Decision details

Opportunity Investment Fund – award of contract to Pressure Drop Brewing Ltd

Decision Maker: Director for Regeneration

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Decision:

This report was approved under delegated authority for the award of a loan agreement to Pressure Drop Brewing Ltd for the value of £155,000 subject to the approval of planning permission for change of use.
The business will use the loan in order to refurbish the property to operational standards and to purchase new equipment. Works include a new tiled floor, removal of an existing mezzanine, general renovation of the unit, installation of a new 32HL brewery, fermenting tanks, steam systems and cooling systems, cold rooms, storage facilities and a packaging line. They also intend to make the most of the additional operating space by installing a tap room, open to the public.
OIF will be used specifically for the building works including an epoxy screed and tiled floor and drainage works, which will cost around £90,000 and purchase and installation of a steaming and cooling system (£65,000).

Reasons for the decision:

Officers’ recommendations have been approved by the Tottenham Programme Delivery Board on 6 February 2017, following evaluation of a funding application by officers, including the OIF Advisory Group made up of officers from LBH and GLA.
The recommendation is to award Pressure Drop Brewing Ltd a loan agreement for the value of £155,000 subject to the approval of planning permission for change of use.

Alternative options considered:

The project has been recommended for approval based on the evaluation of an application and business plan solicited through an open bidding round.
The evaluation process is set out in the OIF application pack and assesses applicants’ proposals on the contribution to core criteria of the fund, strategic objectives as set out in the Tottenham Strategic Regeneration Framework and the financial and operation competency of the applicant.

Publication date: 18/07/2017

Date of decision: 20/03/2017

Accompanying Documents: