Private equity investment firm Growthdeck has closed a GBP570k fundraise for Soho Street Cocktails, the ready-made premium cocktail maker.
Private equity investment firm Growthdeck has closed a GBP570k fundraise for Soho Street Cocktails, the ready-made premium cocktail maker.
Soho Street Cocktails sells pre-mixed, bar-quality cocktail pouches, allowing bars and restaurants to reduce service time, improve serve consistency and make industry leading margins.
The funds raised through Growthdeck will fund Soho Street Cocktails’ core strategy of growing sales in bars and restaurants and through retailers. It will be used to increase its production.
One of the largest UK distributors to independent bars and restaurants, and a network of independent on-trade wholesalers, have recently agreed to list the product to their customers.
Soho Street Cocktails is also in discussion with several major supermarkets. By 2024 Soho Street Cocktails expects its pouches to be available in more than 500 retail outlets and over 1,100 licensed premises.
Although the company has only recently started to roll out its products, it has already sold them to leading restaurants, pub and bar groups, and independent retailers, with a 100 per cent success rate in sales following a demonstration of the product.
The company is led by CEO Paul Scarratt, who co-founded the business after 27 years in the drinks industry. Previously, Scarratt held senior executive roles at two of the UK’s most successful drinks distributors, Matthew Clark and Bibendum Wine.
The global ready-to-drink cocktail market is a rapidly growing market and is forecast to grow 12.1 per cent a year. The sector was valued at USD715 million in 2020 and is set to be worth USD1.6 billion by 2027. The significant factor driving this market growth is the premiumisation of cocktails, with customers demanding high quality from ready-to-drink versions.
Steve Talbot, Investment Director at Growthdeck, says: “We’re thrilled to support Soho Street Cocktails and their innovative products which can make a genuine impact on margins for bars and restaurants as the industry bounces back.”
“Soho Street’s cocktails are as good as freshly-made versions and help to cut serve time significantly. As pubs and bars reach capacity, these products can help the industry increase its margins and improve the customers’ experience. We are looking forward to joining Paul and the team on their exciting journey.”
