Blackfish Brands Limited, trading as Soho Street Cocktails, (“the Company” or “BBL”) uses the finest quality ingredients, including real fruits and no artificial flavours or colourings, to produce high quality pre-mixed cocktails, that taste tests show to be as good as freshly mixed cocktails but with a significantly reduced serving time.
Bars and restaurants make high margins from the sale of cocktails but the serving time of several minutes per cocktail causes either a backlog of bar orders or the need for additional staff. In contrast, Soho Street Cocktails’ (“SSC”) drinks are poured directly into a cocktail shaker with ice and, after 8–10 seconds shaking, are ready to be served. This gives the bar or restaurant a high margin drink with no loss of serving time. Competitive offerings are typically either quick to serve but with an artificial and over sweet taste, or have high quality taste but with very slow serving time.
The Company has, after demonstration, achieved 100% success rate in gaining orders from bars and restaurants. All subsequently reordered. This, however, has led to problems. Lack of product in stock, or the finance to run additional production runs, has meant turning down larger orders from distributors and festivals.
The current range comprises three ready mixed cocktails: Espresso Martini, Pornstar Martini and Raspberry Daiquiri, with Pina Colada and Cosmopolitan due to launch this summer. These constitute the vast majority of cocktails sold. Each cocktail is sold in a 1.5 litre pouch with a tap. Unopened, the product will last for at least 12 months; when opened, for at least 6 weeks. Smaller 750ml pouches are planned for the retail market.
The strong management team are led by Paul Scarratt as CEO. Paul has 27 years’ experience in the drinks industry including with Matthew Clark and Bibendum and has sold to all segments of the industry including on-trade, retailers and major grocery stores. Whilst at Bibendum, Paul was responsible for the delivery of a joint venture between Bibendum and 3663 targeted at the drinks opportunity from the 16,000 licensed 3663 customers. He led all aspects of the business, building to £13m revenue from start-up in 3 years. The experience ignited Paul’s aspiration to create a business himself.
The Company has an agreement with one of the leading suppliers to the independent on-trade in the UK. It is also targeting direct-to-consumer and large retailers, with the product submitted for sampling and testing with a number of major retailers including Waitrose, Sainsbury and Costco. Again, discussions with Costco are on hold as in the absence of funding the Company would be unable to fulfil the required orders.
The Company is seeking £540,000 investment for which Growthdeck has agreed an equity share of 26%, representing a pre-money valuation of c.£1.54m.
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