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Portfolio boosted by a third

BrewDog acquires Draft House pub chain

James Watt

James Watt: first acquisition (photo by Terry Murden)

BrewDog has made its first big acquisition by taking over the Draft House chain of pubs founded by beer industry entrepreneur Charlie McVeigh.

The 14 Draft House sites in London and the South East will increase BrewDog’s pub portfolio by more than a third, from 33 currently.

All of Draft House’s 213 staff will be retained and that there will be investment in the company which was launched in 2009 in Battersea.

In 2016 it opened a bar in Milton Keynes, its first outside London.

Mr McVeigh said his business “couldn’t be in better hands” and will now be run by David McDowall, managing director of BrewDog’s bars business.

BrewDog also has 17 international bars and was given a £1bn valuation last year after American investors TSG Consumer Partners paid £213m for a 22% stake.

The deal saw Mr Watt’s stake drop from 35% to 25% of the company, though he remains the largest shareholder, while Mr Dickie’s share fell from 30% to 22%. They shared a windfall of roughly £100m.

The company last week reported a fall in profits after heavy investment in the business which is planning a brewery in Australia.

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