Funding. News - 24 August 2021

MEIF Debt Finance backs Derbyshire brewery with £150,000 funding package

Howard Town Brewery has secured a £150,000 funding package from the Midlands Engine Investment Fund East & South East Midlands Debt Finance fund, managed by Maven Capital Partners and backed by the Coronavirus Business Interruption Loan Scheme.

Glossop-based Howard Town Brewery is an award-winning brewery that produces a wide selection of cask beers under the Howard Town brand and craft beers under the Distant Hills brand. Along with operating its own public tap room at the brewery, the business supplies its signature beers across many pubs, bars and restaurants in Derbyshire, Greater Manchester, Lancashire, Yorkshire and Cheshire.

The funding will create five new jobs within Howard Town Brewery’s hospitality and sales division, while also deploying a new social media marketing strategy and developing the range of craft beers sold under the brewery’s Distant Hills brand.

Jason Greenway Chairman for Howard Town Brewery comments: “We’re delighted to have secured the loan. It provides the business with certainty going forward and enables the team to now push forward with our exciting plans to grow the business.’’

 Sajeeda Rose, Chief Executive of D2N2, said: “I’m delighted to see the Midlands Engine Investment Fund supporting dynamic and ambitious businesses. Howard Town Brewery is a great example of a firm innovating and adapting to accelerate growth and provide job opportunities, supporting our collective ambitions to rebuild and grow our economy.”

 Jonathan Lowe, Investment Director for Maven adds: “Many businesses have been affected greatly by the challenges brought about by Covid-19, having said this, Maven is pleased to have been able to assist Howard Town Brewery with this funding package, enabling it to achieve it growth plans.”

Lewis Stringer, Senior Manager at the British Business Bank, said: “We’re delighted to see this recent investment in a High Peak business, confirming the region’s strength in the food and drink sector. MEIF funding is increasingly supporting businesses to recover from the Covid-19 pandemic, create jobs and drive growth.”

Midlands Engine Investment Fund

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

The Coronavirus Business Interruption Loan Scheme (CBILS) was managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy (BEIS). The scheme ended on 31 March and has been replaced by the Recovery Loan Scheme.

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