Manchester brewer Joseph Holt has agreed to a £25 million refinancing package with the Royal Bank of Scotland to support further growth plans in its pub estate, brewery and towards developing new products.
The historic brewer, established in 1849, owns 128 pubs throughout Manchester and the North West. With the sixth generation of the family now working in the business, it has been brewing award-winning beers and lagers at its brewery, on Empire Street, Cheetham Hill, since 1860.
Joseph Holt spent £5m on refurbishments in 2016 and the financing package will be used to acquire and open more community and food-led pubs. Already in 2017, five new pubs have been acquired. The brewer has been working with the Royal Bank of Scotland for more than 150 years.
Phil Rowan, finance director at Joseph Holt, said: “As the industry changes, we need to ensure we are in the best place to meet the needs of our diverse customer base. Our expansion plans will help us deliver our commitment to being an industry leader which is innovative, and focus on creating strong community pubs with a high-quality food offering.
“We have been working with the Royal Bank of Scotland for a very long time and value the support they have given us over the years. They have looked at our requirements over the short and medium term and structured our funding in a simple way, enabling us to plan for the future.”
