THE
JUGGLING KING Rum Co. Limited
“Rum...[has] seen plenty of innovation, as well as solid performance from bigger brands, and is tapping into consumer demand for discovery, new flavour profiles and products with heritage and an interesting brand story to tell.� CGA’s director of client services, Jonny Jones.
CONTENTS
1
The Concept
2
The Brand
4
Production
5
Distribution
7
The Distillery
11
The Team
13
A Market Exploration
16
Initial Target Customers
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Important Notice
THE CONCEPT We believe that rum is set to be the next artisan spirit, as brands such as Diageo and Pernod Ricard set aside large budgets with an ambition to consolidate the white, dark, spiced and overproof rums of the high-end market. Not to be left behind, Fevertree has developed a cola designed to complement rum. Also, spotting the resurgence of rum soft drinks giant Coca-Cola has recently launched its own signature mixers range specifically for the dark spirit market. This potent combination of new rums and accompanying mixers is creating the perfect storm for the explosive growth of rum set to rival the well-publicised rise of gin in recent years. Ready to make its mark, The Juggling King, is the first seed-to-bottle rum in the Channel Islands and indeed the UK. The brand encompasses Guernsey’s extensive yet little known history of importation, smuggling, pirate trade, privateering, not to mention the consumption of all things rum. Its provenance is derived from the seventeenth and eighteenth centuries where Guernsey was one of the three main ports of the global rum trade alongside South American Guyana and Jamaica. We feel that Guernsey with its rich agricultural history and classification as a ‘Crown Dependency’ provides the necessary pillars for The Juggling King to construct and deliver a world-class rum product and brand.
THE HISTORY The Juggling King Rum Company Limited will produce rum in Guernsey. The Bailiwick of Guernsey is comprised of four islands; Guernsey, Alderney, Herm and Sark. It is also one of two Crown Dependencies in the Channel Islands, the other being the Bailiwick of Jersey. Situated 10 to 30 miles off the North-West of France, the Channel Islands are not part of the United Kingdom. They are dependent territories of the British Crown, as a successor to the Dukes of Normandy. The Bailiwick of Guernsey has the monarch’s personal representative in the Lieutenant Governor, who since the mid-eighteenth century has acted as the channel of communication between the Sovereign and the Channel Island’s government. A Crown Dependency has its own legislative assembly as well as their own administrative, fiscal and legal systems. They have wide powers of self-government, although primary legislation passed by the assemblies requires approval by the Queen in Council (Privy Council). In the Channel Islands, the monarch is known as the Duke of Normandy. The Channel Islands were part of the Duchy of Normandy when Duke William, following his conquest of England in 1066 became William I. In 1106, William’s youngest son Henry I seized the Duchy of Normandy from his brother Robert. Since that time, the English and subsequently British sovereign has held the title of Duke of Normandy. By 1205, England had lost most of its French lands, including Normandy. However, the Channel Islands, part of the lost Duchy remained a self-governing possession of the English crown. Guernsey has an allegiance to the monarch in their role as Duke of Normandy.
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THE BRAND The Juggling King is a premium rum brand that breaks boundaries with its unique heritage, pioneering research and development and distillation process encompassing a superior and original flavour. The sugarcane, grown from seed, is managed from harvest to juicing and all the way through the distillation and fermentation process, delivering a finished superior product.
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CHARACTER OF THE BRAND Mischievous by nature, The Juggling King pays homage to the Crown and its unique historical connections to Guernsey, as well as its dealings with the Crown dependencies which exist to this day. The moniker also harks back to the various perceived ‘kings’ of smuggling and trade who ‘juggled’ many aspects of their lives and the law in order to hold their position and rank in the various active trading ports around the world. The Juggling King evokes a feeling of regal integrity through its branding. It highlights the ‘seed-to-bottle’ nature of the product, demonstrating how no corners have been cut in the production of these fine rums. In terms of the consumer’s perception of the brand, we all know a ‘Juggling King’, they’re the person ‘spinning plates’ to make the world go around and make it look easy.
