Brewery serves up expansion and more jobs following seven-figure backing
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A Leeds brewery is expanding its production capacity and creating new jobs, after securing seven-figure support from HSBC UK.
Northern Monk, based in Holbeck, has used the funding from HSBC UK to acquire a BrauKon 60HL Brew House, increasing the brewery’s production capacity by 280%, amounting to an extra two million gallons of beer per year.
The expansion will provide Northern Monk with the capacity to create up to 14 new jobs, in roles operating the new brew kit, as well as within the expanding business operations.
It will use its increased brewing capacity to aim to grow its volume of exports by 50% over the next 12 months.
The brewery’s growth will also enable Northern Monk to service more pubs and bars across the UK, whilst maintaining a growing supply to major retail partners.
Russell Bisset, founder and managing director of Northern Monk, said: “This expansion will help us service the increase in demand for our products that we have been experiencing solidly over the past few years.
“The new brew kit will give us the opportunity to create lots of new beer and service larger contracts, whilst maintaining our commitment to high quality brewing.”
Andrew Bennett, area director for South & West Yorkshire, Business Banking at HSBC UK, said: “We are pleased to support Northern Monk and fund the latest development of an incredibly exciting business.
“As the hospitality trade continues to reopen globally, we look forward to seeing the business continue to grow both domestically and internationally.”
Northern Monk is a Best Companies 2-star accredited independent brewery. The business was placed 49th on the Sunday Times Top 100 Companies list.
The funding was allocated from HSBC UK’s national SME Fund, part of its commitment to help British businesses innovate and grow as the country looks to rebound from the Covid-19 health crisis.
The deal was completed by HSBC UK’s Ash Khan, senior relationship manager and Roberto Pall, HSBC UK equipment finance.