Redchurch Brewery has returned to crowdfunding platform Crowdcube to raise £400,000 for further expansion. The offer of 7.41% equity values the company at £5m.
The brewery has until May 28 to meet a £400,000 target with the money going towards additional fermentation vessels, improvements to the packaging system, maximising warehouse space and adding to its fleet of vehicles.
The quarter ending December 31, 2016, saw an increase in sales of 27% over the previous quarter, with revenues growing each quarter in this current calendar year. Revenue for March 2017 set a new record and this is forecast to rise to more than £150,000 a month by June.
In its crowdfunding pitch, the brewery says: “Now in our sixth year of brewing, we have grown from humble origins in a railway arch in Bethnal Green to become a renowned craft brewery selling beer nationally into Marks and Spencer, Waitrose, a range of bars, restaurants, and retail customers as well as exporting our beers around the world
“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.”
