Case Study
Whitebox Cocktails turned bottled-up capital into a global export engine with Fero
Whitebox Cocktails joined Fero in August 2024 with the problem every fast-growing drinks business hits: cash tied up in stock, a manual back office, and export opportunities it lacked the working capital to chase. Two years on, it has traded through Fero every month since, grown monthly trade sales more than tenfold, quadrupled its buyer network and opened funded export channels into Canada and the US.
10x Growth
in average monthly sales revenue
4x Buyer
expansion of Whitebox's active buyer network
300+ Products
on the platform, 330% growth since joining
US & Canada
routes to market unlocked within 8 weeks
The Solution
Stock funded, orders shipped, markets opened.
Fero gave Whitebox the funding, trading infrastructure and logistics to turn each constraint into a revenue opportunity: stock funded the day it is procured, institutional-scale orders taken on with confidence, and a new market opened in weeks rather than quarters.
The journey wouldn't have been possible so far without Fero. There's not a partner out there that works in the same way that would allow us to have grown as fast as we have."
What Whitebox runs on.
Whitebox uses Fero modules and the market support around them,
each removing a different constraint.
Funding
A facility that advances against bulk liquid stock the day it is procured, so working capital never sits idle waiting on the next sale.
Trading
One platform for institutional-scale orders, with invoicing, funding and payment tracking handled automatically at the buyer's volume.
Supply Chain
Logistics for bulk liquid procurement and US export orders, run by Fero so Whitebox's team can win the next account, not chase shipments.
Events & Market Support
Fero has backed Whitebox's presence at ProWein and BCB London, building the relationships and introductions behind its export growth.
"We blend everything ourselves in Edinburgh, which means buying bulk spirit from distilleries all over the world months before a single can leaves the line. You're always paying for the next batch before the last one has sold. Fero is what keeps that cycle moving."
Josh Rennie
Co-Founder, Whitebox Cocktails
"The LCBO is a serious buyer and it runs to its own rules. Bilingual cans, listing windows, a hundred small ways to trip up. None of that is the hard part, though. The hard part is funding stock for orders you can't predict."
Ben Iravani
Co-Founder, Whitebox Cocktails
"Every US state behaves like its own country. Registrations, label approvals, price posting, all of it before you've sold a single bottle. Having Fero handle that side meant we could launch the market properly rather than stay at arm's length from it."
Alex Lawrence
Co-Founder, Whitebox Cocktails
The Results
What two years looks like.
Whitebox has traded through Fero every month since August 2024. That's 26 months without a gap.
In the last 6 of those months, average monthly trade sales revenue ran more than ten times higher than in its first 6 on the platform. Volume grew fourfold. Average order value more than tripled, so buyers are buying more each time, not just more often.
The buyer network grew at the same rate. Whitebox started with roughly two active buyers a month. It now trades with close to ten. The catalogue kept pace, from around 70 products at onboarding to more than 300 today, with new ones added every month since July 2025.
Behind that: 292 completed deals, a funded LCBO channel since March 2025, and a US channel that went from first order to fully funded in 8 weeks. Whitebox is on track for its strongest year yet.
10x Growth
in average monthly sales revenue
4x Buyer
expansion of Whitebox's active buyer network
300+ Products
on the platform, 330% growth since joining
US & Canada
routes to market unlocked within 8 weeks
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