Craft accelerator Founders First building national venue chain
ASX-listed craft beverages accelerator Founders First has acquired two hospitality venues that will showcase its portfolio of brands.
The company on Friday informed the ASX it had acquired Potters Brewery and Brasserie in the Hunter Valley, NSW, for approximately $1.5 million.
“Founders First plans to upgrade and rebadge the existing, high-quality and award-winning brewery to ‘Foghorn Brewery, Hunter Valley’,” the announcement revealed.
“Founders First plans to further invest approximately $2 million to redevelop, rebrand and activate the licensed premises, with a staged investment approach commencing 3Q FY2020.
“Founders First’s partner branded products are expected to be on tap and available for take- away sale, supported by a planned program of brand activation to drive awareness and trial and volume sales through the outlet.”
Founders First acquired a stake in Newcastle’s Foghorn Brewery in early 2019.
Also on Friday, the company confirmed settlement of its acquisition of a hospitality venue in Moonee Ponds, Victoria, which is scheduled for opening in May 2020.
“The Moonee Ponds venue is planned to showcase the portfolio of brands within the Founders First brand artner community; providing an exciting and engaging platform to stimulate consumer and retail customer brand trial, awareness and advocacy and in turn, driving increased brand sales,” the company said.
Founders First says these are the first in what will become a national chain of craft concept venues to support its brands.
The company listed on the ASX on December 17 last year, following the completion of an IPO that raised $15,780,900, representing 26 per cent of its total issued share capital.
The company made its first investment in Jetty Road Brewery in 2017, and announced a raft of additional deals with other beverages producers in the lead up to the float.