London craft brewery Five Points has smashed its £750k crowdfunding target with a week to spare.
The brand, which makes Five Points IPA, Pils and XPA, overfunded by almost £200k, bringing in a total of £928k from 1,322 investors.
It had offered up 6.92% of its equity, valuing the company at £12.5m. Funds raised will go towards trebling the brewery’s capacity with new kit and fermentation tanks, bringing production back in-house from a third party brewer, expanding its UK distribution, hiring new staff and opening a new taproom at its Hackney base.
Five Points plans to expand its seasonal and limited edition releases, move into new formats such as 660ml bottles for its barrel-aged beers, and introduce 440ml cans for special editions. It also planned to add a new IPA its core range “imminently”, said founder Edward Mason, adding retail growth would be “a key part of our focus over the next year”.
The brewery would also continue to transition from 330ml bottles to cans, he added, due to “the better quality that cans as a format allows, and the ease of use for both logistics and retailers”.
“Currently 80% of our sales are to the on-trade, but our packaged range and off-trade sales are growing all the time, and our new product release plans present a really exciting opportunity to help drive this aspect of our sales.”
Five Points has also hired former Cadbury account manager Alice Edwards as director of sales and business development. She had “an excellent grasp of national supermarket and national retailer needs and approaches”, said Mason.
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