Ex-Sainsbury’s boss joins one-year-old drinks business

Former Sainsbury’s chief executive Justin King has joined the board of a drinks group founded last year, making a “significant investment” in the company.

Served Drinks, which is co-owned by singer Ellie Goulding, is the latest entrant to a “hard seltzer” market predicted to reach sales of £600 million by 2025.

Founder Dean Ginsberg told The Times that his brand was aimed at the premium end of the market.

READ MORESainsbury’s sales growth grinds to a halt

It is currently sold in Selfridges and Harvey Nichols, though bringing King onboard may suggest a shift towards mainstream supermarkets.

The company has raised a total of £1.7 million from two funding rounds, the second of which valued the company at £13.6 million.

Served Drinks is Kings’ second major investment since April, when he gave a six-figure sum to delivery startup Snappy Shopper as part of a Series A funding round.

The platform planned to raise £12 million overall.

FinanceSupermarkets

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