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Food & Drink
UK - South
Date Rated:
Valuation (Pre Money):
Industry: Food & Drink
Location: UK - South
Platform: Crowdcube
£750,000 Expansion
Valuation: £10,744,986
Date Rated: 15/11/17



Tax Status: EIS

Business Summary

The Oxford Artisan Distillery ('TOAD') is a recently opened distillery based in Oxford, offering craft-distilled spirits such as vodka, gin (flavoured through a partnership with Oxford Botanical Gardens) and, soon, rye whisky. They also offer tours of the distillery and are proving to be a popular attraction in the city. These funds will be used to improve the tour experience with a restaurant, to refurbish the facilities and to fund the expansion of the business.

Financial Overview

Date (y/e) Mar-17 Apr-17 to Oct-17 Mar-18 Mar-19 Mar-20
Sales Mar-17£0,365 Apr-17 to Oct-17£134,165 Mar-18£394,345 Mar-19£1,807,469 Mar-20£4,113,597
Gross Profit Mar-17£0,365 Apr-17 to Oct-17£31,377 Mar-18£93,899 Mar-19£1,027,831 Mar-20£2,246,029
GP as % sales Mar-17100% Apr-17 to Oct-1723% Mar-1824% Mar-1957% Mar-2055%
Overheads Mar-17£289,271 Apr-17 to Oct-17£217,669 Mar-18£443,741 Mar-19£586,181 Mar-20£877,504
Operating Profit Mar-17-£306,583 Apr-17 to Oct-17-£196,604 Mar-18-£370,466 Mar-19£328,534 Mar-20£1,217,736
OP as % sales Mar-17-83995% Apr-17 to Oct-17-147% Mar-18-94% Mar-1918% Mar-2030%
Closing Cash Mar-17£90,496 Apr-17 to Oct-17£19,071 Mar-18£453,782 Mar-19£763,341 £1,962,102

Note: This financial information has been sourced from the \"financial snapshot\" provided by the company on 09/11/2017 or from public sources. Cash positions post Mar-17 are based on EBITDA projections. Financial data is NOT verified by Wheatfromchaff Ltd.
The team covers all the key roles and key personnel have proven themselves through either awards or long-held senior positions at major companies. By this stage we would expect to see an FD/CFO.
The team is very experienced, with entrepreneurial histories and experience of similar businesses going through this stage of development. They further benefit from a team of advisors.
Some members appear to have other ongoing commitments, but all have been working together on TOAD since its early days.
The market for spirits is large and certain segments such as craft and gin have been performing very well in recent years. By producing multiple lines TOAD caters to a range of tastes.
Despite only having been trading for a few months TOAD already receives very good reviews, both for its products and as a tourist attraction. It is expanding its outlets and product lines.
Liquor is a very competitive business, with craft distilling going through a growth phase akin to that seen in brewing. The partnership with Oxford Botanical Gardens and University will help.
TOAD's projections appear reasonable and progress towards the current year's target is good. Marketing spend appears low, but trade sales will be the route to volume in the long run.
TOAD's Phase 2 plans will require significant upfront expenditure, but even the minimum amount of funding this round should be enough to see the company through with ample headroom.
Investors will benefit from rights equal to those held by earlier shareholders, and returns in the mid-term will come from dividends. An exit isn't planned until at least 2025.


With good reviews and significant sales figures only months after commencing trade TOAD is off to a great start. Investors may find the marketing budget to be a touch low, but a significant portion of revenue should come from the Sales function and negotiation with trade outlets and distributors, so we believe the projections to be achievable in principle.

While investors should benefit from dividends paid from 2020 onwards, the preclusion of an exit event until at least 2025 may put some off. The current valuation is undoubtedly very high and can barely be justified on projected 2019 performance, let alone this year, which is no doubt why the company is looking at the longer than usual exit horizon, which will give revenues and assets some time to increase, potentially bringing exit multiples into more reasonable territory.

Investors will need to be patient and hope for strong execution to avoid further fundraising and justify the high price tag.

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The Ratings we publish have been approved and issued at Financial Promotions in the United Kingdom by Wheatfromchaff in the United Kingdom who is Authorised and Regulated by the Financial Conduct Authority FRN: 751017. Wheatfromchaff Limited registered office is Kilver Court, Kilver Street, Shepton Mallet, Somerset, BA4 5NF and telephone number +44 (0) 1749 347 577. Telephone calls may be recorded. VAT No: 214 0196 49

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