Scottish brewer WooHa Brewing Company is set to increase exports to the USA thanks to £700,000 of funding which included support from HSBC.
The finance will enable WooHa to upgrade its facilities through the purchase of a new 6.2-acre farm in Kinloss in Moray, and hire an additional four employees.
The business is predicting that 80% of its revenue next year will be via exports, and it is targeting the US market in particular.
WooHa, which specialises in 100% natural, vegan-friendly beers, has been exporting to the US since January of this year and is anticipating that, as a result of the funding, the amount of beer the company is able to brew will increase five-fold.
Founder and owner of WooHa Brewing, Heather McDonald, said: “We have seen an increased demand from the American market for our Scottish beer, so much so that we forecast that next year, 80% of our business will be from exports, with the US the main market. The financial support from HSBC has been vital in helping us realise our ambition to purchase a new manufacturing site to continue our global expansion. In addition to the funding, HSBC has been fantastic in helping us overcome exporting difficulties. Being a global bank, they were the ideal partner for us.”
Susan Rowand, HSBC Head of Business Banking in Scotland, added: “We’re seeing an increase in demand for Scottish food and drink products abroad and the USA, in particular, offers a huge opportunity. It’s encouraging to see an authentic Scottish business achieve its growth ambitions. We’re proud to support WooHa Brewing with both funding and expertise which will help the business flourish.”
The finance was allocated from HSBC’s national £10bn SME fund to actively support UK SMEs – £500 million of the fund is specifically designated to support firms in Scotland.