PRODUCTION Production and scalability thereof are areas of absolute focus for the business given the forecast growth potential. The initial product will be a white rum using imported molasses and will be aimed at the broader rum market; those who drink across the spectrum from straight up with ice to combining with various mixers and then also rum cocktails. White rum will be the initial volume product to drive cash-flow as it can be produced very quickly. As with all the products in the range, the aim is to replace the imported ingredients with our own Guernsey-grown sugarcane. The focus will then move towards the second product, a dark rum; also, quick to make, as it utilises a lot of the same practices of white rum production, but appeals to a very different marketplace. Production capabilities have been designed and implemented so that scaling up is achievable using the same processes through larger equipment. The design of the distillery equipment is such that larger versions harness the same processes, potentially in more space at the extremities, to produce more rum. All of the rums in the range will be scaled in this way. The patented glass designs produce highly efficient production not seen by steel and copper distilleries. Our in-house laboratory ensures consistency and quality as we scale production. The production process incorporates all facets of the rum, namely; water, molasses and our unique and patented binding agent – yeast, which will be preserved for disaster recovery in banks at the NCYC under cryogenically frozen conditions. Our third product will be a Sorghum rum, made from a unique plant and a relative of sugarcane. The product will allow us to showcase our abilities and sets us apart from the ‘blends and trends’ of the existing rum market. Our fourth product will be a golden overproof rum, tapping into a market not properly explored in many years, particularly in shots and stronger longer drinks. At product five we will look to start the ageing process on a one, three and five-year basis with product six potentially entering the fast-growing non-alcoholic drink market. All products will be available in 50cl, 70cl and much larger still bottles targeting the nightclubs and ski resort market, utilising the support of Fevertree and Coca-Cola in a way vodka brands did with Red Bull. Each product in the range will be coloured (in a similar way to Johnnie Walker) so as to avoid any international language barriers on ordering; especially in a crowded and loud bar!
DISTRIBUTION Sustainable distribution is equally as critical as production. Initially, a list of 84 outlets will be targeted in the Channel Islands including but not limited to wholesalers, retailers, airlines, ferry companies, hotels, restaurants and bars. These outlets will act as a good base for expansion further afield. Once this distribution network has been established, the export markets of London, Paris, Nice, Monaco, The Alps, Vienna and Barcelona will be targeted harnessing the company’s connections there. The focus in all areas will be on sustainable distribution, built to take scale supported by the necessary marketing and product support. A gradual but steady rollout of each of the products is key. All duty and customs arrangements, freight dynamics and pricing will be worked out meticulously and processed through advanced technological software to ensure the accuracy of forecasts and processes per jurisdiction. Thus, ensuring that each bottle complies with the laws and regulation of the market into which it has been sold. Global Ambassadors will also be engaged to propel distribution as required.
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THE DISTILLERY 34, MILL STREET Set in Guernsey’s historic Old Quarter, an area once frequented by smugglers, pirates, privateers and most recently Victor Hugo, our Mill Street premises are equipped like no other distillery. The facility boasts a laboratory space in which the entire production process can be run on a pilot-scale initially and simply escalated to enable large scale production. Emulating the conditions of a volume production operation, processes can be researched and developed rapidly to provide scale. A bespoke pilot fermentation array along with plant culture capabilities and a range of microbiological services are accommodated within the space. Our facility is a uniquely capable tool with the capacity to craft superior rum. Amply equipped to power The Juggling King’s Guernsey operation throughout its first stage of growth it is, and is designed to remain, the heart of the operation; a space devoted to the contents of each bottle. Rum is produced by the fermentation of sugarcane derivatives commonly molasses. The conditions under which this process occurs substantially affect the flavour and aroma of the finished product. 34, Mill Street is equipped with the isolation and propagation of yeast cultures with which to conduct the fermentation, the investigation of relevant process conditions and distillations. Unparalleled, the cultivation of our own yeast intrinsically differentiates the brand. Once a product has been developed and put into production, the laboratory has the capacity to carry out quality control tasks detecting contamination, monitoring sensory characteristics as well as conformance to the highest trading standards. Set in a historic location in central St Peter Port, it is hoped that 34, Mill Street will become a focal point to be revered by the customers and is a truly unique asset to the company.
