Boost for Wicklow Wolf brewers with €2 million investment
Irish craft beer brewing company Wicklow Wolf are set to add 20 jobs and significantly expand their production capabilities after receiving an investment of €2 million from HBAN (Halo Business Angel Network).
A joint initiative by InterTradeIreland and Enterprise Ireland, HBAN’s Food Syndicate is the main financier of the deal, contributing €722,000. The remainder of the investment comes via support from Enterprise Ireland and a number of private investors
The investment will allow Wicklow Wolf to boost their production capacity 15-fold with a new, larger brewing site in Wicklow. They hope to increase their turnover by 48% this year to €58 million as Ireland’s craft beer industry continues to mature. In the future, the company hopes to bring its beer to the US, Asia and Europe.
Co-founder and CEO at Wicklow Wolf Brewing Company, Quincey Fennelly, says: “Wicklow Wolf started off small, selling to local pubs and off-licenses. We wanted to make sure we had a solid base at home before we even thought about selling abroad. As soon as we started brewing, the local support we received from the people in Wicklow was unbelievable and it continues to be just as strong.”
The HBAN Food Syndicate, chaired by Stephen Twaddell, was previously president of Kellogg Europe and is now chair of Wicklow Wolf. The angel investors also bring considerable experience of success to the table, meaning that Wicklow Wolf will be able to draw on that expertise going forward.
Fennelly adds: “It’s not just about funding; the angel investors from the Food Syndicate have years of experience in the food and beverages industry. They’ll have a big role to play when we expand overseas, helping us to avoid the mistakes and pitfalls that others before us have fallen into. Their knowledge and experience in manufacturing, distribution and international marketing will be of enormous value to the future of our business.”
Stephen Twaddell comments: “The Food Syndicate was very struck by the early success of Wicklow Wolf and how committed Quincey and Simon were to their business plan. They had been through the Food Works Ireland programme, a joint initiative between Enterprise Ireland, Bord Bia and Teagasc, that aims to develop food entrepreneurs. That provided them with very good grounding, but they also have their own spirit and zeal and we could really feel that. Investment decisions for the syndicate are never easy, but this was a stand-out initiative.”
HBAN is currently on the look-out for more business angels to invest in high-potential start-ups like Wicklow Wolf. From Wednesday 9th November, the Business Angel Roadshow will travel to Waterford, Cork, Galway and Dublin, sharing information on what is required to become a successful business angel investor with prospective angels.
