Just hours after launching its equity crowdfunding campaign on Crowdcube, Northern Monk Brewing Co. has successfully surpassed its initial funding target of £500,000 and is now nearing £800,000 thanks to nearly 1200 investors. Founded in 2013, Northern Monk Brewing Co. was notably started with just £5,000 gifted from a grandparent. The company stated it is inspired by the history and heritage of brewing in the North as well as a progressive approach to techniques and branding.
“Initially based in a parent’s cellar, selling our wares at farmers markets, we quickly attracted investment and set out to find a brewery of our own. In 2014 we launched the brewery and tap room in a Grade II listed mill building in central Leeds that reflected our Northern roots.”
The company has already achieved various milestones, including:
- Sales doubled each year for past three years
- Profitable for the last 2 years. EBITDA of £255,809 FY17
- 2 production sites. Ready for expansion.
- Sales to 22 countries
The brewery also reported:
“Over the next 2 years, we plan to triple capacity, invest in a new canning line, build on our wild beer and barrel programme and open tap rooms in London and Manchester. With a community focus at our core, we wanted to give our community the chance to join us for the rest of our journey.”
Speaking about its Crowdcube’s success, Northern Monk Brewing Co. added:
“Wow. We’re blown away. We hit our target in less than 3hrs. There are 600 of us now. We’re going to need a bigger Abbey. We are hoping to overfund to £1 million, if we get to that level, we can start thinking about opening our tap rooms. If we can raise enough, preferred option is a brewpub selling exclusively on-site in the Capital.”
Funds from the campaign will be used for continued expansion of the brewery. The funding round is set to close later this month.
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