Scotland business

Brewer Innis & Gunn hits £1m funding target in three days

Dougal Gunn Sharp Image copyright Innis and Gunn
Image caption Innis & Gunn founder Dougal Gunn Sharp said the response from the public had been "overwhelming"

Edinburgh craft brewer Innis & Gunn has announced that it has reached a crowdfunding target of £1m in just three days.

The company launched its equity crowdfunding campaign on 31 October to help it raise cash for expansion.

It sought to sell 2% of its share capital to fund four new "beer kitchens" and extend production at Inveralmond Brewery in Perth.

The brewer aims to double its turnover to £25m in the next three years.

Innis & Gunn took over Inveralmond Brewery in April after raising £3.1m through a separate crowdfunding scheme.

Image copyright Innis and Gunn
Image caption The cash will be used in part to fund new "beer kitchens"

Founder and master brewer Dougal Gunn Sharp said: "The response from the public has been overwhelming.

"We did not expect to reach the target in such a short time, we are absolutely thrilled, and grateful to all of our investors so far - we can't wait to get started on this next chapter together.

"Making great craft beer has been at the heart of this crowdfunding campaign, so it's been excellent sharing our passions with so many investors.

"Every penny we raise is going to grow our potential to make even more great beer."

In 2015, Innis & Gunn said it sold more than 23 million bottles of beer across the world, making it one of the biggest craft beer brands in the UK.

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