Investors snap up £1m-worth of Lakes Distillery shares in three days

The Lakes Distillery has hit its £1m share sales target in three days.

The Cumbria-based whisky distiller launched a funding campaign via Crowdcube on Monday but has already achieved its initial seven-figure investment goal.

The Lakes Distillery had expected the fundraise to take up to 30 days. With demand being much higher than expected, the company is now on track to achieve its full objective of selling £1.75m worth of shares.

The firm said will use the funds to boost the production of whisky stock and invest in additional warehousing and distribution facilities.

Nigel Mills, one of the the Lakes Distillery’s three founders, said of the share sale: “We launched the campaign in the hope of opening up the world of whisky to a wider audience, and have been so far astounded by the support.

“The speed at which we have reached the £1m mark really proves that interest in malt whisky is on the rise, and we are delighted to welcome new shareholders to the business.”

He continued: “The £1m was always the minimum investment, as required by our agreement with Crowdcube. Overall we are hoping for £1.75m and given the demand so far, we are confident this can be reached. Small investors have until the offer closes on 30th November to consider making an investment.”

Crowdcube’s senior partnerships manager, Adam Gillett, commented: “To hit the £1m target so quickly and engage more than 1,400 investors is hugely impressive.

“This is an example of a great collaboration that highlights how to run a successful campaign that engages effectively with potential customers and investors.”

He continued: “Crowdcube is now fully focused on working closely with The Lakes Distillery team to maximise the impact of their campaign. We are delighted to see the success of this round so far, and are pleased that it adds to the £40m+ we have raised through our Northern office.”

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