From humble beginnings, Siren has grown from Darron and Ryan in an industrial unit by themselves, surrounded by stainless steel, to a passionate army of more than 28 people. They've been joined by 450 oak barrels, a back catalogue of over 200 beers & even more stainless steel - now including an enviable keg and cask collection. From 210,000 pints in our first year, we’ve already brewed more than 2 million pints in 2018. It’s certainly been an incredible journey so far.
But we still get asked the same few questions on a regular basis. “Siren, when are you going to can?” and “When are you going to crowdfund?” and “Why did you call a beer The Big Inflatable Cowboy Hat?!”.
Today we are going to answer two of those questions.
We've added a second blog with some more questions --> Click Here
The 'C' Word
We have wanted to package our beer into cans for some time. However, the equipment required to can beer to the same quality standards that our bottling line sets is a huge investment. Everything we do and have done is focussed on putting the best beer we possibly can out to our customers. So we’ve held back, rather than go down routes that would have resulted in potentially inferior products hitting the shelves.
We currently pack around 20% of our beer into bottles, which is great, but it should be higher. Through independent research in the trade, we know that cans are outselling bottles on the bottle shop shelves and the best craft beer online retailers at a rate of ~20:1. This is a huge ratio.
But despite this slight disadvantage, it’s still been a solid couple of years. We’ve been working tirelessly behind the scenes to prepare for sustainable and intelligent expansion. In the meantime, crucially, we’ve made beer that we’re more proud of than ever. In turn, we’ve picked up some incredible accolades at different ends of the beer spectrum - with Odyssey 008 picking up a World Beer Cup Medal in the Barrel Aged Sour category, followed by Broken Dream being named CAMRA’s Supreme Champion Beer of Britain.
Now it’s time to take the next big step.
We have now identified 3 high-end canning lines that will do the job we want and guarantee oxygen levels (which is the biggest enemy of packaged beer), as low as we achieve with our bottling line. (This is difficult as you cannot suck the air out of an empty can like you can with a bottle, which is why it is such a big investment to hit the right levels consistently.)
So why crowdfunding?
We are lucky to have many passionate customers who want to be a part of our story, but we have never had a compelling reason to reach out to them. Well we do now. We believe that raising capital in this way will allow us to grow with the help of a brilliant community that will offer invaluable feedback and guidance. Could we make the next steps with loans and asset finance instead? Probably. But this route allows us to move now, grow more strategically and achieve our goals more quickly. We are proud to be independent and are fully committed to making exciting, flavour-forward and great tasting beer.
And, let’s be honest, we’d quite like to keep a six pack of Yu Lu in the fridge, and hit some music festivals next year armed with some super fresh Sound Wave cans.
On top of a canning line that will cost £750k-£950K, we also have plans to increase capacity, improve our efficiency and upgrade our lab and QC processes.
Since the opening of the Tap Yard at the brewery, we’ve been hugely excited by the brilliant community building around it, and the response from people who have travelled far and wide to enjoy the Siren experience. So, if we are lucky enough to over-fund to £1.5m - we’ll be rolling out this concept to city centre locations.
As of today (Thursday 25th) you can go to www.crowdcube.com/Siren to download our investor deck and watch the pitch video to get a full background on what we are doing, why we are doing it and how you can benefit.
We are confident that our offering is fairly valued with very realistic expectations. We know this is a big ask, and want to give you every incentive to join us on this journey. We’d love to have you on board!
How can I get more information about this?
By registering on Crowdcube you'll have full access to the discussion on the platform, where likeminded investors are firing in their questions. In addition, we're doing a mini Q&A tour where you can drink some amazing beer and chat to Darron about the opportunity in person. Those dates are:
Tuesday 30th October - Inn Deep - Glasgow
Wednesday 31st October - Monty's - Edinburgh
Friday 2nd November - Siren Tap Yard - Finchampstead
Tuesday 6th November - Small Bar - Bristol
Wednesday 7th November - Kilder Bar - Birmingham
When will Crowdcube take the money?
Once you have read through the investor deck and decided you want to invest, you can pledge as little as £10 to … well, whatever you like. Crowdcube will only take the money at the end of the raise, assuming we reach our target. So expect that to be 5-6 weeks from the 25th October.
Are there any incentives for investing in Siren, beyond equity?
The main incentive is to own a share in solid and growing business, with a great track record in its five short years. However, you will also be able to access income tax breaks and capital gains tax incentives as part of a government scheme to encourage access to small business. You can read more here.
We have also put together an exciting and compelling list of rewards for our investors ranging from discounts, personalised laser etched growlers and joining our team for the next maiden blend. Visit the Crowdcube page to find out more.
When will we be able to drink Siren in cans?
Assuming the raise is successful, then we will look to place our order by the beginning of December. It should be around 6 months from then when we get up and running.
Will you be opening a bar in my town?
We plan to open bars next year if we over-fund to an ambitious £1.5m target. We currently have a selection of cities in mind. Where we end up will depend on the right locations being available for us to offer the experience we're looking for. The shortlist is Reading, Birmingham, Leeds, Manchester and Bristol.
Will the discounts offered as rewards apply in the bars?
If we are lucky enough to overfund to build our new bars, the discount will apply.
How much does a share cost?
The shares in Siren will be divided by the valuation when we have finished the raise. For example, the valuation is set at £11m pre money investment, assuming we reach £750K and you invest £10,000, you will own 10,000 of 11,750,000. If we raise £1.5m then it will be 10,000 of 12,500,000.
How can I get involved?
Head over to Crowdcube where you find out more and invest in Siren.
Investments of this nature carry risks to your capital as well as potential rewards.