Spirit levels could rise if rum duo succeed in investment drive

Friday 15 March 2024

The founders of a rum brand that has helped put Jersey on the world spirits map are seeking investment to take their product to the next level.

Since launching Tidal Rum in 2019, Harry Coulthard and Ben Clyde-Smith have grown the brand to the extent that annual sales are projected to increase by 200% to 100,000 bottles in 2024 – and to double again in 2025.

The spirit is a blend of aged Caribbean rums, infused with the rare seaweed Pepper Dulse, harvested around the Jersey coastline, and the ambition behind the brand has prompted its founders to seek further funds.

Due to launch later this month, the fundraising exercise seeks to replicate a previous successful drive for investment in 2021, which drew in approximately £270,000 from backers and raised the valuation of the brand to an estimated £4.76 million.

Mr Coulthard, who met his Jersey-born business partner while the duo were students at Manchester University, said the business was now valued at £5.5m, with the aim to raise a further £500,000 through online start-up investment platform Seedrs.

Attracting new investment would allow the venture to make the most of current market conditions, he added.

"Rum is growing as a category and we should be well-placed for this," he said.

"The intention is to make sure that we have the production and distribution capabilities to allow the brand to expand."

Tidal Rum is stocked by several island retailers as well as in a growing number of bars and restaurants, and has attracted a following in coastal areas of England such as Cornwall and Brighton, as well as in London.

As part of the online "prospectus" being used to attract investors, the founders outline the brand's popularity with both male and female consumers, its versatility as a base for cocktails or as a sipping rum, and the potential to expand further into European markets, notably France, Germany and Greece.

In addition to Tidal Rum, the business – which trades as Shorts Boy Distillery – set up a unique venture in partnership with P&O Cruises last year.

This involves the manufacture of the spiced rum Golden Tide, made with Bajan rum and flavoured with six botanicals, in a still on board P&O's cruise ship Arvia.

Pictured top: Tidal Rum founders Harry Coulthard and Ben Clyde-Smith. (Alun Callender Photography)