BrewDog to open its first BrewPub in London
Think of all the wonderful things you can do with money given freely. In October 2017 BrewDog launched its fifth round of crowdfunding. Since 2009, its previous four rounds have raised around GBP 41 million (USD 55 million), enlisting over 53,000 shareholders and making it one of the most successful investment crowdfunding offers of all time.
“Equity for Punks V” seeks a minimum of GBP ten million (USD 13 million) and GBP 50 million (USD 66 million) at the most. By mid-November 2017 about GBP five million had been raised.
Earlier this year, BrewDog accepted GBP 213 million (USD 282 million) from private equity firm TSG in exchange for a 22 percent stake in the brewer. This valued BrewDog at GBP one billion (USD 1.3 billion). The current funding round has pegged a valuation of GBP 1.7 billion (USD 2.3 billion) if it is fully subscribed. That is a pretty hefty leap since TSG jumped aboard.
Amongst other projects, BrewDog will spend the money on opening 15 more bars in the UK and a brewpub in London, slated to start business early in 2018.
BrewDog already has six London bars. The new location near The Tower of London is cautiously titled “The Overworks”. It will be the brand’s first dedicated sour beer facility.
Though called a brewpub it will be closer to the US taproom model. It will serve small-batch beers brewed on site, unavailable outside of opening hours and indeed the room itself, unless purchased to take out. The range of beers will be supplemented by “pairing-friendly” food, as well as a “MerchZone” for the Brewdog Ultras to buy various punk paraphernalia.
This is clearly an aspirational jump for the brand in creating a dedicated microbrewery plus watering hole in London. With London’s craft beer scene showing no signs of slowing down, this intersection of independence and commercialism will make for an interesting niche.
