BrewDog sees profits skyrocket to £2.3 million
Maverick Scottish brewer and pub operator BrewDog has seen its profits skyrocket by 383% to £2.3 million for 2013, with turnover up 70% to £18 million.
The group opened a new brewery in Ellon, Aberdeenshire, in January 2013 which saw it increase brewing capacity 10-fold to 250,000 hl per year. It is in the process of further boosting production with a £4 million expansion to the brewery which is set to be completed in August 2014.
BrewDog toasts a successful 2013BrewDog co-founders Martin Dickie and James Watt (L to R) have had a successful 2013 with profits up to £2.3 million.
BrewDog opened three new bars in 2013, including its first overseas in Stockholm. So far in 2014 it has opened four bars, with one in Sheffield, and the others abroad in Tokyo, Sao Paulo and Gothenburg, bringing the worldwide bar count to 17. It has seven more in the pipeline for this year, including Dundee, Clapham, Liverpool and Rome.
In April 2014 BrewDog opened the first of its off-licences with a shop called BottleDog in London's Kings Cross. Four more outlets are on target to be opened by the end of the year.
BrewDog's growth is partly funded by its crowdfunding scheme Equity for Punks which completed its third round in 2013 raising £4.25 million in less than six months. The group has experienced an average of 285% annual growth over the past five years.
BrewDog co-founder James Watt said: "2013 was a brilliant year for us and our financial results show that. We launched our new state-of-the-art brewery part funded by Equity Punks, opened three more awesome bars including our first international bar, and welcomed 8,000 new Equity for Punks to our business.
"While tired pubs are facing closure and big breweries are reporting disappointing sales, the craft beer revolution has never been stronger and our continued growth shows just how much the UK beer scene is changing. And we are determined to change it much, much more".
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