BrewDog posts £37m loss despite profit claim – Daily Business

BrewDog, the Aberdeenshire-based brewer and pubs chain, lost nearly £37m last year, despite media reports that it had returned to profit.

The company, whose co-founder Martin Dickie quit earlier this month, saw pre-tax losses narrow from £59.2m in 2023 to £36.6m in the year the end of December 2024. After tax loss was £34.5m.

Earlier this year the company announced it had returned to profit, quoting an “adjusted” ebitda figure. Daily Business was asked to correct its report that it was actually heading for a loss until it was acknowledged that this was referring to a pre-tax loss, which has now been confirmed.

It follows a period of rapid expansion at home and overseas which is now being rowed back under chief executive James Taylor who has already shut 10 pubs.

Pub chains have pulled its flagship ale, Punk IPA, from 2,000 bars, though this is partly seen as a regular shifting of customer offerings.

BrewDog’s shareholders yesterday received an update on the company’s financial position ahead of the results being filed. Sales growth was flat, up just 1% to £357m.

Its largest shareholder, private equity investor TSG Consumer Partners, has agreed to lend the company a further £20m.

That is on top of high-interest loans that the brewer took out in 2022 and 2023 on an interest rate of up to 18% which will effectively wipe out those who invested in the company when TSG decides to exit. Annual interest payments are up £4m to £17.3m.

Mr Dickie’s fellow co-founder James Watt also stood back from his duties at the company to focus on other businesses.