ParrotDog's new investors gather ahead of Beervana
As Wellington craft brewery ParrotDog prepares to show off its new brewery at its annual meeting, investors have other reasons to be pleased.
A year ago 792 investors invested $2 million in the company in just two days, as part of a PledgeMe crowdfunding campaign.
On Thursday investors will gather at its new headquarters, just metres from Lyall Bay, to see where there money was spent, on a significantly larger headquarters, which replaces the brewery the founders established in 2012 on Vivian Street.
As well as enabling larger production immediately, Matt Stevens, one of the company's three founders, said the new brewery had been configured to allow it to quickly expand further by adding more storage tanks.
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The brewery was now "future proofed" for years of potential growth.
"If ParrotDog moves again, it won't be under the current management," he said.
The move has not been without troubles. Although company originally hoped to open an on-site bar in March, the need to earthquake strengthen the building means the off licence will close for several weeks from Monday. It is now hoped the bar will be open by December.
While Stevens confirmed ParrotDog's revenue target of $2.75m was hit in the year to March 31, 2017, its aim to double revenue in the current financial year included a full year of sales from the bar.
The delay has not dulled interest for the company, leaving shareholders sitting on paper gains on their investment.
The number of shareholders has grown to more than 800, with a waiting list of 30 people expressing an interest to buy.
Stevens said when an investor elected to sell their shares the company contacted those on the waiting list.
Earlier sales of the shares took place at $1.10, with the last share transaction taking place at $1.25, a 25 per cent premium at which the shares were sold, Stevens said.
Craft beer is increasingly big business, including as a tourism drawcard.
Thursday's AGM comes just ahead of Beervana, craft beer's annual two day showcase, where 67 brewers will line up to sell to thousands of fans at Westpac Stadium in Wellington.
Beervana event manager Beth Bash said 48 per cent of tickets were sold to those from outside the Wellington region, including 15 per cent to Aucklanders and 6.5 per cent to Australians.
Around 1000 official craft beer trail maps produced by the Wellington Regional Economic Development Agency (WREDA) are given away each month, with 500 a month downloaded, almost all by those living outside Wellington.
A report by ANZ released on Wednesday said New Zealand now had almost 200 breweries.
Small brewery revenue now represents about 10 per cent of the total market, with beer marketed as "craft" representing as much as 20 per cent of all retail sales.
"We estimate that in the retail setting roughly $1 of every $5 spent on beer in New Zealand goes towards a beer that is marketed as craft," ANZ's craft beer industry insights report said.
The report said the proportion of sales in pubs and restaurants was believed to be lower "with the majority of taps tied to mainstream options".