£500,000 crowd-funding appeal target reached by Leeds brewery in three hours

CELEBRATING: Northern Monk reached its half a million funding target in just three hours.
CELEBRATING: Northern Monk reached its half a million funding target in just three hours.
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A Leeds brewery which launched a crowd-funding appeal so it could develop the business reached its target of half a million pounds in just three hours.

Nearly 1,000 people have helped raise the initial target and now Northern Monk Brewing Co is well on the way to raising £1m.

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The brewery, based across two sites at Holbeck, is planning to triple capacity, install a new packaging line as well as expand the wild beer and barrel ageing programme.

The cash boost, which came after the funding platform was launched last Monday, will also help fast track plans for additional tap rooms in London and Manchester in addition to the Northern Monk Refectory at the Flax Mill.

Russell Bissett, owner, said: “The North is definitely Rising. We were blown away by the level of support for what we’ve set out to do.

“We reached our target in less than three hours. There are over 1,000 of us in our business now. This means we’re now over-funding and starting to consider sites for our tap rooms in London and Manchester.

“At the moment we are looking to raise £1m and give away up to 10 per cent of our business for others that are keen to join us.”

He added that taking the Crowdfunding route enabled the business to be surrounded by and supported by like-minded thinking people.

The business has doubled turnover each year for the past three years and are set to brew more than 3 million pints in 2018, with turnover on track to hit £4m this year.

It started in a basement less than five years ago but has grown to become one of the country’s most respected and fastest-growing craft beer brands, employing 30 people and exporting to 22 different countries, including USA, New Zealand and Japan