St Andrews Brewing Company has toasted a successful crowdfunding campaign which was significantly oversubscribed.
The brewery sought to raise £400,000 to help support its plans to develop a new pub at the Caird Hall in Dundee and to expand its brewing capacity in St Andrews.
The month-long campaign on the platform Crowdcube closed on Sunday at midnight, with a total of £646,100 raised from 754 investors.
It means co-founders Tim Butler and Philip Mackey have sold 7.9% of equity in the six-year-old company, to which they assigned a £7.5 million valuation.
Mr Butler described the means of raising funds to fuel the growth plans was “brilliant”.
“We haven’t done crowdfunding before and it’s really exciting,” he said.
“We hit our initial target in four-and-a-half days. It was great be able to relax knowing we’ve got the funds needed for our plans going forward.
“The extra cash coming in makes our plans more profitable because it means we have to borrow less money from institutions.
“It gives us control and flexibility.
“It also opens up thoughts about what else could we do — if we should divert some of the extra money into bringing other projects forward.”
Work on developing the south-facing space within the basement of the Caird Hall is expected to cost in excess of £1m and employ 50 staff.
A contractor will be appointed this week, with work due to start on September 10.
The 11 weeks of work are scheduled to be completed at the beginning of December.
“We are confident on the plans for the Caird Hall. We are trying to focus on the combination of beer and food and pairing it correctly. It will also have an extensive wine list.
“I think we’ve got a concept that’s approachable.
“We are open to everyone who wants a pint and a poke of chips or wants to sample some fine Scottish food. It should appeal to all.”
Mr Butler said around £100,000 of groundworks are required as part of the move to quadruple the company’s brewing capacity.
Meanwhile, the recently acquired Rascals Bar in North Street, St Andrews will undergo a refurbishment this month and reopen as the St Andrews Brewing Company Sports Bar.
The company also runs a bar in South Street, St Andrews and has two premises in Edinburgh.
rmclaren@thecourier.co.uk