Redwood Bank has provided £630,000 external funding to a Devon pub and micro-brewery. 

The company behind the Totnes Brewing Company converted a number of flats and storage space into eight fully-serviced offices.

The renovation of the period property effectively allowed the brewery to create a new venture, known as the Library Rooms, which allowed it to spread risk.

Kevin Thomson, sales director at IFA Connect, who introduced the case to Redwood Bank, said: “Initially there were issues with the risk associated with lending to a freehold pub and bar. 

“The sector, and perceived start-up business, made it difficult for us to fund via a high street lender.

“The bridging finance to fund the redevelopment was expensive, and the clients needed a more sustainable long-term solution. 

“Redwood Bank was the solution, and they’ve been brilliant, making fast, common sense decisions, which ultimately propelled this local British business into its next period of growth.”

John Hall, business development manager at Redwood Bank (pictured above), added: “We worked with the client to find the missing piece of the financial jigsaw, which was the serviced office units which helped to spread the risk in the proposition.

“We are delighted to help an entrepreneurial small business grow, helping them capitalise on the opportunities to diversify and become even more successful.”