Warwickshire-based Purity Brewing Company has set up a new venture to open craft beer bars and is targeting its first opening in mid-summer, Purity managing director Paul Halsey has told M&C Report.
Just under £500,000 has been raised to date via an Enterprise Investment Scheme to fund acquisitions under the new company Pure Craft Bars Limited.
Halsey said the company is “looking at a couple of properties in Birmingham city centre” and hoped to secure its first by the end of March. The venture is also targeting three or four more pubs for subsequent openings in “good urban and city areas” in the Midlands and as far north as Chester and Manchester. Leasehold properties of between 3,000 and 4,000 sq ft are sought.
The pubs will focus on craft and cask beer, bottled beers and good food. Halsey said: “Craft beer bars we’ve seen haven’t been that female friendly and we felt food was a missing ingredient as well.”
Purity is the biggest single investor in Pure Craft Bars, but 51% of the funding is from private investors.
Halsey said the company recently came close to securing its first outlet in Birmingham, with a licence and planning permission secured, but the deal for the leasehold fell through at a late stage.
Separately, Purity has reported a 13% fall in EBITDA to £253,000 in the year to September 2012. Net profits fell from £196,000 to £153,000. Sales grew 23% to £3.2m.
Halsey told M&C Report the firm increased its investment in the year, with two sales appointments and the appointment of a second brewer. It also absorbed proportionally higher duty costs because the company’s growth meant it had lower discounts under Progressive Beer Duty.
There’s also been significant investment in its infrastructure. Work on a c£1.4m brewhouse is due to be completed in March, to increase brewing capacity three-fold.
“This is all about building for the future,” said Halsey.
