Manchester’s Historic Brewer Joseph Holt Ltd have secured a £25 million refinancing package with the Royal Bank of Scotland to further support its growth plans in the pub estate, brewery and for developing new products.
The brewer, established in 1849, now owns 128 pubs throughout Manchester and the North West. The family brewer, with their sixth generation of the family now working in the business, has been brewing award winning beers and lagers at their brewery on Empire Street, Cheetham Hill since 1860.
Joseph Holt spent £5m on refurbishments in 2016 and the financing package will be used to acquire and open more Community pubs and food-led pubs in the Pub Restaurant Division. Already in 2017, five new pubs have been acquired. The brewer has been working with the Royal Bank of Scotland for more than 150 years.
Phil Rowan, Finance Director at Joseph Holt,said: “As the industry changes, we need to ensure we are in the best place to meet the needs of our diverse customer base. Our expansion plans will help us deliver our commitment to being an industry leader which is innovative and focus on creating strong community pubs with a high quality food offering. We have been working with the Royal Bank of Scotland for a very long time and value the support they have given us over the years. They have looked at our requirements over the short and medium term and structured our funding in a simple way, enabling us to plan for the future.”
Chris Yau, Relationship Director at the Royal Bank of Scotland and its sister bank NatWest, said: “The new funding package enables Joseph Holt to acquire new pubs and support their growth plans, focused on developing and expanding their Community and Pub Restaurant divisions. Our relationship with Joseph Holt is as strong as it was when it first started, over 100 years ago. We have supported the brewery through a range of business developments to enhance the brand and we wish the brewery every success for the future.”