SUGARCANE Most sugarcane cultivation occurs in regions of a tropical or subtropical climate. On Guernsey (located 49 degrees north) sugarcane has demonstrated viability yearround, though falls short of the productivity seen in the regions to which it is better suited, physiologically. To address this, The Juggling King is leveraging the substantial acreage of commercial glasshouses currently available on the island. We have begun the preparation of potential sites including the creation of an artificial climate with the judicious use of heating and lighting, to provide conditions which the cane is physiologically better suited. Meanwhile, several commercial cultivators, selected for their productivity, have been successfully propagated in preparation for the completion of the first site. It is the aim to produce a rum from this first crop using the sugarcane juice. Our first crop of cane has grown (known as Sorghum) and is being processed to be integrated into our product. This task sees the creation of the first commercial seedto-bottle rum distilled in the UK, marking a large milestone in the development of The Juggling King Rum Company.
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THE TEAM
JACK GERVAISE-BRAZIER FOUNDER & MANAGING DIRECTOR Jack Gervaise-Brazier founded The Juggling King in Guernsey and London in 2018. Jack was formerly in the finance business initially as a stockbroker and subsequently buying into an asset management business. Latterly Jack Chaired a Trust Company whilst setting up and subsequently selling a London based recruitment firm. In 2012 he co-founded Guernsey’s White Rock Brewery (the island’s first brewery since 1929), which specialised in ale before expanding into the spirit market with the launch of its award-winning Unit 6 Gin. Jack sold out of The White Rock Brewery in 2017. Following extensive research The Juggling King was born out of an ambition to create Guernsey’s first homegrown rum, capitalising on the growing appreciation of the spirit.
ROBERT SHEPHERD DIRECTOR Robert joined Mourant Ozannes in 1999 from Clifford Chance, becoming a Partner in 2003 and serving as Managing Partner from 2005 to 2013, when he was appointed as Senior Partner. He has extensive experience in corporate and fiduciary matters, including regulatory investigations. Robert has been involved in some of the leading cases concerning trusts, fraud and disclosure orders. Most recently he has developed an expertise in fund litigation. Robert is in demand as an adviser to HNW private clients and family offices, holding a number of such appointments as director and trustee.
JAMIE MOYES DIRECTOR Jamie is a Loughborough University graduate in Economics and Politics, beginning his 25-year financial career as a graduate trainee at Merrill Lynch. Having held positions in three investment banks, Jamie was instrumental in the set-up of independent investment bank Liberum Capital. He has since founded the world’s first prenatal and early life insurance company, Future Family. Jamie’s connections with Guernsey go back over 15 years having worked with Jack in various financial services capacities previously.
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DAVID HITCHCOCK OBE INVESTOR DIRECTOR David Hitchcock is a Cambridge University graduate who served in Northern Ireland as a Captain in the 6th Queen Elizabeth’s Own Gurkha Rifles. David brings substantial financial experience to the Board having held senior positions at Goldman Sachs, JP Morgan and more recently Grant Thornton. David also has extensive engineering knowledge through his many associations with small and medium-sized UK based engineering companies many of who he represents as a Board Director. David is also a Trustee of The Gurkha Welfare Trust.
MATT LANE MASTER DISTILLER & HEAD OF RESEARCH & DEVELOPMENT Matt joined The Juggling King following a highly successful career as Technical Brewer & Distiller at Guernsey’s White Rock Brewery, where the ales and spirits he developed have won multiple awards. Matt is a graduate in Biology from Bath Spa University where he wrote an original piece of research on microbiological population dynamics in beverage production. He went on to study Brewing Microbiology at The Siebel Institute of Technology where he studied beverage fermentation focused on quality control and assurance. Matt’s focus, via extensive Research & Development, is to deliver a sustainable yet pioneering approach to The Juggling King’s product range. Matt is intent on producing a series of world-class rums with an unparalleled distillation and fermentation process, harnessing the abilities of our in house cultured and patented yeast.
