With its equity crowdfunding campaign on Crowdcube set to close later this evening, London-based Redchurch Brewery has secured its initial £400,000 funding target thanks to more than 600 investors. This funding round comes less than one year after the brewery company secured nearly £500,000 through Crowdcube.
As previously reported, the Redchurch Brewery, which was founded in 2011, 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 brewery revealed details about its 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.”
Redchurch 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. In the latest campaign update, founder and MD at Redchurch Brewery, Gary Ward, shared his thoughts about the initiative achieving its funding target:
“I am very pleased to report that we have reached our funding target with one day remaining so I’d like to extend a huge thank you to all of our investors so far. We very much look forward to welcoming you as Redchurch shareholders as the business enters a period of growth and development underpinned by your investment. We will now begin putting into place everything necessary to enable Redchurch to make the most of the opportunities available to us as a business and to ensure that Redchurch retains and reinforces its position in the incredibly exciting and dynamic Craft Beer market place.”
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.
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