St Austell Brewery has secured a new £40 million “bilateral funding facility” from Royal Bank of Scotland and Barclays.
The refinance package will enable the brewery to invest in its existing estate and brewing facilities, while looking to develop new products to complement its portfolio of beers and ales.
Royal Bank of Scotland’s corporate banking team based in Bristol supplied a £10 million term loan as well as a £12.5 million revolving credit facility (RCF), while Barclays Bank provided a £12.5 million RCF and working capital facilities totalling £5 million.
The brewery’s finance director, Colin Stratton, commented: “We benefit from a strong independent, customer-focused business model and see further opportunities to grow our presence in prime south west markets.
“The banking and business support we receive is instrumental in our success; the teams at Royal Bank of Scotland and Barclays have shown a strong understanding of our markets and requirements.”
St Austell Brewery is one of the south west’s most successful independent brewers, employing 1,000 people with a turnover approaching £100 million.