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Brewdog share issue raises bar
by tim sharp - 11/05/2011
"THE fast-growing Aberdeenshire beer company Brewdog is poised to conduct another multi-million pound fundraising scheme in an effort to boost capacity and extend its bar opening programme."
The Fraserburgh-based firm has pencilled in a £2m share issue for June.
Brewdog previously raised £642,000 under its “Equity for Punks scheme” last year, which enticed investors with a discount on its products.
Managing director James Watt told The Herald: “We are growing far faster than envisaged.”
Some of the proceeds will be used to increase production capacity at its new brewery at Dyce on the outskirts of Aberdeen, which is due to open in 2012.
Last time its shares were sold for £230 each. With the new share class, the shares will be offered for around £90 each.
Brewdog saw UK sales surge 230% last year, despite a declining beer market.
It is also recording burgeoning demand from overseas where more than half of its produce goes.
Last month, Brewdog recorded £500,000 of sales for the first time.
But problems with capacity recently led it to cut supplies to some on-trade distributors and national pub chains in an effort to maintain sales to other customers.
It has also been brewing some of its products destined for export at the London premises of fellow craft brewer Meantime.
If the Brewdog fundraising is successful, it plans to extend its bar opening programme to unveil two more this year. Another five are expected to open in 2012.
The four-year-old company opened its first pub in Aberdeen in September, and last month added another on Edinburgh’s Cowgate.
An outlet on Glasgow’s Argyle Street near Kelvingrove Park will open in the next 12 to 14 weeks, Mr Watt confirmed.
It is also considering sites in London, Manchester and Birmingham.
The company has attracted attention for its unorthodox approach to brewing – including extremely high strength beers.
The flagship brand Punk IPA still accounts for around half of its sales.
Brewdog’s pre-tax profit for last year came in at £300,000, well ahead of its £147 earnings of 2009.
More Details: http://www.heraldscotland.com/business/corporate-sme/brewdog-share-issue-raises-bar-1.1096657?63846
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