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EIS Crowd 15 April 2019

  • BY: Andrew Hore |
  • POSTED: 22/04/2019 |

Brewdog comes back for more cash for international expansion
Aberdeen-based brewer BrewDog has launched the sixth crowdfunding campaign in nine years. The campaign lasts until 5 July. The latest minimum funding target is £7m at £25 a B share, expenses are expected to be £500,000, and that would take total raised to £74m, including £26m raised last year. BrewDog could raise up to £50m. Each subscriber will be entered into a draw to win £1m worth of shares.
The cash will finance a brewery in Berlin called the Stone Brewing Tap Room and a craft beer hotel in London. There are also plans to open pubs in additional countries and build breweries in Brisbane and China. In 2018, BrewDog made an operating profit of £832,000 on revenues of £171.6m. There was a cash outflow from operating activities of £1.19m and capital investment was £21.4m. Capital investment is likely to be substantial over the next couple of years.
There are A, B and preferred C shares, which have additional rights on liquidation. The B shares offer additional perks and the existing 12.9 million B shares are valued at £322m at the offer price. There are 43.7 million A shares and 16.2 million preferred C shares. Even if the B shares are thought to be more valuable because of the perks, this still suggests a valuation of well over £1bn.
There is still potential for a flotation in the next few years, but BrewDog might find it difficult to retain its high valuation as a quoted company unless it starts to make much higher profit and generate more cash.

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Crate Brewery has already exceeded its target of £500,000 for a 4.7% stake in the Hackney Wick microbrewery and pizzeria. So far, £599,000 has been pledged in this EIS-eligible offer. The cash will expand the brewery and the restaurant and event spaces. Revenues were nearly £4m in 2018. Crate is one of two CrowdCube UK brewing offers. The Oxford-based Chadlington Brewery is seeking to raise £250,000, via an EIS-eligible offer, for a 7.35% stake in order to double brewing capacity and build a tap room. Sales tripled to £47,000 in 2018 and this is still very much a loss-making start-up. 

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AIM-quoted Tekcapital investee company Belluscura is seeking £500,000. So far, £258,000 has been raised. The full amount would equate to 9% of the medical technology company, which has developed the X-PLOR lightweight, portable oxygen delivery device for people with lung diseases. This product will be launched in the US later this year, prior to a launch in Europe. There is a potential annual market worth £1.2bn. 

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Ripple plans community co-ownership of windfarms
Onshore windfarms developer Ripple Energy has launched an EIS-eligible crowdfunding offer via Seedrs. If it manages to raise its target of £750,000 this would equate to a 23.2% stake in Ripple. The minimum investment is £10. So far, £454,000 has been raised
Windfarm co-ownership investment by a customer is much cheaper than installing solar panels. It will also enable cost savings and protect the consumer from wholesale price rises. Once approvals and consents are obtained for a windfarm project a community benefit society will become the owner of the project. The pilot windfarm project should be launched later this year after the money is raised. This will have the capacity to supply 800 households.

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Fintech company Nutmeg is planning to raise money via a crowdfunding campaign. It has not announced how much it wants to raise, but the wealth management services provider is keen to widen its shareholder base. Only Nutmeg customers will be able to apply for shares via CrowdCube.

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