Leeds craft brewer Northern Monk is ramping up its production capacity after recieving a seven-figure cash injection from HSBC.
The craft brewer has installed a BrauKon 60 hectolitre brewhouse with funding from the bank, meaning it will be able to boost production capacity by 280% – an extra two million gallons of beer annually.
The brand will also create 14 new jobs centred around operating the new kit as well as “within the expanding business operations”, it said, with plans to grow its export volumes by 50% over the next year underway.
The expansion would “help service the increase in demand for our products we have been experiencing solidly over the past few years”, said its founder Russell Bisset.
“The new brew kit will give us the opportunity to create lots of new beer and service larger contracts, whilst maintaining our commitment to high-quality brewing.”
The funds were allocated from the bank’s national SME Fund, which has committed £400m to supporting SMEs in West Yorkshire.
HSBC area director for south and west Yorkshire Andrew Bennett said HSBC was “pleased to support Northern Monk and fund the latest development of an incredibly exciting business”.
“As the hospitality trade continues to reopen globally, we look forward to seeing the business continue to grow both domestically and internationally.”
It comes as sales of Northern Monk’s beers in retail more than doubled over the last year, rising from £4.13m to £8.98m – an increase of £4.84m [Nielsen 52 w/e 11 September 2021].