Bradford brewery toasts new investment
A Bradford start-up business, which aims to take a share of the lucrative market for speciality ales and lagers, has secured £300,000 of angel investment to support its growth plans.
The funding, which has been secured through Envestors North, will enable the brewery to launch from its own fully refurbished brewpub in Bradford city centre on Westgate and support its marketing drive to attract further expansion capital.
The latest investment follows a recent announcement of a new £50,000 loan facility agreed by Bradford-based loan provider Business Enterprise Fund.
Headed up by managing director Matthew Halliday, Bradford Brewery has already negotiated with the property owner Shaw Moisture Meters, which is contributing £200,000 into the refurbishment of the site.
The business will use the investment secured through Envestors to complete the property renovation, purchase its first brewplant, with a brewing capacity of 16,000 pints per week and bolster its cash balance for when they go live later this year.
Envestors North which incorporated Yorkshire Association of Business Angels (YABA) into the companylast year, provides an introduction service for private equity investors, entrepreneurs and companies seeking finance, typically providing investment of between £300,000 to £1m or younger companies and up to £10m for more established businesses.
Matthew Halliday said: "Bradford Brewery is a new business with big ambitions. We want to be as synonymous with the city as David Hockney, Bradford Bulls and Bradford City Football Club.
"This investment, coupled with our own funds and the recently approved loan facility from Business Enterprise Fund will allow us to enter the market from a very strong financial position. We’ll be working to make sure there’s a Bradford beer on the bar of every pub across the district."
Barbara Greaves, Manager of Envestors North (YABA) said: "From his initial enquiry with us in late 2013, Matthew has tenaciously kept the investors informed as his plans progressed resulting in their commitment to invest in September 2014.Keeping them informed post investment will be equally as important."
Andrea Cropley and Natalie Hager at law firm Irwin Mitchell advised Matthew Halliday at Bradford Brewery on the fundraising exercise with Envestors.
Cropley said: "Bradford Brewery is an extremely ambitious business with a very sensible business plan. It has identified a gap in the market and developed a strong proposition which has proved popular with the angel investment market.
Colin Glass and Jeremy Wilson from accountancy firm Winburn Glass Norfolk provided financial and business advice to Matthew Halliday including negotiations with investors. WGN will continue to provide advice to the company going forward.