Innis & Gunn hits £3m target for funding new brewery
Beer money: the finance will build a brewery at Heriot-Watt
Scottish brewer Innis & Gunn has reached its £3 million crowdfunding target to help finance its new brewery at Heriot Watt University.
The campaign, through the Seedrs platform, will close 5 February. In this raise the brewer has sold 2% of it’s share capital to more than 2,000 investors.
Each investor will have their name displayed on the wall of the brewery to be built at the university’s research park.
It will be the largest brewery in Edinburgh for more than 150 years and the UK’s first major collaboration of this type between a full-scale brewery and a university. It will create a centre for brewing studies and applied learning.
The site will bring all production and packaging in house, simplifying the current outsourced model and reducing costs, while simultaneously reducing the company’s carbon footprint. It will also create about 30 jobs and give Innis & Gunn the opportunity to offer brewing services to others for the first time.
Dougal Sharp, founder and master brewer at Innis & Gunn, said: “Since Innis & Gunn was founded in 2003 our ultimate goal has always been to have our own brewery on our home turf, a brewing focal point for the city.
“We want to put Edinburgh back on the international brewing map, and with this investment secured we’re going to be able to do just that. We’ve got ambitious growth plans and the brewery is going to be instrumental in reaching our long-term potential. With this key step now in place, we’re looking forward to a very bright future.”
In the three years since its last crowdfund exercise Innis & Gunn has increased turnover to over £25m.
The brewer also successfully relaunched its pubs as Brewery Taprooms this year with takings up 30%. The Taproom concept will be rolled out across the UK with two new sites each year for the next three years.