BREWDOG has revealed it is on track to boost turnover by nearly £30 million in its current financial year, while highlighting significant progress in its latest crowdfunding drive.
The craft brewer has projected turning over in excess of £72m in its current financial year, having earned revenue of £44.73m in 2015. That growth is expected to include an 80 per cent rise in UK sales, which were last year booked at £33.4m.
BrewDog highlighted its progress as it declared it has so far raised more than £5m with a bond offer launched less than a month ago. The mini bond promises investors an annual interest rate of 7.5 per cent over four years, in addition to beer discounts.
BrewDog said the funds raised through the bond would help facilitate its first move into the spirits market, with the launch of its LoneWolf Distillery.
It launched two prototype versions of the LoneWolf vodkas and gins earlier this month.
The company, which plans to build a brewery in Ohio, has also earmarked the funding for the development of its headquarters in Ellon, Aberdeenshire, including the addition of a sour beer facility.
BrewDog, which is offering the bond on the Crowdcube platform, has now raised £26m from more than 50,000 small investors over four rounds of crowdfunding.
Co-founder James Watt said: “Our mission is to make other people as passionate about great craft beer as we are. This year, we have smashed record after record with the amount of people we’re reaching with incredible beer, many of whom have joined the ranks of our crowdfunded beer revolution by investing in Equity for Punks or the Crowdcube Bond.
“The money raised via this latest investment opportunity will accelerate our growth over 2017, in order to meet the crazy demand for our beer both in the UK, internationally, and in America where we’ll soon launch our second brewery.”
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