Upmarket soft drinks supplier No1 Botanicals has fallen into administration following the Covid-driven collapse of out-of-home consumption.
The extreme disruption faced by the global hospitality sector caused “financial difficulties” that saw Clare Lloyd and Henry Shinners of Evelyn Partners appointed joint administrators of the company on 25 October.
The administrators are currently marketing the business, trading as Rosemary Water Ltd, and assets (including intellectual property) for sale, with the intention of rescuing the brand.
“The brand and products have benefited from very significant investment over the past three to four years and we expect that there will be much interest from parties who see an opportunity to build on that,” Evelyn Partners said.
“Any interested party should contact our office for further information.”
The London brand launched in 2017 and boasted Hollywood star Henry Cavill, who starred in a marketing campaign, and Take That’s Howard Donald among its shareholders, as it increased its distribution across Europe and the US.
The brand also raised £1.2m from 569 investors via a 2019 Crowdcube crowdfunding campaign, valuing the business at more than £25m.
The crowdfunding round was ‘top-up’ investment on a £4m fundraise with existing investors also completed in 2019.
The company, founded by David Spencer-Percival, appointed grocery veteran Sally Taylor as CEO in August 2020 to lead its Covid recovery, but she departed in November last year.
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