St Austell agrees refinance package
Cornish brewery St Austell has agreed a £40 million “bilateral funding facility” from Royal Bank of Scotland and Barclays.
The independent company, one of the largest in the UK, will use the money to invest in it existing site and brewing facilities, as well as develop new products for its ranges.
With an annual turnover of £100m and employing 1,000 people, it is one of the most successful craft brewers still in private hands in the south west and the country at large.
RBS’ banking team in Bristol supplied a £10m loan and a £12.5m revolving credit
facility (RCF) and Barclays provided a further £12.5m RCF and £5m working capital.
Colin Stratton, finance director at St Austell Brewery, said: “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.”