Scotland’s richest man Anders Povlsen is financially backing a tiny Fife alcohol-free spirit brand.
Mr Povlsen is the UK’s largest private landowner and the biggest shareholder in fashion retailer ASOS.
He has a net worth of around £6 billion according to the Sunday Times Rich List.
The majority of the £1.5m investment funding round into Feragaia is being provided by Mr Povlsen.
Feragaia co-founder Jamie Wild said the investment was a “landmark” moment for the company.
“We are looking forward to driving the business to the next stage,” he said.
“It is a great opportunity to realise our ambition to break free from the expectations of what alcohol-free should look and taste like, to cut out the superficial and reconnect discerning drinkers to wild earth.”
Lise Kaae is chief executive of Heartland, the holding company representing the Povlsen family.
Wildland’s mission is to restore parts of the Scottish Highlands to their former natural splendour.
The chief executive said they are excited about the journey ahead.
Ms Kaae said: “The Feragaia team impressed us with their energy and eagerness to create a unique product within the alcohol-free alternative sector.
“We are excited about the journey ahead for Feragaia, operating in a fast-growing market.”
Alcohol-free spirit Feragaia started in 2019
The alcohol-free spirit was founded in 2019 by former Pernod Ricard employee Jamie Wild and Bill Garnock, who gave up a job with Edrington Americas.
The pair developed Feragaia over 18 months. It uses 14 land and sea botanicals including chamomile, seaweed, blackcurrant and bay leaf.
It sells for around £25 for a 500ml bottle, it can be drunk with a tonic, soda or as part of a cocktail.
They started selling the product in August 2019, targeting the best bars, hotels and restaurants in cities like London, Edinburgh and Glasgow.
Their vision was to challenge negative preconceptions around alcohol-free drinks. with a truly authentic and confident alcohol-free spirit.
Strong values around community, earth’s wild places and local sourcing sit at the heart of Feragaia’s unique distillation process.
Strong early growth and future plans
In the last two years distribution has grown to 350 off and on trade outlets across the UK.
Those outlets include Harrods, Daylesford, The Dorchester and Ocado with strong online sales building quickly during the pandemic.
Feragaia is internationally available in Canada and Australia with further markets coming online this year.
The co-founders’ plans are to accelerate growth, including developing its Fife operations, investing in the team and extending distribution.