Fife brewery St Andrews Brewing Co. exceeded its crowdfunding target of £400k yesterday raising a total of £646,100. Releasing 7.93% equity to 754 investors, the company plans to increase beer production to meet export demand and supply their growing estate of bars.
Owner Tim Butler said: “We have very ambitious growth plans, and the money raised will help to propel the company onto a UK-wide stage, and globally from next year onwards.”
The business currently operates four bars, in St Andrews and Edinburgh. A fifth bar is scheduled to open at Dundee’s historic Caird Hall in November. At 8,000 square feet, it will be one of Scotland’s largest craft beer bars.
At present, St Andrews Brewing Co. owned bars consume 25% of the business’s beer production, with the remaining 75% distributed to bars, venues and supermarkets across Scotland. Distribution will commence south of the border in 2019.
The investment will fund new brewery equipment capable of quintupling their production to one million pints in 2019. They will also begin brewing lagers for the first time.
Tim said: “We’re over the moon with the number of people investing and the amount they have entrusted to us. The additional funds mean our growth plans will be more cost effective for the company as we will need to borrow less to fulfil our plans, making the business more profitable for investors.”
Founded in 2012, St Andrews Brewing Co. employs 70 people and has won several highly-coveted awards, including Scotland’s Best Beer Bar at the 2017 Scottish Beer Awards.