Splash Wines ready to makes waves in the UK
Splash Wines, the US direct-to-consumer wine marketing agency, has announced it plans to expand into the UK market.
The family-run company, founded in 2014, sources wine across the world from Champagne in France to Zinfandel in California. The company carries no more than 200 wines at any one time, which it says ensures “quality and relevance of product”.
In the US, members pay an annual fee of around $60 for access and free shipping, and customers can select from curated signature 15 bottle packs or they can build their own cases from wines in the store.
A key element of the Splash model, according to the company, is “transparent pricing to the consumer” combined with guarantee that clients will never have to pay for wines that don’t meet their own high expectations.
The company now wishes to extend its proposition into the UK market, and it is currently working to raise equity via London-based Crowdcube.
Robert Imeson, Splash founder and ceo, said: “This is our first significant equity offering and we are delighted that we are able to do it in London. The Splash model is clearly gaining traction in the marketplace and we are particularly enthusiastic that our offering is now available to investors in the United Kingdom because of our plans to expand operations into the UK as early as the second half of this year. Investors that participate in this offering via Crowdcube will hopefully be among our first customers in the UK. The funds generated by this raise on Crowdcube will be utilized to add inventory and acquisition channels to ensure that we continue on our growth trajectory and become one of the leaders in this exciting and rapidly expanding category.”
Splash is expected to more than double revenues in the current year and it on track to report pre0tax profits of more than $630k, which is more than three times its 2016 earnings.