Exclusive: Soho Street Cocktails raises fresh funds with two supermarket chains running trials
Pre-mixed drinks maker Soho Street Cocktails is raising a new round of funding through private equity firm Growthdeck, Morning Wire can reveal.
The funds raised through Growthdeck will be used for Soho Street Cocktails’ core strategy of growing sales through retailers and in bars and restaurants, as well as continuing to increase its production.
Soho Street Cocktails sells pre-mixed, bar-quality cocktail pouches to bars and restaurants.
“One of the largest UK distributors to independent bars and restaurants recently agreed to list the product to its customer base,” the company shared with Morning Wire Talks are also ongoing with two other distributors.
The firm is also in discussions with several supermarkets, with two currently testing the product.
By 2024 Soho Street Cocktails expects its pouches to be available in around 500 retail outlets and over 1,100 licensed premises.
The company is led by CEO Paul Scarratt, who co-founded the business after 27 years in the drinks industry. Scarratt previously held senior executive roles at two of UK drinks distributors Matthew Clark and Bibendum Wine.
Growing market
The global ready-to-drink cocktail market is a rapidly growing sector and is forecast to grow 12.1 per cent a year. The sector was valued at $715m in 2020 and is set to be worth $1.6 billion by 2027.
The major factor driving the growth of the market is the premiumisation of cocktails, with customers demanding high quality from ready-to-drink versions.