The Icap founder has teamed up with BI Fine Wine & Spirits to acquire a 25% stake in the London gin brand.
BI and Michael Spencer have together acquired a 25% stake in Westmorland Spirits, the owner of the award-winning premium gin brand, Gilpin’s.
Spencer, who is group CEO of NEX Group and also chairman of BI, acquired his stake through IPGL, his private investment group.
The investment will provide Westmorland Spirits with further funds for its sales and marketing activity and the development of new products for the premium spirits market.
Westmorland will also utilise BI’s global distribution centre in London to accelerate Gilpin’s sales and exports as well gaining contacts with potential distributors in other geographic markets.
Spencer said: "I am really impressed by the business Matthew [Gilpin] has built, the quality of the product and his entrepreneurial approach.
“I was therefore delighted to be able to invest alongside BI, to give the business the financial backing it needs to continue growing and further expand its level of exports. I am convinced Gilpin's will keep going from strength to strength."
Matthew Gilpin, director of Westmorland Spirits Ltd and the creator of Gilpin’s Gin, added: "This partnership opens up several doors for us in the UK, marketing to wine and spirits connoisseurs as well as the high-end on trade.
“BI Wines & Spirits already sell the finest wines to the best hotels and bars and we are delighted to join that stable. Furthermore, BI’s significant Asia presence will bring our products to a market brimming with interest and potential.
“This transaction and investment by BI and Michael Spencer also opens up the door to expansion of our product range and international marketing efforts as we seek to make Gilpin's even more of an export success story.”
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