Camerons brewery announces £24.7m funding deal
8th January, 2013 by Andy Young
North East brewer Camerons is targeting “growth and new opportunities” after agreeing a £24.7m funding package with Newcastle team at Royal Bank of Scotland Corporate & Institutional Banking (RBS).
Camerons currently owns 69 pubs across the north of England and last year produced around one million hectolitres of beer. The brewery’s best-known ales include Strongarm Ruby Red Ale and Trophy Special.
The majority of Camerons is owned by chairman David Soley, who has 76% of the business along with his family, the remaining 24% is owned by Heineken UK , with which Camerons also maintains a significant contract brewing agreement.
In announcing the deal Soley said: “Royal Bank of Scotland provided us with a competitive refinancing offer which we are delighted to have received.
“We pride ourselves on our strong independent, customer-focused business model and continue to seek further opportunities to grow our presence in prime North East markets.”
Camerons and RBS first started working together in 2004, when the bank started its support with spending on the brewery and the acquisition of pubs.
Graham Robinson, relationship director for RBS CIB said: “Camerons is a very strong business and we are delighted to support the firm in this latest deal. They have some exciting growth plans for increasing their brewery output and spread of customers, and we look forward to working with the brewery long into the future.”
The £24.7m deal is scheduled to run over three-and-a-half years and follows Joule’s Brewery and the Co-operative Bank agreeing a financing deal earlier this week.