![\"\"](\"https:\/\/www.thebusinessdesk.com\/_files\/images\/apr_23\/North-Brewery-2-300x199.jpg\")
<\/p>\nA Leeds-based brewer and bar chain has gained a funding package worth \u00a3375,000.<\/p>\n
Bibby Financial Services (BFS), struck a deal with North Brewing Company for the Confidential Invoicing Discounting (CID) package, to support the business\u2019s cashflow and enable the founders to focus on future growth.<\/p>\n
<\/u>North Brewing Company started its life as North Bar on New Briggate high street, which was founded in 1997 by John Gyngell and Christian Townsley.<\/p>\n
After opening several more bars, the pair\u2019s passion for great beer led them to found North Brewing Company in 2015, brewing their own range of local craft beers.<\/p>\n
<\/u><\/u>North now operates 10 bars and produces around 20,000 hectolitres of beer every year which is sold into supermarkets, restaurants, and bars across the world.\u00a0<\/u><\/u><\/p>\n
As the business continues to supply an increasing number of domestic and international customers, the new funding line from BFS will allow its co-founders to manage cashflow, so they can focus on planning ahead and growing the business.<\/p>\n
<\/u><\/u>To facilitate the deal, the firm was introduced to BFS\u2019s commercial team by Conor Smyth at TFS Finance Ltd, an independent commercial finance brokerage focused on the SME market.<\/p>\n
<\/p>\n
<\/u><\/u>BFS\u2019s Yorkshire-based deal-team – led by Ian Hayes – structured the Confidential Invoice Discounting funding facility.<\/p>\n
<\/u>Gyngell said: \u201cWe\u2019re so proud of where our business is today, in large part thanks to our great staff and a lot of love from our customers and community.<\/p>\n
“But, as a business owner, cashflow is a daily concern, especially over the past 12 months.<\/p>\n
“It\u2019s been a really tough year for the brewing industry, due to a combination of challenges, such as the rising cost of grain, energy, shipping, and the impact of Brexit on international business operations.<\/u><\/p>\n
<\/u><\/u>\u201cIn order to grow the business, we need to be able to focus on the future, rather than just respond to the day-to-day.<\/p>\n
“BFS\u2019s funding and support gives us the breathing space to concentrate on what we\u2019re best at, plan ahead for business growth over the next few years and have more time to enjoy the day job.\u201d<\/p>\n
<\/u>In 2020, North signed a lease for a larger, 21,000 sq ft former Victorian Tannery in Springwell, Leeds, which it converted into a modern brewery, taproom and workspace. It now serves as the business\u2019s HQ.<\/p>\n
<\/u><\/u>The brewery has also been expanding its footprint, with beers now stocked in leading supermarkets and restaurants across the UK, and sold abroad, including in markets such as Japan, China and Australia.<\/p>\n
Within the past year, North has opened its first two bars outside of Yorkshire, in Birmingham and Manchester, and has launched its own beer festival – Springwell Sessions.<\/p>\n
<\/u><\/u>Conor Smyth, senior funding partner at TFS Finance, said:\u00a0\u201cNorth Brewing Co has seen huge success over the past 26 years in its local bars and brewing operations, and is also seeing growing national and international demand.<\/p>\n
“This has made managing cashflow a much bigger task, especially considering the challenging economic landscape.<\/p>\n
“The BFS team were great partners to work with, as they demonstrated their ability to tap into the business\u2019s needs and deliver a suitable funding line in just a couple of weeks.\u201d<\/u><\/u><\/p>\n
Ian Hayes, business development manager at BFS, added: \u201cNorth has been incredibly resilient over the past few years, but as the business and external challenges have become more complex, the business\u2019s leaders have seen their time and energy eaten up thinking about cashflow.<\/p>\n
“We quickly worked to understand their needs and pressures and deliver a funding line that would take the weight off John and Christian\u2019s shoulders and minds, so they can focus on the future of the business.”<\/p>\n","protected":false},"excerpt":{"rendered":"
Deal will strengthen cashflow, while fuelling national and international expansion<\/p>\n","protected":false},"author":238857,"featured_media":2107433,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"coauthors":[62387],"class_list":["post-2107432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","tag-featured-story"],"yoast_head":"\n