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Blavod Wines & Spirits share placing raises £571,300

Published:  24 October, 2013

Blackwood's gin owner Blavod Wines & Spirits has raised £571,300 for marketing and brand launches, following a share placing.

The company, which also owns the Blavod Black vodka and RedLeg rum brands, placed 57.13 million new ordinary shares at 1p each.

Funds raised from the placing will be applied to general working capital and the development and marketing of existing drinks brands together with the relaunch of "certain other owned brands", according to the company.

Don Goulding, executive chairman of the company, said: "We are delighted to have received support for this placing from our existing larger shareholders and a number of new investors.

"The money we have raised will be put to work swiftly, but prudently, and help the roll-out of brands like RedLeg and the recently relaunched Blackwood's gin, both of which have been very successful despite a modest marketing budget."