A South Yorkshire brewery is set to increase production of its award-winning beers and has taken on more employees following a significant investment boost.
The funding will enable Abbeydale to buy new fermenters and replace key equipment to increase capacity in the brewing of beers.
Abbeydale is also replacing the floor in its brewhouse on Aizlewood Road and overhauling its telephone and IT systems.
Abbeydale employs 17 staff, has an annual turnover of over £2 million and brews up to 10 regular and special beers every week.
Sue Morton, director of Abbeydale alongside her husband Patrick, said:
“This investment from Finance Yorkshire in our infrastructure is vital to the running of our business and gives us the potential to expand our production capability up to 180 barrels a week.
“Thanks to the funding we’ve also been able to take on two more members of staff who will be trained up and ready for what we know will be a very busy Christmas period.”
In addition, the Business Loan will enable Abbeydale to invest in new product development, which includes producing more of its craft beer in keg rather than cask.
“The advantages of this are that you can keep beers for longer and you get a more consistent product – it is a growing market.
“Finance Yorkshire has helped us to grow before and this further funding enables us to continue to grow our core business as well offer new products.”
Abbeydale was supported in its business planning and financial forecasts by Andrew Hulse of chartered accountants UHY Wingfield Slater, Sheffield.
Finance Yorkshire investment manager Andy Chaffer said:
“Abbeydale is a hugely successful and well run brewery that produces great beers with both passion and innovation.
“There is every reason to believe that it will continue to grow its sales and market share in the UK.”
Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.
To date Finance Yorkshire has made 480 investments totalling over £57 million.
The project is supported financially by the European Union. It has attracted £30million investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15million from UK Government and £45million match funding from the European Investment Bank.