Alternative investor Whiskey & Wealth Club targets €24m in revenue
Alternative investment company Whiskey & Wealth Club has targeted €24m in revenue within the coming years.
The London-based business offers investors the chance to buy into cask Irish whiskey and scotch at cheaper prices than directly from distillers themselves.
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The company bulk buys casks from distillers at a reduced cost before offering them to investors.
In its opening seven months, the company has recorded €5m in sales through its offers with West Cork Distillers and Drogheda-based Boann Distillery.
Co-founder Jay Bradley said that the business operated much like any other wholesale model.
"Our whole company works off of in-bound leads, with people coming to us first," he said.
"As a result we're investing in our staffing too. We currently have 12 sales staff but we'll expand that to 16 with an eye on opening up into the scotch market too."
Bradley also said the company will aim to sell around 120 pallets of Irish whiskey a month, which should bring in monthly revenue of around €2m.
"We're in this for the long haul and we see a huge future in the Irish whiskey market. I don't think people realise how big the sector is going to get," Bradley said.
The co-founder also intends on launching his own whiskey brand in early 2020.
Whiskey distillers often hold their own cask programmes that offer investors the chance to back the brand at an early stage. The programmes are used to fund the capital intensive business of producing whiskey, which takes at least three years. The Powerscourt Distillery, which operates under the Fercullen brand, was the latest company to offer such a programme in Ireland.
Sunday Indo Business