Offer now closes next month
Innis & Gunn extends bond deadline after fund-raising falls short
The offer closed today but after raising £2.5m the company said it will keep it open until 16 July in the expectation that it will raise the additional funds.
It offers investors an interest rate of 7.25% gross interest a year although some have opted for vouchers in the form of BeerBucks offering the equivalent of 9% and which can be redeemed in exchange for beer.
Innis & Gunn is raising the money to fund a brewery, bottling line and barrel store in the Edinburgh area.
Dougal Gunn Sharp, founder and chief executive, said: “We have been delighted with the response and the levels of investment coming in. We set out to raise £3m and we’re almost there.
“We always wanted this project to bring us closer to our fans and the wider craft beer community and it absolutely has – the feedback we have had has been phenomenal.
“Over the last week, we’ve seen surging levels of interest from a spread of investors and as a result have taken the decision to keep the mini-bond open for a further month.
“We’re learning as we go with the launch of this mini-bond and the mix of applicants has been of real interest to us – we’ve attracted more than 840 individuals, from Innis & Gunn ‘fan-vestors’ to well-seasoned investors, predominantly in Scotland and South England.
“Investment levels have ranged from the entry level £500 to over £100,000, which indicates we’re attracting an interesting cross-section of people.”
All successful applicants who applied prior to the original application deadline (1pm on 16th June) will have Bonds issued as per the timetable outlined in the Invitation Document to ensure they suffer no delay or loss of interest as a result of the extension.
Since its foundation in 2003, Innis & Gunn has grown to become an international business, with an annual turnover of £11.8m in 2014 – against £10.5m in 2013. Last year the company sold more than 20 million bottles of beer and is the second biggest supplier of craft beer to the UK off-trade.