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Manchester-based rum producer Rockstar Spirits obtained a £25,000 (US$35,400) funding on hit BBC programme Dragons’ Den to assist increase into new markets.
Rockstar Spirits founder Tom Hurst pitched his rum enterprise on Dragons’ Den
Tom Hurst, founding father of Rockstar Spirits, appeared on BBC One present Dragons’ Den, broadcast within the UK yesterday night (10 June).
Hurst requested the ‘dragons’ – Deborah Meaden, Theo Paphitis, Touker Suleyman, Tej Lalvani and Sarah Davies – for £25,000 in alternate for a 2% fairness stake in his rum enterprise.
Launched in November 2018, Rockstar Spirits gives seven flavoured rums, together with the overproof Grenade vary and the Two Swallows model. The rums are made with spirit from the Diamond Distillery in Guyana.
Rockstar Spirits’ merchandise can be found in UK supermarket Sainsbury’s and Majestic Wine.
In August 2020, Rockstar Spirits secured a five-figure loan from GC Enterprise Finance to assist develop new merchandise and meet rising demand from retailers
Up to now, the corporate has bought 14,500 instances, equal to 18,000 bottles, Hurst stated.
Within the firm’s first 12 months, it reached £66,000 (US$93,000) turnover and broke even on web gross sales, Hurst advised the potential buyers. Shifting into 12 months 4, it should hit £1.4 million (US$2m), Hurst stated.
By its sixth 12 months, Hurst stated the corporate will attain £2.5m (US$3.5m) web revenue.
The entrepreneur obtained 4 gives, with Paphitis providing £50,000 (US$70,000) in alternate for a ten% stake.
Finally Hurst accepted trend retail mogul Suleyman and Vitabiotics CEO Lalvani’s joint supply to present £25,000 in alternate for a 4% stake every.
Hurst advised The Spirits Enterprise: “My foremost objective was that they want the merchandise so as soon as all of them stated they liked them I actually relaxed, after which when the gives began flying in, I used to be on cloud 9.”
Hurst stated the funds will assist the corporate launch into Australia subsequent week, adopted by France. It can additionally enable the corporate to create new merchandise, together with its first transfer out of the rum class.
Final month, entrepreneurs Thomas Aske and Tristan Stephenson secured a £75,000 (US$105,000) investment on Dragons’ Den for his or her whisky pouch subscription membership.