Accountants picking over the remains of BrewDog, the “punk” beer company that collapsed earlier this year, have said that creditors who are owed about £190m will not be paid back.
AlixPartners admitted on Thursday that creditors owed more than £190m were also unlikely to get their money back.
James Watt, who co-founded BrewDog with friend Martin Dickie in 2007, has before said that he was left “heartbroken” by the brewer’s collapse.
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How
Summarized version
The deal in March did not includemost of BrewDog’s chain of bars, with 38 closing and 440 staff losing their jobs. A separate sum of £3.6m owed to HMRC will be paid back.
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There are ‘insufficient funds’ to pay unpaid wages, tax owed to HMRC and overdue bills, accountants say.
Accountants picking over the remains of BrewDog, the “punk” beer company that collapsed earlier this year, have said that creditors who are owed about £190m will not be paid back.
Earlier this year, the US cannabis and drinks company Tilray snapped up BrewDog’s brand, intellectual property, UK breweries and 11 bars in a rescue deal for about £33m, agreed after the brewer fell into administration.
The collapse rendered worthless the investments of 200,000 “equity punks”, the small investors who crowdfunded the business.
AlixPartners admitted on Thursday that creditors owed more than £190m were also unlikely to get their money back.
Supposedly “preferential” creditors of the bars business who will not get their money back in full include the UK government.
A separate sum of £3.6m owed to HMRC will be paid back.
James Watt, who co-founded BrewDog with friend Martin Dickie in 2007, has before said that he was left “heartbroken” by the brewer’s collapse.
After being rebuffed in a bid to buy BrewDog back, he also launched a new beer business, Second Best, and has offered former BrewDog investors free shares in the business.
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