Camden Town Brewery, which is set to sell a 20% share of its business to a Belgian manufacturing family for £10m, has closed its fundraising round on Crowdcude after raising £2.7m from 2,320 investors.
The company had launched the campaign at the start of February to raise £1.5m in exchange for 2% of equity to help it build a new state of the art brewery and to expand its export markets
Founder Jasper Cuppaidge said: “We’ve narrowed down the sites of where we want to build our new brewery and we’re still on track to open up our new brewery in 2016.
“We’ll be chatting with designers and architects to make sure that our new brewery will be ready to go with the best equipment and layout (including a bigger, cooler tasting room for you guys to sample our beers in) so that we can start producing more of our beer as soon as possible. And thanks to you overfunding us, we’ll be able to get better equipment from the start, so that we can brew, bottle, keg and can great lager right here within the M25.”
He said the business is in discussions to open another bar in central Camden as part of the planned redevelopment of the area.
Cuppaidge will remain the largest shareholder after the investment, holding 40% of the business. Cuppaidge, his wife, his father-in-law and three friends collectively own 75% of the business.
The company had reduced its £75m valuation to £50m after the set of investors began talks to buy a 20% stake for £10m. Previously, the company had valued itself at £75m despite turnover currently standing at just £9m.
