The West Berkshire Brewery Plc - Convertible Loan Note
Company Name:The West Berkshire Brewery Plc - Convertible Loan Note Minimum fundraise:£0* High Share Price Bid:£0
Business Sector:Food and beverages Total Funds Bid to Date:- Low Share Price Bid:£0
Auction period:01 Dec 2017 - 29 Mar 2018 Indicative Share Price:0.00 Average Share Price Bid:£0**
*The company will accept oversubscription.
**In the event of significant oversubscription, shares will be allocated to bids at the average price and above.
NOTE: ASSET MATCH HAS NEGOTIATED AN “ASSET MATCH INVESTOR BONUS” FOR INVESTORS IN THIS TRANSACTION. SEE THE “OVERVIEW” SECTION BELOW FOR DETAILS.

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The West Berkshire Brewery Plc - Convertible Loan Note

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Company info

CONVERTIBLE LOAN NOTE

Equity

  • ​EIS funding to date: c. £9.8m
  • Price of last fundraise: £3.15 per share
  • Market capitalisation of equity: c. £13.9m

Convertible loan note

  • Proposed fundraise: Up to £2.0m
  • Interest: 6% per annum, payable semi-annually on 31 January and 31 July
  • Maturity: 5 years
  • Conversion price: £4.00 per share
  • Transferability: Freely transferrable and may become CREST eligible

Background to the convertible loan note

The Company has previously raised c. £9.8m under the Enterprise Investment Scheme (EIS) from a broad group of individual shareholders. This existing EIS money has helped to fund the Company's brewing and packaging project, which is a £6m project to create a cutting edge brewery and packaging line in Berkshire. The brewery is now producing award-winning bitters and lagers, the packaging line is attracting demand from regional brewers across the country and has recently opened a new Taproom and Kitchen to showcase its products and offer an immersive and unique experience to beer lovers everywhere.

EIS capital is not available for the purchasing of existing pubs, however, and it is because of this that the Company has decided that it needs a different pool of cash available to be able to fully exploit the opportunities that are available in the pub market. The Company is therefore seeking to purchase freehold, urban pubs, which it believes will enable it to secure its supply line, raise the profile of its products and provide a spearhead for the growth of sales in new geographical markets. This convertible loan note, the Company's first, will be used to invest in these opportunities.

 

This summary should be read in conjunction with all documentation made available on this site. Please read the supporting documentation carefully before making any investment decision.

Instructions

You are reminded that investing in early stage and unquoted businesses involves risks, including illiquidity, lack of dividends, loss of investment and dilution, and it should only be done as part of a diversified portfolio. Asset Match is targeted exclusively at investors who are sufficiently wealthy and sophisticated to understand these risks and make their own investment decisions. 

If you have registered with Asset Match as a shareholder of a company on the platform, you are reminded that you will need to certify that you are either a High Net WorthCertified Sophisticated Investor or Self-Certified Sophisticated Investor.

Instructions

  1. If you are interested in investing, please email us via dealing@assetmatch.com, confirming how much you are looking to invest and we will send you a completed application form to sign. Alternatively, you can download the application form (within the Offering Document) from the Company Documents section and complete the relevant sections yourself. Please return the completed form along with a cheque (made payable to The West Berkshire Brewery PLC) to:

Mr T Lucas
Finance Director
West Berkshire Brewery
The Old Dairy
Frilsham Home Farm
Yattendon
Berkshire RG18 0XT

If possible, please email us a copy of the form to dealing@assetmatch.com, so that we can register your investment and update this page.  If you have any queries, please do not hesitate to contact us.

Key People

David

David Bruce Chairman

David’s forty-eight year entrepreneurial career in the international brewing industry and licensed trade started in 1966 when he joined Courage, Barclay & Simonds in Reading, Berkshire, as a brewery management trainee. Having learnt to brew, he became the Brewer and Sales Manager at Theakston’s Brewery in Yorkshire before co-founding not only Bruce’s Brewery and the Firkin Pubs in 1979 but also the Small Independent Brewers Association (SIBA) in 1980.

Having sold Bruce’s Brewery and the Firkin Pubs for £6.6 million before the age of forty, David became a co-founder and investor in a number of start-up breweries in Paris, Brooklyn, Denver and Seattle before returning to the UK to develop his pub interests.

In 1993, David became the largest private shareholder in Grosvenor Inns PLC and, as Development and Marketing Director, was responsible for rolling out The Slug & Lettuce chain of branded bars. In December 2000, David co-founded with Clive Watson (and became Chief Executive of) The Capital Pub Company PLC, which raised over £15 million under the Enterprise Investment Scheme, was floated on AIM in 2007 and was sold in July 2011 to Greene King for an enterprise value of £93million. This provided the original Enterprise Investment Scheme investors with a threefold return on their net of tax investment.

In November 2006, David became a founding investor in the Enterprise Investment Scheme-funded Country Food & Dining group of companies of which he is Chairman. To date, this group of companies has raised over £7.5 million which has been invested in eight farm shops, providing primarily locally-sourced produce and food and drink retailing through on-site cafés.

In October 2011, again with CliveWatson, David co-founded and became Chairman of The City Pub Company (East) PLC and The City Pub Company (West) PLC which have, between them, raised £8 million under the Enterprise Investment Scheme, and currently own seventeen free houses, including three microbreweries, between Bath and Norwich via London and Brighton.

   
Tom

Tom Lucas Managing Director

Tom is an ACCA qualified accountant. He joined WBB in 2008 and has a thorough understanding of all aspects of the business, having played an important role in the Company's development over the last two years.

   
Simon

Simon Robertson-Macleod Non-Executive Director

Simon has been involved in the drinks industry for over forty years. Having worked for Martell in Cognac and Deinhard in Koblenz, he joined Scottish & Newcastle Breweries in November 1973 and stayed with them for twenty-two years, his last role being Director of Major Accounts for William Younger & Company. He joined Fuller’s in October 1995 as National Accounts Controller (Brewers and Multiple Pub Groups) and retired in 2013 having overseen a growth of 400 per cent. in sales of cask London Pride. Simon is also a non-executive director of Ossett Brewery in Yorkshire.

   
Andrew

Andrew Dickson Production Director