Woolf Sung seeking £1m investment

Fine wine merchant Woolf Sung is targeting private equity firms and big banks for contributions to a million-pound expansion fund, its founder has revealed.

Sebastien Woolf, Woolf Sung chief executive and founder (photo: Youtube)

Sebastian Woolf, founder and chief executive of the premium drinks merchant, has said that investment will help to rapidly expand the business as it seeks to bring in £10m of annual revenue in the next few years.

He also revealed that he wants Woolf Sung to become one of the top five spirits merchants in the UK, and the cash injection could also be used to enter the burgeoning online market.

“We’re looking to raise up to £1m, so we’re actively seeking outside investment. It would help fund expansion, cash flow and possibly create an online platform,” Woolf told the International Business Times.

Online wine sales in the UK are expected to grow to around 15% of the off-trade market over the next three years, while physical volume sales in both the on- and off-trade are expected to decline, research suggests.

Making the case for his company being ripe for investment, Woolf said, “Business is going extremely well. We’ve gone from making £930,000 in revenue in year one to making £2.3m this year. Our target is to make £8m to £10m in the next three to five years.”

Targeting Asian clients is a priority for the company, Woolf revealed, saying, “Places like Hong Kong, Macau and mainland China have really helped drive growth. In Hong Kong and Macau, spirits are very popular, in mainland China, Bordeaux and champagne are popular.”