‘A vote of confidence’ – Brewery amazed by response to investment call | Eastern Daily Press
‘A vote of confidence’ – Brewery amazed by response to investment call
Aaron Mc Millan reports for Eastern Press Daily
Photos by Lily Waite, Theresa Undine, James Beeson and Mark Newton
A Norfolk brewery has been left humbled by the response to investment after raising over £300,000 in just three days as they look to revolutionise its business.
Duration Brewery in West Acre, near Swaffham, started a Crowdcube on May 25 looking to raise £350,000 through investors to fund a destination taproom, improve the water treatment plant and continue the brewery’s annual cellar expansion that will see Duration reach an annual capacity of up to 5,000 hectoliters by 2025.
The brewery, which was founded by Derek Bates and Miranda Hudson, has already obtained planning permission to build a taproom and visitor centre transforming the crumbling south end gable of the barn to include a commercial kitchen, two floors and a huge glass window bringing in natural light and Norfolk’s countryside.
The fundraising also has a stretch goal of £1m will mean the brewery can also add a laboratory, a new event and workspace, a fourth brewing vessel, upgrade its canning line and enhance its sustainability drive with a rainwater recapture system and a fruit orchard.
Miranda Hudson, managing director for Duration said the investment feels like a vote of confidence.
“We have been utterly humbled and just blown away by the uptake the campaign has got,” she said.
“We never in our wildest dreams expected this level of uptake and so many of the pledges are coming in from East Anglia too. It just goes to show the power of the crowd behind a small independent business looking to champion brewing from farm-to-glass.
“We build Duration with a passion to make good beer, with good people in a way that respects where we are and Norfolk is letting us know they are behind us 100%
“All investments big or small are hugely appreciated. It’s like a vote of confidence in what we are doing and after the challenges of the last few years having a clear sign ‘keep going’ means everything.”
Duration already has some larger shareholders who helped them get off the ground, now they’re looking to build a community around the brewery.
They are offering up 15.21% of the company and seeking investors of all sizes. Shares start from £50 with investors being awarded lifetime discounts and invites to special events.
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