10 Six Strings new brewery getting closer HAVING RAISED MORE than $1.95 million from local investors to expand their brewing operations local brewer, Six String Brewing Co are aiming to open their new taproom, brewery and retail area at The Sawmill in Erina in late October this year. The new facility will increase capacity from 390,000L per annum to over 1,000,000L per annum. Six Strings current manufacturing facility in Erina where they first commenced operations in 2012 will remain operational. Financing of the new facility will see investors enjoy franked dividends, capital appreciation via a potential buyout by a multinational brewer in 5 to 8 years is expected to see an estimated market capitalisation of around $14.1 million. The remaining $1m equity will be sold to investors in September. The Six Strings brand can now be found in over 400 venues across NSW and the recent success of their distributor in Queensland gaining over 50 venues, management are now setting their sights on further expansion into Victoria. This growth also supports the development of their local taproom and manufacturing facilities. Commenting on their success to date, Chris Benson, Founder and CEO of Six String Brewing Co said, “Our growth has meant we can no longer stay under the radar. Our loyal customer base continues to grow across the state and our exclusive beer partnership with Industree Group Stadium and now The Central Coast Mariners are recent examples of many accolades that have helped our growth.” Discussing the company’s growth strategy, General Manager, Brent Adams said, “the breadth of our beer portfolio as well as the inclusion of Hard Lemonade, Hard Ginger Beer and our Soda range has broadened our target market ensuring we have a product for every person, occasion and age bracket” The recent equity raising was led by Brett Hunter of DiJones Commercial in partnership with John Swaine from Smith&Swaine Accounting and Peggie Pantsos from PBL lawyers. Consistent Revenue Growth Six String Brewing Co’s July revenue numbers are up 37% year on year, as projected. “In fact every month this year has tracked almost for dollar with our cash flow forecasts, which gives our investors confidence in the growth of the business and confidence in the cash flow forecasts,” said Mr Adams. CONTINUED ON PAGE 16 BUSINESS NEWS Brett Hunter, Chris Benson and Brent Adams Please stop talking to me: Australian Workers NEW Right to Disconnect The Federal Government has moved to further regulate the relationship between work and home with new Right to Disconnect laws. The laws mean that employees have more control over when and how they choose to respond to communication from their employer outside business hours. What’s Changing? The new Right to Disconnect is part of the Closing the Loophole changes, and will apply to all employers, except small employers, from 26 August 2024. Small employers get an extra year, to 26 August 2025, before the changes impact them. The Right to Disconnect is a designated workplace right under the Fair Work Act. This means that an employer is prevented from taking adverse action (for example, performance management, discipline process or termination) against an employee because they exercised or proposed to exercise their right to disconnect. By Warwick Ryan, Partner, Hicksons Lawyers CENTRAL COAST BUSINESS REVIEW SEPTEMBER 2024
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