Harlow-based Redchurch Brewery is returning to the crowd to raise a further £400k less than 18 months on from raising £500k via crowdfunding.
The brewer, which recently won listings in Waitrose and M&S, is seeking £400k for 7.4% equity on Crowdcube, valuing the firm at £5m.
Since raising £500k in a January 2016 crowdfunding campaign, it has undergone a rebranding and invested in a new brewery in Essex.
Redchurch plans to use the new proceeds to “accelerate our ambitious plans and satisfy demand that we’ve seen grow beyond our expectations”.
It aims to increase production capacity to more than 1.3 million litres annually as well as improve its packaging line, grow its employee-base and add a fleet of delivery vehicles.
Redchurch said sales grew by 27% in the quarter ending 31 December 2016 on a sequential basis and revenues will rise of over 150k a month by June 2017.
It had previously forecasted sales of £2.1m in the year to June 17 in its previous Crowdcube fundraising round, but now anticipates annual sales of about 1.2% before rising to £2.6m in the 2017/18 financial year.
It has made a net loss of £366k in the period from July 2016 to February 2017, but forecasts that loss to reduce to £291k for the full 2016/17 period and move to a profit of £336k in 2018.
As of 1 May, Redchurch Shoreditch Blonde and Paradise Pale Ale is now in 220 branches of Waitrose nationwide and Old Ford Export Stout in 96 stores in addition to nationwide listings in M&S.
No comments yet