Double success for Renaissance

CHLOE WINTER
Last updated 14:24 25/08/2014
Renaissance

ON A ROLL: Head brewer Andy Deuchars, left, with chief executive Brian Thiel, says he's 'pretty chuffed' about their double success.

Relevant offers

Business

Redwood Countdown to bring jobs Realtors eye waterfront land Support for Picton gondola plan Marlborough electronic spending buoyant 'Dirty' dairy farmer in voluntary receivership Picton gondola idea comes back to life Blessed with dynamic, diverse wine industry Wine trip is a winner for UK woman Committee chosen, dates set for sav blanc celebration Court costs go against King Salmon

To cap off a great night for Renaissance Brewing last Thursday, the company also hit its $600,000 target through equity crowdfunding.

It went on to hit its funding cap of $700,000 over the weekend.

Renaissance Brewery won the award for wheat and other grain style beers with its Black the RIPA at the 2014 Brewers' Guild of New Zealand Beer Awards in Wellington on Thursday. At the same time, the company successfully raised over half a million dollars through equity crowdfunding platform, Snowball Effect.

The platform aims to help New Zealand businesses by raising growth capital through sales of very small share lots to many people.

Renaissance Brewing went live on August 13 with the offer of 350,000 shares, or 12.28 per cent of the company, and within one week reached their goal.

Renaissance Brewing development manager Roger Kerrison said he was really proud of all their achievements.

"At the same time they accepted the trophy for Black the RIPA was the same time we hit our target.

‘"I was on a conference call to the UK at the time and I just got off and my phone lit up and I was getting texts left, right and centre saying we had won the award and hit our target."

On Friday, Kerrison said they only had $40,000 left to raise until their reached their funding cap of $700,000.

By Saturday afternoon, they were officially "fully-funded" with 287 investors on board and $700,000 to invest back into the company.

"We did about $230,000 in about 18 hours," Kerrison said.

"It's one of those things you always hope but you never really expect. We were just ticking along and then, literally, there was one large amount put in and it just went haywire."

That large amount came from a New Zealander who invested $100,000 when they bought 50,000 shares, he said. Until that day, Renaissance Brewing was averaging an investment of $42,000 a day.

A couple of people had invested $60,000, a few invested $10,000 and some had invested $2000, he said.

Most investors were from outside the Blenheim area - many from Auckland, Kerrison said.

Renaissance Brewing head brewer Andy Deuchars said he was "pretty chuffed" about their double success on Thursday night.

"It was absolutely perfect. We had a great evening. There were some really good beers and everything was as good as can be.

"I thought I couldn't feel any better than last year after winning Champion Brewery but when we reached our [equity crowdfunding] target too it was just success on top of success."

The 287 investors were now a part of the Renaissance Brewing family, he said.

"It shows they believe in us and now we have all that family out there . . it's just fantastic."

However, Deuchars said his night would have been even better if he'd won a brand-new Kia car on TV3's The Paul Henry Show.

Henry sent reporter Mike Wesley-Smith to the awards on Thursday night in search of someone to play the show's "9 in 10" game.

With a moustache that was hard to miss, Deuchars' was asked if he wanted to give it a go.

Paul Henry asked him to name nine countries, starting with ‘s' but Deuchars heard ‘f' and answered with France.

Ad Feedback

"There was a sound problem and he [Paul] was fading in and out. I knew I wasn't going to get it. But it was all fun." Deuchars said.

- The Marlborough Express

Comments

Special offers

Featured Promotions

Sponsored Content