Beavertown has accepted a £40m funding injection from Heineken, a move that will enable the business to push ahead with its plans to open a new 450,000hl brewing facility.
The stake Heineken will take in the business remains undisclosed, but Beavertown founder Logan Plant, and his wife Bridget will remain majority shareholders.
The company expects the new site, when fully operational, to employ up to 150 people while its current Tottenham site will allow for an expansion of its Tempus brewing project.
Plant said the business spoke to a wealth of parties and groups throughout this last seven months, including crowdfunding, private equity and brewers.
He said: “Crowdfunding for a £40m project wasn’t a realistic option. Private equity would have created too much external pressure to hit the return on investment in a short period of time.
“I believe this could’ve created too much pressure for the brewery and thus perhaps lead us to making the wrong decision for our beer, our people and the direction of Beavertown.”
Plant said ambition was the driving force behind opting for Heineken
Plant said: “Heineken is a proud, independent global brewer but it also remains a family brewer. That family connection means they take a long-term view which Bridget and I value. From the family through to every person I’ve met in the company, the passion for quality has been paramount.
“It’s been front and centre of all our discussions and why I’m confident the partnership will give us the ability to make our beers even better.
“The dreams I had in the kitchen have exploded beyond all proportions. I truly believe this is a magical time within our industry and I want to give Beavertown and its team the opportunity to take our beers and their experiences as far and wide as possible.”
He also stressed that the new partnership would result in job creation, rather than the loss of any positions.
“Nothing will change within the business of Beavertown, other than the building of Beaverworld which we hope will create up to 150 new jobs in London and the UK over time. That number doesn’t include the new jobs created throughout the bar division once that gets up and running,” he said.
Plant also added that there will be no pressure from Heineken to cut costs at Beavertown.
He said: “This was one of the main objectives communicated throughout this whole process when talking to all parties. They will have no influence on our brewing decisions, what we decide to do will be decided by us, for us.
“They are investing in Beavertown for Beavertown to be even more Beavertown. Why would they come in and change what we have achieved to date, that is exactly why they are investing in us. For us to continue to create and improve what we do and how we do it across all areas of the brewery.
“This is about taking our brewery, beers and people on a great journey, to push the boundaries of what we can achieve together and hopefully expand the beer market, getting more people drinking great beer.”
