Fri, 11 May 2018
WEST Berkshire Brewery (WBB) is hoping to raise £1.47m under its latest fundraiser scheme in a bid to create more jobs.
The Yattendon-based company has already raised £9.63m under the Enterprise Investment Scheme (EIS) from more than 1,300 new shareholders – many of whom are Berkshire residents.
An EIS is a tax-efficient way to invest in the new shares of small businesses, as well as giving much-needed capital to businesses that cannot get funding from traditional methods like banks.
Now the brewery is looking to raise another £1.47m through the scheme to support the demands of the high-flying business.
WBB chairman David Bruce anticipates the money can be raised within three months, which he hopes will create around 10 new jobs by the autumn.
Mr Bruce said: “It’s not just about having people to brew the beer.
“We’re looking to create more jobs right across the board, from accounts, sales representatives and drivers.
“It’s not just the shareholders who benefit – it’s going to generate a huge amount of income for the local economy.”
To date, the company has invested £6m in its new, state-of-the-art brewery and its bottling, canning and kegging facilities on its Old Dairy site.
It has also invested £1m in two London freehold pubs.
The company has already outgrown its 38,000 sq ft premises, which it moved into in November, and has just agreed terms with its landlord, Yattendon Estates, to lease a further 30,000 sq ft.
Sales for February, March and April have increased, 87 per cent, 95 per cent and 160 per cent respectively on last year.
The brewery is also awaiting the arrival of more fermenting and conditioning tanks – worth £2m – from Italian company CFT, one of the world’s biggest manufacturer of brewery vats.
Mr Bruce said: “This continues to be a transformational time for West Berkshire Brewery.
“I am delighted that we need to invest further and create yet more new jobs in our rural area in addition to the 20 we have created since our move only six months ago.”