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A West Coast brewing company has announced a $100 million expansion plan which will include opening a chain of bars and restaurants in major Australian and New Zealand cities.
Just six months after buying small Westport business Miners Brewery, Westcoast Brewery this week released its prospectus and says it is embarking on a major capital raising exercise.
Within five years, it hopes to have established about 40 West Coast bars and restaurants.
Founder and former Coaster Paddy Sweeney said he has already raised $1m in seed capital to get the company off the ground.
So far this week, more than 200 investment statements have gone out to interested parties. An extensive advertising campaign incorporating print, radio and television will be launched soon.
Mr Sweeney said the money raised from the first prospectus would be used to buy labelling and bottling machines for the Westport brewery, and to start acquiring high-profile bars on both sides of the Tasman.
"It should see us with one, if not two bars, under construction or purchase by March."
He declined to say what the bars would be worth, but said the collective value in five years time could exceed $100m.
All profits would come back to the West Coast-based company.
He said the plans were ambitious but the principals involved in the company -- including Rich List businessman John Hynds -- had the "wherewithal to carry them out".
The first prospectus offer is 34c a share, but Mr Sweeney predicted that by next year the same shares would be worth $1 each.
- NZPA
