James Watts, the co-founder of famous crowdfunding brewery BrewDog, has reportedly claimed that the uncertainty surrounding Brexit is causing negative effects on British businesses. According to the Independent, Watts stated that the Brexit process will cause “severe long-term damage” to the UK’s economy, as well as the country’s entrepreneurs. He shared with the media outlet:
“Businesses need to know where they stand, need to know whether to invest, if they can build infrastructure, if they can employ people. The uncertainty is having such a negative effect on UK businesses.”
Watts also explained that BrewDog’s decision to acquire Stone Brewing’s Berlin site was influenced by Brexit concerns.
“It’s about having the ability to be able to supply our European customers given the political uncertainty.”
Meanwhile, BrewDog’s latest Equity for Punks round has successfully secured £1 million out of its £7 million funding target. The funding round’s description reads:
“Shares in BrewDog cost £25 and the minimum investment is one share. We are aiming to raise £7 million but have a stretch goal beyond, with every penny invested being put back into the business to help grow BrewDog for the people who have joined our community of Equity Punks.”
BrewDog also noted that the funds will be used for the following:
- Outpost BrewPubs (£4M): BrewDog noted that the demand for its craft beer is huge in Europe so the first project is to open a BrewDog Outpost in France, Germany, Italy and Spain.
- Increase Ellon Capacity (£1M): BrewDog noted it would also look to expand its eco-brewery in Aberdeenshire with increased fermentation capacity for our brewhouse(s).
- ‘Hop Drop’ delivery service (£1M): Hop Drop is BrewDog’s new plan to give customers the brewery’s beer on demand and cold-deliver draft and packaged beer direct from their nearest bar to them in ten UK cities.
- The DogHouse London (£1M): BrewDog added it is bringing its successful DogHouse hotel to the UK, so it is earmarking some of the money invested in Equity for Punks to make this incredible plan a reality.
BrewDog was established in 2007 by Watt and Dickie. The brewery has more than 30 bars in the UK as well as 16 international bars, and its brewery in Columbus, Ohio, which opened in 2017. The Equity for Punks initiatives, which altogether raised more than £61 million. The brewery reported it is owned by over 80,000 people, who invested in the funding rounds in order to “change the world of craft beer, forever.”
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