Broughton Ales Ltd, the Borders-based independent brewer, will significantly increase its domestic and export beer sales thanks to a £395,000 funding boost from HSBC.
The funding package includes a loan, and asset and invoice financing. It will allow Broughton Ales to increase overall production and improve and expand its brewing equipment.
The new equipment will include fermenting and conditioning facilities, new tanks, and temperature control equipment installed to further enhance the quality and enable growth in the quantity of beer being produced.
A new shop and visitor attraction is planned for development using an existing building on-site. The firm also aims to support its growth by upgrading its sales, export marketing, IT and customer relationship systems.
Co-owner and director, John Hunt, who leads the firm’s finance and strategy, said: “Since the new management team came on board at the end of 2015, our aim has been to build a stronger presence in what is a growing market for authentic beers with real provenance. We also plan make our products more accessible to markets around the world, in particular in Northern and Southern Europe and the United States.
“I am confident the funding package will go a long way to help us achieve our growth ambitions. It will help us increase our quality and capacity of the production of our key brands, and accelerate plans to build a local visitor and tourist attraction at the brewery.”
Susan Rowand, head of business banking for HSBC in Scotland, added: “We are thrilled to be supporting a business with such strong Scottish roots and heritage. Broughton Ales has both exciting and ambitious growth plans, a reflection of the increasing demand for Scottish food and drink in overseas markets. We are confident our funding package and expertise will help the business realise its growth targets in the months and years to come.”
The finance was allocated from HSBC’s national £10 billion SME fund to actively support UK SMEs. £500m is specifically designated to support Scottish firms and rebalance the economy outside of London.