Sebastian Woolf
Sebastian Woolf, founder and chief executive of Woolf SungWoolf Sung

Woolf Sung, the premium wine merchant, is looking to tap investors for funding as it aims to hit £10m (€14m, $16m) in revenue. Founder and chief executive Sebastian Woolf told IBTimes UK he is focusing on private equity and banks in order to bankroll expansion and become one of the top five spirit merchants in the country.

"We're looking to raise up to £1m, so we're actively seeking outside investment. It would help fund expansion, cash flow and possibly create an online platform," Woolf said.

Founded in 2012, the company sells vintage wines and spirits, with bottles sometimes bought for tens of thousands of pounds. The firm is on course for turnover of £2.3m in 2015 but Woolf believes there is potential for fast growth.

He said: "Business is going extremely well, we've gone from making £930,000 in revenue in year one to making £2.3m this year. Our target is to make £8m to £10m in the next three to five years. The product and our relationship with suppliers, and our reputation as specialists, are big drivers of our success."

Many of the company's customers are private collectors who view premium wine as an investment. China is also helping drive sales. Woolf said: "Places like Hong Kong, Macau and mainland China have really helped drive growth. In Hong Kong and Macau, spirits are very popular, in mainland China, Bordeaux and champagne are popular.

"Tastes are changing, there is a demand for different products right from shiny and new to vintage. The scene has changed dramatically since China abolished import taxes."

He added that, depending on a wine's vintage, investing in the sector can yield returns of 8% to 10% per year.