Innis & Gunn surpassed its equity crowdfunding target by £1.5 million, raising a total of £2.5 million when its Crowdcube-powered AdventureCapital campaign closed last night.
AdventureCapital aimed to raise £1 million in equity, with Innis & Gunn selling 2% of its share capital. The brewer launched the campaign to the public on Tuesday, November 1, after a 24-hour exclusive access period for its BeerBond holders. Strong demand from investors saw the £500,000 mark surpassed in under 48 hours and the target of £1 million reached in under 72 hours.
With the initial target met, the campaign moved into overfunding for the rest of November, which meant Innis & Gunn accepted further investment in exchange for releasing additional equity. At the close of the campaign, the brewery has sold 4.79% of its share capital to 2012 investors.
The additional funds will enable Innis & Gunn to accelerate its growth plans and open a Beer Kitchen in England in 2017, a full year ahead of schedule. The Beer Kitchen brand is Innis & Gunn’s award winning bar and restaurant concept serving a wide range of craft beer alongside a specially curated menu, creatively developed for food and beer pairings.
Innis & Gunn currently operates three Beer Kitchens Edinburgh, Dundee and St Andrews, and plans on opening a further three in Scotland over the next 12 months, in addition to a site in Toronto, Canada.
Innis & Gunn intends to double its turnover to £25m over the next three years and the capital raised from the investors will be used to accelerate Innis & Gunn’s immediate growth priorities that include:
- Opening an additional four Beer Kitchens in the next 12 months, including locations in England and Canada.
- Expanding beer production at the recently acquired Inveralmond Brewery in Perth, Scotland, now to be named The Innis & Gunn Brewery. Production volume is forecast to triple in the next two years to 30,000hl.
- Installing a barrel ageing hall and new filtration technology that will expand the development of new flavours and innovative brewing processes.
Innis & Gunn founder, Dougal Gunn Sharp (pictured), said: “Raising £2.5 million is an amazing achievement and is testament to the belief the public has in our potential to affect and change the future of beer in the UK and abroad.
“We’ve worked tremendously hard over the last 13 years to brew great-tasting, award-winning beer, and this campaign has given us the opportunity to do even more. I’m most looking forward to our next annual general meeting where I can meet many of these investors in person.
“This is not only an exciting chapter for Innis & Gunn, I believe this is clear proof that the public desire beer that stands out from the masses, beer that is flavoursome and beer brewed with passion. We’re looking forward to working closely with our AdventureCapital community to keep innovating, keep experimenting, and keep brewing brilliant beer.”
