Brewdog's unpaid workers to receive nothing after takeover deal
Summary
Brewdog, a Scottish beer company, was taken over by US firm Tilray in March after going into debt with more than £500 million owed. Many former workers and creditors will not receive any money because the company does not have enough funds to pay them after the sale. The takeover resulted in the closure of 38 pubs and unpaid bills to many businesses.Key Facts
- Brewdog had over £500 million in debts when it was sold for £33 million to Tilray in March 2024.
- Former staff are owed about £489,000 for unpaid wages and holiday pay, but will likely get nothing.
- Around £2.4 million is owed to HMRC (the UK tax authority) for unpaid VAT.
- After the takeover, 38 Brewdog pubs closed immediately, and 11 bars were kept by Tilray.
- Hundreds of businesses including coffee shops, bakers, and councils have unpaid bills totaling £20 million.
- Brewdog’s biggest debt was £61 million owed to HSBC bank, which has recovered some money but still faces shortfalls.
- About 200,000 crowdfunding investors lost their shares’ value, receiving no return.
- The company’s administrators mentioned extra security costs due to unauthorized access to closed pubs.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
