Tyne Bank Brewery exceeds crowd funding target

Tyne Bank Brewery exceeds crowd funding target

Tyne Bank Brewery has exceeded its crowd funding target by £25,000, raising 116% of its original goal of £150,000.

Having raised £175,370, the Crowdcube campaign is currently overfunding, and will now move into the initial phases of up scaling production and upgrading premises at its Newcastle location.

The company has plans to open a visitor attraction brewery including a craft beer tap room, event space and a kegging, bottling and canning line

The move to a larger building comes ahead of a period of growth for the business, which has already outgrown its previous home in just five years.

Tyne Bank Brewery is forecasting its turnover will increase from £342,000 to £1.3m by 2020 and the addition of a packaging line would increase that turnover even further to £1.7m.

Julia Austin, founder of Tyne Bank Brewery, said: “After a lot of research we have found large characterful leasehold premises a stone’s throw from the existing brewery and at over four times the size of our current unit, it is perfect to put our exciting plans in place. “