Manchester brewer Joseph Holt raises a glass to £25m RBS funding

Family-run brewer Joseph Holt Ltd has secured an eight-figure refinancing package with the Royal Bank of Scotland (RBS).

The Manchester-based company will use the £25m boost to support further growth in its pub estate, brewery business and the development of new products.

Established in 1849, today Joseph Holt Ltd owns 128 pubs across the North West.

The firm ploughed £5m into a raft of refurbishments in 2016 and will now use the finance package to acquire more community and food-led pubs .

So far this year, the company has added five new pubs to its expanding regional portfolio.

Joseph Holt finance director Phil Rowan said: “As the industry changes, we need to ensure we are in the best place to meet the needs of our diverse customer base.

“Our expansion plans will help us deliver our commitment to being an industry leader which is innovative and we are focussed on creating strong community pubs with a high quality food offering.”

He continued: “We have been working with the Royal Bank of Scotland for a very long time and value the support they have given us over the years.

“They have looked at our requirements over the short and medium term and structured our funding in a simple way, enabling us to plan for the future.”

The brewer has worked with RBS for over 150 years.

Chris Yau, relationship director at RBS and its sister bank, NatWest, commented: “The new funding package enables Joseph Holt to acquire new pubs and support their growth plans, focused on developing and expanding their Community and Pub Restaurant divisions.

“Our relationship with Joseph Holt is as strong as it was when it first started, over 150 years ago. We have supported the brewery through a range of business developments to enhance the brand and we wish the brewery every success for the future.”