EDINBURGH craft-beer subscription firm Beer52 has doubled its customer base to more than 200,000 and increased its staff numbers from 31 to 71 amid the coronavirus lockdown, having seen a surge in demand for deliveries.
The business, owned by founder James Brown and his co-founder Fraser Doherty, reached a seven-figure funding support agreement with Royal Bank of Scotland to assist with managing growth and changes in supplier terms.
Beer52, which was founded in 2013, sources and delivers a package of eight new craft beers to subscribers each month.
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Royal Bank noted that Beer52 had earlier this year been named by the Financial Times as the fourth-fastest-growing e-commerce business in the UK.
The bank noted that “the financial uncertainties faced by many throughout the Covid-19 pandemic meant that Beer52 suppliers were forced to update credit terms, requiring an up-front payment for stock”.
Royal Bank said that its funding had been “essential in ensuring the business could continue to operate”, noting that Mr Brown and Mr Doherty had not been able to access coronavirus business interruption loan scheme support.
It added: “The team at Royal Bank of Scotland recognised the potential of their business and pledged additional funding in the form of a substantial overdraft.”
A spokeswoman for Royal Bank said the “financial support given by RBS is a seven-figure sum”.
Mr Brown said: “The best thing about it is that we’ve been able to play our part in keeping the supply chain moving. Some breweries restarted production just for us. We couldn’t have done it without the funding, and without the thousands of new customers we’ve welcomed in recent weeks.”
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