,000 ($254,285), taking the company’s overall funding to around £1.2m.
Founder James Kerslake said Tom Savano is aiming to reach cash profitability in the next twelve months.
“We can go north of the £1m revenue mark and get some good accounts,” he told Just Drinks at UK trade show Imbibe 2023.
“Hopefully, we might be able to start looking at VC funding and getting a bigger expansion and a bigger team. Once we’ve proved that what we have is working, that we’ve got a good base in the on-trade… I think we’ll be able to raise a better valuation, get some more money in and grow properly.”
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Kerslake said the next step for the company would be establishing itself in the on-trade while acknowledging the canned products would be available off-trade too.
“But ultimately, what we need to do to really establish ourselves as a brand is we need hundreds of smaller accounts, we need individual pubs to say, ‘I know this product, I want this product.’ So we’re really here [at Imbibe] to get lots of independent accounts,” he added.
The company’s founder said the launch of its canned beverages has helped it establish a new foundation from which he hopes it can build and grow.
“Cans have definitely helped us stay current and relevant. I think it’s a huge part of the future where the industry is going. So, I think it’s actually essential that we did go into it.”
Tom Savano’s cans are available in six variations, including Mojito, Tommy’s Margarita and Picante Margarita. The cans are available in two sizes: the signature range at 125ml, which sits at 15% abv, and the long pour range at 250ml at an abv of 8%.
Signature packs are sold at an RRP of £21 for six, while the long-pour packs start from £24.
The UK brand’s RTD cocktails are stocked nationwide at WHSmith but are also present in travel retail with partnerships with Virgin Atlantic, Eurostar and Princess Cruises, among others. Kerslake noted he sees an opportunity in the travel retail market for his brand’s pre-made cocktails.
When asked about potential moves to take the company abroad, the Tom Savano boss said it was a matter of finding the right time but the UK will remain the company’s priority for the foreseeable future.
Nevertheless, he added Australia, India and Bangladesh would be interesting markets to enter as an RTD cocktail brand.
Tom Savano, which has four staff after scaling down post-Covid, is to launch two non-alcoholic variations in the next year, Kerslake said.
“We’ve been talking to a lot of people about them. All of our current accounts are interested in taking them, so I think they will definitely sell.”