A Market Exploration: Opportunity for a New Rum Brand Prepared by independent research house Research Connections Matt Ovington – Former Global Research Director, William Grant & Sons Dale Milliken - Current Global Lead on Whisky & Gin, Pernod Ricard
While gin continues to show growth and the successful innovation of pink gin looks to be sustaining this momentum, growth in premium rum and whisky is also driving overall spirits consumption. Premium+ spirits have become more and more of a trend, with sales having grown in double digits since the end of 2017 and over two in five (43%) consumers now choosing high-quality drinks. Moreover, the average monthly on-trade spend of this younger audience (primarily 18-34 year-olds) is much higher, at £104.82, than that of standard spirit consumers (£78.16), making them a highly lucrative target. (Source: CGA: Going Premium) Audience research indicates that this premiumisation trend is born from new drinking attitudes and behaviours, where the younger audience is “drinking less alcohol but of a better quality” (Source: IWSR). A detailed analysis of this Gen Z and younger Millennial audience reveals their motivations are rooted in health concerns and the fear of drunken behaviour being caught on camera and uploaded to social media. Focusing a brand strategy around how to connect with and speak to this audience will be effective in catching the next up and coming trend as opposed to appeasing traditional drinking behaviour. John Georges, master distiller for Angostura notes “overall, for 2018, we foresee increasing consumer interest in experimenting with, and learning about, the rum category.” How the rum market sits and how it has trended in the last 12 months
The overall rum category has been in gradual growth for the last 20 years, primarily driven by the standard and, much more of late, premium plus segments while value continues to decline. With premium segments offering a higher value return, the Wine and Spirit Trade Association (WSTA) report that UK rum sales reached £991m between Jan and Sept of 2017 and surpassed the expected growth of £1 billion in 2018 after almost 35 million bottles were sold. Within sub-category, sales of golden rum and dark rum are up by 10.9% and 8.6% respectively between 2017 and 2018, and now have a combined 7.2% share of the spirits market.
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Volume Change by Quality 2013-2018, '000s 9L Cases
As was predicted in 2018, Rum’s ability to tap into exploration demand spaces, much in the same way gin achieved, underpins much of this continued growth and further optimism. What learning’s can be taken from the gin boom,how it reflects the emerging rum market and what we can learn from its positive growth model The craft movement came about by way of a new consumer approach to the world. Millennials were out to re-discover the old fashioned and personalise it – furniture, male grooming, artisan coffee and gin, to name a few. Gin achieved success in this space due to a few key factors; Versatility – as a base spirit, it gave rise to a wide range of flavours that resulted in consumers being offered a very personal choice. Mixability – intertwined with the resurgence of high-end bars and cocktail drinking, gin featured more heavily than ever before in on-trade menus. Speed of production – with gin taking only a matter of days to produce, its ability to keep atop of consumer demand and to innovate at speed has been key to maintaining interest and growth. It’s no wonder that experts are now anticipating the ‘rum boom’ given its similarities to gin – notably its versatility and mixability. The speed of production will, however, be more of a challenge so expect to see less variety and, therein, less personalisation within the category. A brand image and personality that intrinsically taps into the consumer’s personal reasons for purchase will last the test of time. Emerging trends, fact and figures of growth in the UK market or export potential We’ve talked about the age profile of the new consumer but it’s worth noting that current rum drinkers actually skew younger than gin drinkers (Source: GlobalWebIndex). One particular strength rum has in its arsenal to effectively target this younger, new-age drinker is its current, rogue category image. This is an audience of people who don’t believe what they hear (from the news, authority figures, brands etc) and are out to develop opinions from their own first-hand experience. IWSR also notes that high-end serve options, most notably sipping rum and premium cocktails, is an area of growth within the premium space. Positively, targeting this ‘explorer audience’ won’t require mass comms due to their selfmotivation to discover new brands, but being available at the right occasions and served in the right ways will be highly effective. If a new rum brand “had a convincing plan to become synonymous with a cocktail or to popularise a unique serve, it becomes a more interesting proposition”, Richard Miller (Owner of the Purple Bear bar chain). Notably, Coca-Cola’s recent mixer innovations are expected to fill many back bar fridges (with supporting comms) and empower a broader mixing opportunity that plays into the hands of the rum serve (IWSR).
