Hill Dickinson client British Honey Company admitted to trading on the AQSE
Details
Shares in BHC, the premium British Honey and Infused Spirits brand, were admitted to trading on the Aquis Stock Exchange Growth Market (AQSE) on Monday 16 March 2020, with dealing commencing at 08:00.
The oversubscribed placing with institutional investors raised gross proceeds of £4.25 million at a placing price of 110 pence per share. The proceeds will principally be used by the company for working capital purposes, strengthening the balance sheet and funding selective acquisitions.
Jonathan Morris, partner, associate Paul Jackson and paralegal Amelia Chung of Hill Dickinson’s corporate team, advised BHC on the transaction. The flotation followed BHC’s strategic acquisition in January of The London Distillery Company (TLDC), a transaction on which Hill Dickinson also advised and one which expanded the company’s product offering and customer base ahead of its listing.
Jonathan Morris commented: ‘I am pleased to have worked with this fast growing and dynamic company on its IPO, the first on the newly renamed AQSE Growth Market. We expect BHC to have a busy year ahead and hopefully we will have the opportunity to work with them on other deals later in the year.’
BHC founder and chief executive officer Michael Williams commented: ‘We are delighted by the considerable support from our new shareholders in this fundraise which was significantly oversubscribed. This IPO represents a landmark moment for BHC and will enable the business to grow both organically and through acquisitions as we continue to build our market share in the global spirits industry.
‘I would like to thank Hill Dickinson for their support during this transaction, as they played a vital role it helping us achieve our goal.’
BHC was founded in the Oxfordshire Cotswolds in 2014 and developed its 100% pure British honey range to include a collection of award winning Keepr’s honey and infused spirits, including London Dry Gin and British Honey. The company’s range includes eight gins, four vodkas, two rums and two bourbons, with a whisky product due to launch in 2022.
For further information, visit: www.britishhoney.co.uk
