LACADA Brewery has revealed details of its ambitious expansion plan and is poised to open a new share offer to see the Portrush-based company grow.
Lacada Brewery Limited, a co-operative business with almost 290 members, has grown from strength to strength since it first began trading in October 2015.
Four years on, it has established itself as one of Northern Ireland’s leading breweries, winning several awards along the way, including Best New Product in the 2017 Blas na hÉireann Irish Food Awards, and a coveted 3 Stars in the 2018 Great Taste Awards.
The brewery, situated in the centre of Portrush, currently employs eight people and distributes its own products.
Northern Ireland enjoys the lion’s share, although some has been exported to England, Scotland, Wales, Ireland, and Denmark.
It is seeking to raise £250,000 through new investment to realise an expansion plan, expected to take up to three years to fully complete.
Chairman, Director, and Head Brewer Laurie Davies outlined the first phase in the expansion, saying: “We’re initially seeking to upgrade and improve our equipment. We have reached the stage where sales have outgrown our initial capacity.
“This investment will see the brewery capable of doubling production, allowing us to confidently enter new markets, and with improved equipment, develop new products”.
According to the share offer document, Phases 2 and 3 would see the brewery potentially moving to its own bespoke premises with potential to add a tap room and restaurant.
Laurie continued: “When we first set up and had the idea to begin a co-operative, it was because we wanted to bring something to the community. We wanted to leave a legacy.
“Lacada has become much more than just a Brewery, it’s a brand. It employs local people. We have tourists from all over the world visiting the Brewery.
“We established the Portrush Beer Festival, which is now in its fourth year and an attraction in its own right, and we would like to increase that tourism offering in the future.”
The share offer is open to everyone. The minimum amount of investment is set at £100 and the maximum at £20,000.
Shares within the co-operative cannot be transferred and any potential investor will not be able to withdraw their investment for 3 years.
Whilst community shares can’t be withdrawn for any higher than their purchase value, investors could see dividends in the future if the membership so decides.
Rodger Doherty, one of the co-operative’s initial investors and now Director and Company Secretary, said: “Five years ago, I saw an article in my local newspaper about a Brewery seeking investment, and on a whim I thought ‘Why not?’
“Five years later here I am Company Secretary. I never thought I would get any benefits from investing, but Lacada is not just a Brewery. Due to its co-operative nature it is a family. Over the last four years I have learnt new skills, I have met many people both within and outside of the co-operative, people I now class as friends.”
If you want to find out more about investing in Lacada Brewery then visit their website, www.lacadabrewery.com