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Another continued focus is the appeal of provenance, as consumers look for premium cues to differentiate and then validate a more expensive selection. Meaning that where brands come from and the resultant story around this will become much more important (Source: Spiros Malandrakis, Chief Alcohol Market Analyst at The Spirits Business).z
Where the opportunity sits for brand development in the next 5 years There certainly looks to be space in the Rum sector and there’s no doubt it’s at the more premium end of the spectrum. Moreover, those brands that are performing well in this space are typically golden rums but there is also noise within the industry about spiced rum’s potential to become a prominent player in this territory, by way of its greater footprint with the younger audience and suitability to cocktails. The primary focus for brand development will be in constructing a brand image that speaks to this new wave of consumer. Self-motivated to seek out their brands, having an image that emotionally connects with this audience will be the most efficient tool in cutting through. Consider the use of an iconic figure that embodies their attitude toward life. Much in the way Jack Daniel’s, Captain Morgan’s and Diplomatico (and Sailor Jerry are soon to do with Norman Collins) have done. Developing out the backstory to ‘The Juggling King’ could be a key to success. Communicating this new image need not rely on expensive comms but more through word of mouth, influencers and availability. This audience don’t believe what they’re told by brands, marketing, news etc so focus efforts in encouraging people to share their experience on social media channels. Consider also, as a second stage, the use of paid influencers who can offer a great return while still coming across as ‘earned media’. Focusing also on a distinctive serve/method of drinking to pair with the brand, such as a unique cocktail or being drunk as a “sipping rum”. This will tap into the upcoming trend, drive fame while also helping on-trade stock listing discussions.
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INITIAL TARGET CUSTOMERS Event Organisers: - Aperitif – Cocktail makers and event organisers Wholesalers: - Bucktrout & Company - RW Randalls - AC Gallie - Randalls Jersey Supermarkets: - CO-OP (Guernsey & Jersey) - Sandpiper Group - Waitrose - Forest Stores - Food Stop – Sark Hotels: - Les Douvres Hotel - Old Government House Hotel & Spa - Saints Bay Hotel - Chene Hotel - Le Friquet Hotel - The Captains Hotel - The Barbarie Hotel - Ziggurat Hotel - The Farmhouse Hotel - Fermain Valley Hotel - The Piette Hotel - La Bella Luce - La Grande Mare - St Pierre Park Hotel - The Grange Lodge Hotel - Rocquettes Hotel - Duke of Richmond Hotel - The Cobo Bay Hotel
- Fleur du Jardin - Hotel Jerbourg - La Fregate Hotel - The Peninsula Hotel - Hotel Hougue du Pommier - Stocks Hotel – Sark Pubs And Restaurants: - Fat Rascal - Octopus - Nineteen Bar & Grill - Pier 17 - The Cornerstone - The Crown Club - The Golden Lion - The Hook - The Lion’s Den - The Terrace Garden Café - Vistas Beach Café - The Guernsey Yacht Club - Coco - The Rock Garden Restaurant - Buho Restaurant - Le Gouffre - The Driftwood Inn - The Wayside Cheer - The Royal Guernsey Golf Club - Roc Salt - China Red - The Beach Café - Cabris - Mint Brasserie - Red - Rosso
- Tinto - Da Nellos - Taste of India - The Dog House - Le Petit Bistro & Café - The Swan - Christies - Gusto - Mora - Crabby Jack’s - La Laterna - La Perla - La Piazza - Mojito - Le Nautique - Oatlands Courtyard Brasserie - Old Quarter Restaurant - The Boathouse Restaurant - The Pickled Pig - Villa - The Mermaid Tavern - Herm Airlines: - Aurigny - Blue Islands Ferry Company: - Condor Ferries
The Juggling King Rum Company was formed on the 11th July 2018. A UK listed company number 11458974. The Guernsey 100% owned subsidiary was formed in October 2018. Our Partners Accountants
Lawyers
Bankers (UK)
Bankers (Guernsey)
Insurers
BDO
DMH Stallard
RBS
HSBC
Sydney Charles
Our Addresses: The Juggling King Rum Company Limited Guernsey
Production, Distribution & Operations 34 Mill Street, St Peter Port, Guernsey, GY1 1HW
London
Sales & Marketing Blackwell House, Guildhall Yard, London, EC2V 5AE
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IMPORTANT NOTICE You must read the following disclaimer before continuing. This disclaimer applies to the document preceding this page. You are advised to read this disclaimer carefully before reading or making any other use of the document. By receiving this document you agree to be bound by the terms and conditions set out in this disclaimer, including any modifications to them from time to time. This document is being issued by The Juggling King Rum Company Limited to a limited number of parties in connection with the possible issue of shares by The Juggling King Rum Company Limited (Company). The purpose of this document is to assist the recipient in deciding whether he/it wishes to proceed with a further investigation of the issue of shares by the Company, and in determining the terms for such transaction. This document does not constitute an offer or invitation for the sale or purchase of securities or any of the businesses or assets described in it. 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