Castle Rock Brewery, the Nottingham-based brewer and pub operator, has secured a site for its latest pub after raising £600,000 via an Enterprise Investment Scheme (EIS).
The firm has set up a limited company called Lady Bay Inns to run the Poppy
& Pint in Lady Bay, West Bridgford, Notts, after raising £600,000 selling 120 shares at £5,000 each.
Castle Rock has the management contract to run the pub, a former Royal British Legion site that is set to open in May.
"If we can make a success of this then we will certainly be looking at duplicating [the EIS project] in the future," said Castle Rock chairman Chris Holmes.
Holmes revealed that senior executives from the brewing industry were among those who bought shares. The Poppy & Pint
will be the 22nd pub run by Castle Rock.
The maximum sum that can be raised through an EIS increased to £8m in last month's Budget. The level of income tax relief on EIS investments also increased from 20% to 30% at the start of April.