Northern Monk has closed its equity crowdfunding campaign, having smashed its initial £1m target.
The Leeds-based brewer and pub operator has raised just shy of £2m (£1.96m) from nearly 2,000 investors, parting with 4.7% of the equity in its business.
The funds will be used to open a Northern Monk venue in London, upgrade the brewery’s original production site and taproom in Leeds, drive a commitment to reach net zero by 2030 and grow the brewer’s 114-strong workforce.
“We were blown away and truly humbled by the response to our crowdfunding and the love and support we received from our community,” said Northern Monk founder Russell Bisset. “This is the start of a next chapter of Northern Monk. Nearly 2,000 people joined the rising, and we’re really excited about our future with our new and expanded community by our side, as we look at take on the goliaths of our industry.”
The successful raise is the second time Northern Monk has turned to crowdfunding to charge its growth ambitions, having raised £1.5m in 2018.
Northern Monk grew off-trade sales by 11.7% to £12.7m last year [NIQ 52 w/e 21 April 2024]. It is forecasting total revenues will hit £20m in its fiscal 2025, having surpassed £16m in 2024.
The brewer, founded in 2013 by Bisset and Brian Dickson, is stocked in retailers including Tesco, Morrisons, Sainsbury’s and Asda.
No comments yet