Sharp's raises £3.2m in new funding
Fast-growing Cornish company Sharp's Brewery has obtained a £3.2m funding package from The Royal Bank of Scotland ("RBS").
The company, which is based in Rock and founded in 1994 is now the biggest producer of cask beer in the Southwest, famous for its top selling Doom Bar beer and other brands including the bottled Chalky's Bite, which is a joint project with Rick Stein.
The current directors acquired the company through a management buy in (MBI) in 2003 and since then have increased its turnover from £2.3million in 2003 to £6.5m in 2007. Sharp's Brewery has significant market share in the Cornish cask beer market (45%) with a 14 per cent share overall in the South West.
It distributes directly to outlets, wholesalers and major supermarkets across the south of England, as well as markets in Canada, Italy and Hong Kong from its brewery in Rock and depots in Bristol, London and Manchester. Sharp's Brewery worked closely alongside the RBS team to agree a flexible, long-term refinancing package enabling the management team to concentrate on growth to support their five-year strategy.
The RBS's long term commercial mortgage funding package also incorporates operating lease facilities from asset finance provider Lombard, part of The RBS Group and invoice discounting from the RBS Invoice Finance team.
Sharp's Brewery has also switched its full banking facilities to RBS. Sharp's Brewery's management team will continue to target markets outside of the Southwest and UK and is achieving significant success in securing national listings with a number of multiple retailers and pub companies.
Nick Baker, managing director, Sharp Brewery commented: "I am delighted to have the new funding facility in place, which is allowing us to invest in the future of the business and I am confident that we have an understanding and supportive funding partner on board in the RBS Group.
"I was also impressed with the breadth of financial solutions provided by the RBS team, who really listened to our needs and were able to put a tailored funding package in place.
"This investment is going to help drive sales, particularly our major brands like Doom Bar and Chalky's Bite, taking us into new and wider markets both here and abroad."
