Little World gains funds for expansion

Perth-based boutique brewer Little World Beverages has entered a $51 million, three-year conditional debt facility with the Commonwealth Bank of Australia.

The owner of the Little Creatures and White Rabbit beer brands said the funds would be used to refinance its existing debt facilities and provide capital to develop a new brewery in Geelong.

Little World said the facility had allowed it to sign an agreement with bottling and packaging manufacturer Krones for the construction and commissioning of the brewhouse to its agreed specifications.

The project has received approval from the Geelong Council, and will be operational by late next year.

The refinancing follows Little World announcing a net profit of $9.2 million for financial year 2011, a 35 per cent increase on the previous year, in August.

At 10:20AM (WST) Little World’s stock was steady at $3.65.