Scotland business

BrewDog eyes US investors for expansion

BrewDog bottles Image copyright BrewDog

Craft brewer BrewDog is to launch a further round of crowdfunding, to help fund a major expansion in the US.

The Aberdeenshire-based company plans to replicate the success of its ongoing Equity for Punks scheme in the UK by turning to US residents for backing.

Cash raised from the US scheme, to be launched in May, will in part be used to open a new US base in Ohio.

BrewDog said recently it had raised a record £13.5m in the fourth round of its UK Equity for Punks scheme.

It has set a target of £25m by the time the round closes in April.

'Technologically advanced'

Crowdfunding involves companies raising small amounts of money from a large number of people, typically via the internet.

Ellon-based BrewDog estimates initial costs of establishing its North American base and a network of BrewDog "brewpubs" across the country at about $25m (£17.5m).

The construction of a new 100,000 sq ft brewery in Columbus is already under way. The company claims it will be "one of the most technologically advanced craft breweries in the world" when it opens in August. BrewDog estimates that more than 120 staff will be employed there.

Image copyright BrewDog
Image caption Work is under way on BrewDog's planned brewery in Columbus, Ohio

BrewDog has been expanding rapidly, after raising more than £20m through crowdfunding since 2010.

In its "draft" results for 2015, it announced turnover increased year-on-year by 52% to £45m, with UK sales up by 130%.

'Laying foundations'

The company, whose flagship beer is Punk IPA, opened 17 new bars around the world last year, including craft beer venues in Brussels, Rome and Hong Kong as well as the UK.

This year it plans to set up shop at a number of new locations, including Amsterdam, Warsaw, York and Berlin.

BrewDog co-founder James Watt said: "2015 was a great year for BrewDog in and of itself, but it was also about laying the foundations for the next five years of growth."

The firm's full results will be announced at the end of February.

The company was founded nine years ago in Fraserburgh by Mr Watt and Martin Dickie, and now employs 580 people.

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