Peach Pub Company secures £500,000 boost from Molson Coors
The injection takes Peach’s total funding from the brewer to £1m, effectively in the form of a loan and an agreement to stock a set number of products from Molson Coors. “This is to support growth over the next 18 months,”
Peach cofounder Hamish Stoddart told M&C Report.
Regarding future acquisitions, he said: “We’ve got another one I think that has a chance, another that’s a maybe. We are still looking for three a year.”
Peach is due to open its 17th site, the High Field in Edgbaston, Birmingham, on 26 September. Stoddart told M&C Report that trading in July was 5% ahead of last year, with the uplift in August “flatter” as “the weather hit us a bit”.
He expects trade to be c2% ahead in September. Peach reported a 16.9% fall in EBITDA to £1.3m in the year to 29 December 2013 on turnover up 6% to £20.5m. It incurred a series of costs that included £379,527 in closing costs of the Almanack in Leicester.
