HSBC to Lose £17m in Brewdog Collapse
Administrators said lower-than-expected asset sales and higher costs left many creditors facing little or no recovery, while 200,000 investors saw their shares become worthless.
- Administrators at AlixPartners report a £16.8m shortfall for creditors following the collapse of Aberdeenshire-based BrewDog, noting there are "insufficient funds" to repay those owed money by the retail arm.
- The company faced more than £500m in debts before selling to US drinks firm Tilray in a £33m rescue deal earlier this year, which forced the immediate closure of 38 UK pubs.
- Private equity backer TSG is set to lose £27.6m, while HSBC holds claims exceeding £61m; Brewdog's collapse rendered shares held by about 200,000 crowdfunding investors worthless, with administrators stating these investments now have "no value."
- HMRC remains owed £3.66m in taxes, while administrators cited about £489,000 in arrears for staff wages and unpaid bills to hundreds of UK businesses total £20m.
- Asset sales like a 7.8 acre field in Potterton, Aberdeenshire generated £41,300, yet most unsecured creditors owed around £190m are expected to receive less than a penny in the pound.
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The Independent
Western Morning NewsBrewdog staff owed £490k in wages won’t receive a penny after beer giant’s collapse
Hundreds of former workers are owed around £489,000 in employee wages arrears and holiday pay
HSBC to lose £17m in Brewdog collapse
HSBC is set to lose out on more than £17m as part of the administration of Brewdog, the craft beer firm which was sold to a US cannabis group earlier this year. The bank is set to suffer a shortfall of £16.8m from its debts to the collapsed brewer while its Equipment Finance arm is [...]
In addition to former employees of the Scottish brewery, neither small investors nor other creditors will recover their money.
BrewDog Creditors Face Under 1p in the Pound After Tilray’s £33 Million Deal
Unsecured creditors of BrewDog plc are expected to recover less than one penny for each pound owed, while former staff and creditors of its bar business are set to receive nothing, according to a new administrators’ progress report. The figures expose what Tilray Brands bought for £33 million in March—and what it deliberately left behind.…
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