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31st Aug 2017

Craft breweries say cheers to £132K loan from Business Enterprise Fund

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Northern Powerhouse Investment FundNPIF - FFE & BEF MicrofinanceYork North Yorkshire and East Riding Local Enterprise Partnership

Four artisan breweries are ‘rolling out the barrel’ and planning to expand after backing from business lender the Business Enterprise Fund (BEF).

The breweries, including York-based Rudgate Brewery, have received a combined funding boost of more than £132K from BEF, a social enterprise offering funding and mentoring for businesses across Yorkshire and the North East.

Award-winning Rudgate Brewery, based in the Vale of York, has worked closely with BEF for more than three years receiving funding and advice to support its continuing expansion. A recent NPIF loan of £45K was given to help Rudgate Brewery secure a range of bottled beer for Virgin Trains.

Managing Director at Rudgate Brewery, Craig Lee, said: “Backing from BEF has been fundamental for our growth plans, arranging finance and top-ups to support our expansion after we secured deals with Wetherspoons and Greene King. The funding allowed us to develop our vast selection of core and seasonal beer through investment in staff and equipment.”

As the micro-brewing industry continues to grow across the UK, BEF has witnessed an increase in the demand for start-up loans and finance to support the expansion of existing facilities. Huddersfield-based Lords Brewing and Gateshead-based Great North Eastern Brewing have also received BEF funding for recruitment, equipment, transport and ingredients, while the UK’s first wheat beer brewery, Eyes Brewing in Leeds, approached BEF for funding after two years of home brewing to develop its products.

Group Chief Executive at the Business Enterprise Fund, Stephen Waud, said: “The craft brewing industry is booming and never more than in Yorkshire and the North East. BEF has the funding and the expertise to play an instrumental role in supporting the expansion of several breweries which have true entrepreneurial spirit at their heart and a real head for business. We’re simply facilitating their growth and looking forward to watching their continued success in this incredibly competitive market place.”

Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25,000 to £2m). It works alongside 10 Local Enterprise Partnerships (LEPs), the combinedauthorities and Growth Hubs, as well as local accountants, fund managers and banks, to support Northern-based SMEs at all stages of their development.

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

Editors Notes

Business Enterprise Fund is authorised and regulated by the Financial Conduct Authority (FRN: 726237)

Donbac Limited t/a Finance For Enterprise are Authorised and Regulated by the Financial Conduct Authority under FRN 718612. Information Commissioner Office Registered Z153621X

 

 

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