Brewing and distilling are important manufacturing industries for the UK economy and the sector has seen rapid growth in recent years, with the UK malt manufacturing industry becoming one of the largest in the world.
Thanks to a growing demand for ales and craft beers, tax breaks for smaller breweries as a result of the Government’s Small Breweries Relief Scheme and a cut in duty, the industry has also seen a phenomenal rise in small regional and local brewers and microbreweries, with the number of breweries in the UK hitting an 80 year high in 2015.
This rapid growth and increasing competition means it is important that brewing and distilling businesses receive specialist, experienced advice from advisers with a strong working knowledge of the market and the key issues affecting businesses operating within it.
Our bespoke brewing and distilling accounting and advisory services
We advise a number of clients in the brewing and distilling sector across the UK and our experience spans working with independent microbreweries to some of the larger distilleries and breweries. Our wide and varied experience includes advising our clients in relation to finding investors or funding options for future growth, acquisitions, sales, debt advisory, tax planning, VAT and duty reviews; together with traditional compliance services.
As one of the most competitive business environments to operate in, the financial aspects of managing a brewing or distilling business can be complicated. Our knowledge enables us to help you plan and address the key accounting risk areas such as the complex duty issues, VAT compliance and stock control using the benefit of our prior experience.
One of the biggest issues we encounter with our clients in the sector is cash flow management. Brewing and distilling is high in capital intensity and issues such as the rising cost of barley and hops, managing relationships with suppliers and the long production cycle of whisky means that you have to ensure that you have the correct capital and debt structure in your business for it to succeed. We regularly work with our clients to provide integrated financial cash flow projections and highlight areas where fixed costs can be reduced or the debt structure changed to help increase your chances of success and help you plan for the future.
What’s more, our brewery and distillery accountants are passionate about the sector and have a good understanding of current issues. With a network of contacts focused on the sector, including bankers, lawyers, insurance brokers and funders, we have our fingers on the pulse of the market and an understanding of the wider sector issues that may affect you. Our teams collective knowledge, experience and connections within the industry allow us to help all our brewing and distilling clients by providing informed advice on key areas and issues you are likely to encounter at different stages of growth.
For more information about the accounting and advisory services we provide to the sector, click here.
The next step
If you would like to discuss the brewery and distillery accounting and support services that we can provide for your business, please contact one of our experts, or complete the contact form.