The Manchester-based brewery that produces beers such as Juicy IPA (6% ABV) and Passion Fruit Pale (5% ABV) and operates seven sites including the Amber Alehouse at Manchester Airport’s Terminal 2, has raised more than £282,750 (at the time of publishing).
The money pledges have been donated by 242 investors with the business offering 2.3% equity giving it a pre-money valuation of £12m.
The fundraising, which is part of a larger effort as explained previously in The Morning Advertiser, will be used to expand the business’s presence across the UK retail market.
On the fact it has passed its target, the Seven Bro7hers team said it has been “blown away by the support and kind words about our growth throughout Covid and the company’s ambitions for the future.”
Seven Bro7hers posted on fundraising platform Crowdcube: “The UK beer market is estimated to be worth £19bn in 2023 and the craft beer production market increased by 9.3% in 2022. This is a £1.4bn market open to Seven Bro7hers.
“Despite inflation and the cost-of-living crisis putting pressure on our industry, Seven Bro7hers’ revenue has grown 614% since 2017 (£5,052k v £708k). This is testament to our team, and our awesome customers.
“UK beer sales have bounced back well following Covid, with 4.6bn litres sold in 2021 (that’s 8bn pints), and despite ongoing supply chain and economic pressures, craft beer sales have remained strong with over 600m pints sold in 2022.”
It continued: “For those able to navigate rising costs, with a strong sales platform and loyal customers, the opportunity ahead is significant. With your support, Seven Bro7hers is looking to capitalise on near-term opportunities including increased supermarket SKUs, greater footfall at Manchester Airport, and new retail locations opening in 2023.
“Looking forward, we have ambitious plans to build a new permanent home in the heart of Manchester, creating a craft beer destination for fans of artisan products for generations to come.”
Seven Bro7hers, which was founded in 2014 by McAvoy brothers Keith, Nathan, Kit, Greg, Guy, Luke and Dan, operates Ancoats Beerhouse, Manchester; the brewery & taproom, Middle Locks and at Media City, all three in Salford, Manchester; Liverpool Beerhouse, Liverpool; Halifax Square Chapel, Halifax; and Amber Alehouse at Manchester Airport.