Innis & Gunn raises £2.5 million towards new brewery
Scottish brewer Innis & Gunn has raised £2.5 million towards building its own brewery, bottling line and barrel store through its mini-bond scheme.
The “beer bond” launched in April and has since persuaded 840 investors to sign up, leaving the brewery just £500,000 short of its fundraising target.
It has extended the mini-bond until July 16 in order to raise more funds.
Founder Dougal Sharp said: “We have been delighted with the response and the levels of investment coming in. We set out to raise £3m and we’re almost there. We always wanted this project to bring us closer to our fans and the wider craft beer community and it absolutely has - the feedback we have had has been phenomenal.
“Over the last week, we’ve seen surging levels of interest from a spread of investors and as a result have taken the decision to keep the mini-bond open for a further month.
“We’re learning as we go with the launch of this mini-bond and the mix of applicants has been of real interest to us – we’ve attracted more than 840 individuals, from Innis & Gunn fans to well-seasoned investors, predominantly in Scotland and the south of England. Investment levels have ranged from the entry level £500 to over £100,000, which indicates we’re attracting an interesting cross-section of people.”
The Edinburgh-based business currently brews its beer at the Welpark brewery in Glasgow, where Tennent’s is produced, but wants to bring brewing in-house.
The Innis & Gunn Beer Bond is a four-year fixed term issue for investments starting at £500 and offers an interest rate of 7.25% gross interest per year.
Alternatively, investors can earn a 9% gross interest rate but have to spend it on beer at the brewer’s online store.
The firm is in negotiations to buy an unspecified piece of land in southeast Scotland to house a new brewery, bottling line and barrel storage facility, and the move would create 35 new jobs.