Finance from two banks in Bristol is to help a Cornish brewery develop new products and invest in its pub estate.
Independent brewery St Austell secured the £40m refinancing package the Royal Bank of Scotland and Barclays.
RBS’ Bristol corporate banking team supplied a £10m term loan as well as a £12.5m revolving credit facility while Barclays provided a £12.5m credit package and working capital facilities totalling £5m.
The brewery, founded in 1851, has 174 pubs, a near £100m annual turnover and 1,000 staff.
Brewery finance director Colin Stratton said: “We benefit from a strong independent, customer-focused business model and see further opportunities to grow our presence in prime South West markets.
“The banking and business support we receive is instrumental in our success.”
