Just a little over a year after securing nearly £500,000 through its first Crowdcube campaign, London-based Redchurch Brewery has made its return to the equity crowdfunding platform to raise £400,000.
Since its establishment six years ago, the Redchurch Brewery has grown from a single archway brewery in Bethnal Green to two arches and acquired a 30-barrel brew house located in Harlow. The brewery revealed that since its launch, it has sold nationally in Marks and Spencer, Waitrose, numerous bars, restaurants, and other retail locations. The Redchurch Brewery’s crew stated they have undergone some growth since its previous Crowdcube campaign:
“In January 2016 we completed a Crowdcube round raising £500k, well above our initial target of £200k. We undertook a big expansion project by acquiring 13,500 sq ft of industrial premises in Harlow, Essex to house a new 30 barrel brew house, a fully automated bottling and labelling line and keg filling line and undertaking a re-branding exercise. We are now returning to Crowdcube to raise further investment to enable us to accelerate our ambitious plans and satisfy demand that we’ve seen grow beyond our expectations.”
The Redchurch Brewery also noted that revenue for March 2017 set a new record and its revenue is predicted to be over £150,000 a month by June 2017. It was also noted that the company forecasted sales of £2.1 million to June 17 in its previous Crowdcube round. Funds from Redchurch Brewery’s latest Crowdcube initiative will go towards the following:
Add additional fermentation vessels to increase our production capacity to more than 1.3 million liters annually- Create a packaging line to improve speed and efficiency.
- Employ more brewers, delivery drivers, and expand our currently stretched sales and logistics team.
- Transform warehouse space by adding a racking system thereby maximizing the available space.
- Add to the brewery’s fleet of delivery vehicles.
Since its launch, the Redchurch Brewery’s new campaign has secured more than £50,000 from over 70 investors. It is set to close at the end of May.
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