Subscriber login Close [x]
remember me
You are not logged in.

Innis & Gunn crowdfunding round raises double its target

Published:  30 November, 2016

Edinburgh-based Craft brewery Innis & Gunn has raised £2.5 million through a four-week crowdfunding campaign - more than double its original target.

The brewery launched the campaign on November 1 through the Crowdcube platform with a target of £1 million in exchange for 2% of the company's share capital.

The initial target was reached within 72 hours, leading the company to release further equity and accept overfunding for the remainder of the campaign.

At the campaign's close, Innis & Gunn had sold 4.79% of its share capital.

The company intends to use the funds to accelerate its growth and double turnover to £25 million over the next three years.

Production volumes are planned to triple in the next two years so 30,000hl and the company recently acquired the Inveralmond Brewery in Perth, Scotland to that end.

The brewery is also installing a barrel-ageing hall and new filtration technology that will enable it innovate further in the beer-making process

Other plans include the expansion of the brewery's Beer Kitchen bar and restaurant brand.

There are currently three Beer Kitchens in Edinburgh, Dundee and St Andrews. The company now intends to open one in England next year and one in Toronto, as well as a further three in Scotland.

Dougal Gunn Sharp, Innis & Gunn's founder and master brewer, said: "Raising £2.5 million is an amazing achievement and is testament to the belief the public has in our potential to affect and change the future of beer in the UK and abroad.

"This is not only an exciting chapter for Innis & Gunn, I believe this is clear proof that the public desire beer that stands out from the masses, beer that is flavoursome and beer brewed with passion.

"I'm most looking forward to our next annual general meeting where I can meet many of these investors in person."

Innis & Gunn was founded in 2003. It currently sells some 23 million bottles of beer each year across 25 countries worldwide.

The brewery's turnover has increased by 36% since 2012 and it is now the second-biggest craft beer brand in the UK off-trade.

It is the winnner of two Queen's Awards for outstanding achievement in international trade.