Sapling Spirits seeking investment for US expansion, eyeing Florida and New York markets

UK vodka firm Sapling Spirits is seeking £5-7m from investors for a possible US expansion. The company, founded in 2018, has already raised £4m and is eyeing a February 2022 launch. Potential production partners and suppliers have been identified, with discussions ongoing with US distribution giant Southern Glazer’s.

Sapling Spirits is considering targeting Florida and New York in the US market. The company also plans to focus on the Netherlands and Italy as key overseas markets. Co-founder Faulkner believes proving success in these markets will pave the way for expansion into other European countries.

Sales target for Sapling Spirits in 2021 is 24,000 nine-litre cases, translating to around £4.5m in revenue. The company has secured contracts with retailers like Waitrose and online grocer Ocado. Plans are underway to expand to Sainsbury’s and other UK pub groups for further growth and market penetration.

Read more at Yahoo Finance: Sapling Spirits seek US investors to fund Stateside entry