EAST PROVIDENCE, R.I. — Anchor & Hope, the company that created affordable canned and kegged wines, is going out of business.
Founders Marissa Stashenko and James Davids filed for bankruptcy on May 23. They told The Boston Globe they faced a “myriad of challenges” that began “almost immediately” after they launched their company, which was just before the pandemic. They faced a shipping and supply chain crisis, increased insurance costs, rising interest rates, inflation, and a beverage industry in the middle of a tough financial climate.
“We were navigating the pandemic as a brand-new business built to service restaurants that were all forced to shut down,” said Stashenko in an exclusive interview with the Globe.
Despite the market’s conditions, the pair found some success. Anchor & Hope quickly became popular for its efforts to source grapes from sustainable vineyards around the world, shipping them to their leased space in an old manufacturing warehouse in East Providence to make the wine. Their branded cans and bottles were also seemingly everywhere: restaurants, bars, events, pop-ups, and liquor stores.
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And then came the promise of a tasting room.
In 2022, the couple began fund-raising for a tasting room they planned to locate directly next door to their production room. They raised $250,000 on Mainvest, with a lot of the money coming from friends and family.
But, after two years of construction and $400,000 — including the couple’s life savings — there still wasn’t enough money. They spoke to private equity firms and investors from all over. Every time they thought they would secure capital, someone would back out, said Stashenko. Mainvest shut down, and investors won’t get their money back.
At the same time, they were trying to avoid increasing the price of their wine, even though the cost of shipping, equipment, and insurance was doubling and tripling, said Davids.
“It’s one thing to fail. It’s another thing to go to your closest friends and family and say we tried everything to make our dream work, but that you failed,” said Davids.
But it’s not all a sad story.
The pair will soon become the new stewards of Sakonnet Vineyard in Little Compton. The property will still be owned by Carolyn Rafaelian, who founded jewelry giant Alex and Ani and is now running Metal Alchemist and &Livy, where everything is made right in Rhode Island again. Stashenko and Davids will launch new wines, revive the property’s culinary legacy by reopening the cafe that once had legends like Jacques Pepin and Julia Child cook there, and implement sustainable, minimal intervention farming and winemaking practices.
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“Sakonnet Vineyard is a treasured piece of Rhode Island’s farm coast, and for more than a decade, I have cared for and preserved the land while sharing it with local farmers,” said Rafaelian.
Planted in 1975, Sakonnet is the oldest vineyard in the region and previously played a significant role in the area’s wine industry. And Stashenko and Davids want the vineyard to play a pivotal role in Little Compton again.
“The vineyard has been a little sleepy for the last few years,” said Stashenko. “But the land has an incredible opportunity to be awoken again as an important part of the Farm Coast.”
This story first appeared in The Food Club, a free weekly email newsletter about Rhode Island food and dining. Already a member of the club? Check your inbox for more news, recipes, and features in the latest newsletter. Not a member yet? If you’d like to receive it via e-mail each Thursday, you can sign up here.
Alexa Gagosz can be reached at alexa.gagosz@globe.com. Follow her @alexagagosz and on Instagram @AlexaGagosz.