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The acquisition of Union in February is proving to be transformational for the Group with the integration process having already been largely completed and according to plan. The strategy of the enlarged Group is to develop a multi-category brand portfolio across a number of geographies through both organic and acquisitive growth. This will be driven by increased marketing, new product development and significantly increased e-commerce revenue, thereby expanding its combined range of established premium spirits brands, developing new brands and products and further penetrating existing UK and overseas markets. BHC has implemented its software and it is expecting to complete the transition onto the BHC software by the end of April.
Notwithstanding the anticipated continued easing of lockdown restrictions, the combined Order Book at 31 March 2021 stood at £4 million. Further investment in production and warehousing capacity totaling £500k, is being made, including a new bottling line which is expected to be operational before the year end. This line will increase capacity to c. 4m bottles p.a. A new 5cl bottling line is also being installed which will allow the production of 10,000 miniatures per hour. The Company has already received its first order for 5cl miniatures and production is expected to begin in June.
The COVID pandemic has impacted on BHC's ability to operate in its two key overseas target markets, the United States and China, due to travel restrictions and a consequential inability to carry out adequate due diligence. However, the Company has received its first order from China for the majority of its Brand Portfolio (Keepr's, Dodd's, 1606, English Heritage, London Distillery Company) and this will ship in May. The Group's Chinese partners have opened the first Keepr's bar this month which will exclusively sell the Company's products. BHC will continue to explore opportunities within these markets. The Company is pursuing other M&A opportunities in the UK, which remains a key focus in an area ripe for consolidation, by leveraging the Company's well invested platform.
Finally, the Company has adopted and intends to fully comply with the Quoted Companies Alliance Corporate Governance Code. To this end, BHC will publish a Corporate Governance Statement on its website shortly, fully addressing all disclosure requirements.
Nice to see this little British company doing well domestically and abroad. I'm posting here to help fly the flag!