Camden Town Brewery loans boss GBP 2,000 for birthday party
Tut, tut. Was Jasper Cuppaidge, founder of Camden Town craft brewery, so hard up that he had to take a loan from his company before its sale to AB-InBev, UK media huffed and puffed in early January 2016.
According to documents, Camden Town Brewery gave its founder a GBP 2,000 (USD 2,800) loan to help pay for his 40th birthday bash, just months before his brewery was sold to AB-InBev for an estimated GBP 85 million (USD 120 million), of which Mr Cuppaidge and his friends are expected to pocket a cool GBP 80 million.
The loan to Mr Cuppaidge was lumped in with GBP 11,820.82 (USD 16,700) of “seller indebtedness” that Camden shareholders owed the business at the time it was taken over.
Under the terms of the sale, the debts had to be paid back to Camden Town by the time the acquisition completed. However, the loan repayment is unlikely to have proven a burden for Mr Cuppaidge.
Camden Town attracted a loyal following among craft beer enthusiasts, many of whom were angered to see the company selling itself to the world’s number one brewer.
