One 1926 cargo shed on the bustling Fremantle Harbour got a facelift recently, having been transformed into Good Drinks Australia’s (ASX: GDA) newest venue.
Good Drinks Australia is a passionate independent brewer with brands under its belt such as Gage Roads Brew Co, Atomic Beer Project, Matso’s and San Miguel.
The flagship site, named Gage Roads Freo, is a combined brewery, restaurant and bar and pays homage to the rich heritage of the area and building. The 100 metre long building has the capacity to sit 1,500 hungry foodies. Dedicated to building the brand of Gage Roads within the community the venue will hopefully influence sales.
The $10 million project was funded by the Company’s debt facility and existing operating cash.
Commenting on the new Fremantle venue, Good Drinks Australia’s Chief Strategy Officer Aaron Heary said: “Fremantle is a place that Gage Roads Brew Co has always been closely connected to. Our name and identity was inspired by the stretch of ocean that separates Rottnest and Fremantle.
“Gage Roads has been around for more than 15 years, but we’ve never had a place to show people what we’re all about. That’s what’s so exciting about Gage Roads Freo.”
The opening of what is now their second venue solidifies Good Drinks as more than just a beverage group.
The budding restaurateurs are keen to open five new venues within key markets following the success of their Sydney based venue which opened in September 2020.
The Atomic Beer Project is now a local favourite, drawing Sydneysiders in for a cold beer and a good meal. Distribution and retail sales of Atomic showed a marked increase thanks to the venue.
Looking to sunny Queensland, the Company is planning to develop another site into a Matso’s venue in an effort to boost the brand within the Queensland market.
Incorporating venues into their strategy obviously complements business well, with the Company delivering substantial increases across their balance sheet for FY21. EBITDA rose a massive 1,683% on FY20 to $10.7 million, spurred by the sale of 17.1 million litres of beer.
Given last year’s impressive growth, investors will be keen to see what this financial year has in store for Good Drinks Australia.
Samantha Freidin is a business journalist at Emerald Financial whilst also completing a Masters of Marketing and Digital Communications at Monash University.
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