Innis & Gunn hits crowdfunding target in just 72 hours
Innis & Gunn has announced it will be keeping the investment opportunity open for an extended period, as a result of the “overwhelming” response, which saw it reach its £1m crowdfunding target in just 72 hours.
The Scottish craft beer brewery launched the Crowdcube powered AdventureCapital at the end of October with the aim of raising £1m in equity by selling 2% of its share capital. Since this date the campaign has raised £1.36m from more than 1,000 investors. It has also seen more than 400 requests for its business plans, more than any other current Crowdcube powered crowdfund campaign.
The additional funds will go towards expansion of The Beer Kitchen retail experience in 2017 into England, a year ahead of schedule, and international expansion into North America.
The company plans to double its turnover to £25m over the next three years. With the added funds Innis intends to expand 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 thirty thousand hectolitres.
It will also install a barrel ageing hall and new filtration technology.
Since the company started in 2003, Innis & Gunn has reported continued year-on-year volume and sales growth, with an annual group turnover of £12.5m in 2015, a 36% increase since 2012.
Founder Dougal Sharp, said: “The response to our first ever crowdfund, AdventureCapital, has been overwhelming. Raising £1m in 72 hours is no small feat and has left us in this incredible position of being able to keep it open for longer to allow more investors to own a part of our business. By allowing more people to invest, we will be able to expand our plans for The Beer Kitchen to bring forward the schedule for opening in England and North America. These are things that have been on or dream list for some time, so making these possible sooner is exciting for us, and for our new shareholders.”