Fri, 04 Nov 2022 | ADMINISTRATION
An upmarket soft drinks supplier has fallen into administration and a buyer is now being sought for the business. No1 Botanicals, which trades as Rosemary Water Ltd., has seen considerable growth since it was founded in 2017, but fell into financial difficulties as a result of the disruption facing the hospitality sector.
Clare Lloyd and Henry Shinners of Evelyn Partners were appointed as joint administrators of No1 Botanicals on October 25 and are now marketing the business and its assets, including intellectual property, for sale, with the hope of securing a rescue deal for the company.
Evelyn Partners said in a statement: “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. Any interested party should contact our office for further information.”
The company was founded by David Spencer-Percival in London in 2017. In 2019, the company raised £1.2 million from 568 investors via a crowdfunding campaign on Crowdcube, which valued the business at over £25 million.
This crowdfunding campaign served as a “top-up” investment on an initial £4 million fundraise also completed in 2019 with existing investors. The firm’s rapid growth saw it attract notable shareholders, including British actor Henry Cavill, who starred in a marketing campaign for the business, and Take That singer Howard Donald.
In its accounts for the year ending December 31 2020, the company’s fixed assets were valued at £52,390 and current assets at £1.5 million, while its net assets amounted to £346,603.
No1 Botanicals produces a range of sparkling waters blended with herbs including ginger, rosemary and ashwagandha. The firm’s drinks are free from sugar, sweeteners and preservatives and come in fully recyclable packaging.
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