Conditions 'not right'
BrewDog puts £2bn IPO plans on ice until 2023
Investors must wait longer for a market flotation
Scottish brewer BrewDog is understood to have pulled its plans for a flotation this year.
The Aberdeenshire brewer is now said to be looking as far out as 2023 for an initial public offering, despite recently hiring City heavyweight Allan Leighton as chairman in what looked like an indication that a market move was imminent.
Co-founder and chief executive of BrewDog James Watt claims the decision to slow down plans to float was made before the brewer became embroiled in a publicity campaign by current and former employees who said there is a culture of fear at the company.
The appointment of former Asda boss Leighton appeared to signal a change of focus for a company that has built its reputation around maverick and sometimes controversial campaigns, including stunts aimed at mocking the City.
There has been talk of a £2 billion valuation on BrewDog, but it is reported that the company’s advisers have gone cold over current stock market conditions, exacerbated by supply shortages and staffing issues in the hospitality sector.
Restaurant chain Hawksmoor is also said to have delayed its planned IPO.
A Brewdog promotion which said customers could win “solid gold” beer cans was misleading, the advertising watchdog has ruled.
The brewer offered shoppers the chance to find a gold can hidden in cases sold from its online store.
But some winners complained to the Advertising Standards Authority after they discovered the cans were gold-plated instead.
The ASA upheld the complaints and said three adverts were misleading.
In response to the ASA’s ruling, James Watt, co-founder and chief executive at Brewdog, said: “We hold our hands up, we got the first gold can campaign wrong.”