Latest news with #OperationSlingshot
The National
03-05-2025
- Business
- The National
BrewDog records multi-million pound loss in US market slump
The Ellon-based beer firm poured £4.2m into its stateside branch in 2024 but has recorded a loss of £6.7m, blaming a slowdown in the craft beer market, the Scottish Sun has reported. 'This is not pretty at all,' one shareholder told the newspaper, adding that the 'whole situation looks pretty dire'. It was reported that BrewDog has also slashed its operations in the US, with its brewery in Columbus, Ohio, running at 30% capacity. READ MORE: John Swinney urges UK's biggest news agency to reconsider Scottish job cuts The drinks firm has also cut the number of states they sell to from 33 to 14. In a recovery bid dubbed Operation Slingshot, BrewDog has ramped up its production for other US companies with contract brewing up 544%. However, CEO James Taylor reportedly insisted the US operation had turned a profit of £376,000. He said: 'It's not a disappointing result at all. 'It's not vast, but we've returned it back to profit. There is still much to do and a huge opportunity.' Accounts also revealed BrewDog USA chief John Graham stood down at the start of the year after less than two years in the role. The company's accounts showed last year that it made a loss of £59m, it was the fourth year in a row that BrewDog had posted significant pre-tax losses. Previously, it recorded losses of £12.5m in 2020, £9.4m in 2021, and £30.5m in 2022. At the time, BrewDog said the losses recorded in 2023 were 'driven by one-off impairment costs related to historic acquisitions and restructuring'.
Scottish Sun
02-05-2025
- Business
- Scottish Sun
Brewdog loses almost £7M in major US slump as firm takes hit stateside
The Scots beer giant has posted the latest accounts for its stateside operation BREWER'S DROOP Brewdog loses almost £7M in major US slump as firm takes hit stateside Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) BEER giant BrewDog has lost a £6.7million fortune in the US. Insiders slammed the 'dire' figures after bosses slashed sales across America. Sign up for Scottish Sun newsletter Sign up 3 Brewdog's base in Ellon, Aberdeenshire Credit: Alamy 3 New Brewdog CEO James Taylor Credit: SUPPLIED 3 Brewdog's latest accounts show a huge loss in the USA Credit: Getty Chiefs blamed a slow-down in the craft beer market. But one shareholder said: 'This is not pretty at all. The whole situation looks pretty dire.' Accounts reveal Brewdog, based in Ellon, Aberdeenshire, poured £4.2million into its stateside branch in 2024. Chiefs insisted revenues of £38million were up two per cent on 2023. But their brewery in Columbus, Ohio, was running at 30 per cent capacity. The firm has slashed the number of states they sell to from 33 to 14. And it is making drinks for other US companies as part of a recovery bid dubbed Operation Slingshot — with contract brewing up 544 per cent. Boss James Taylor last night insisted the US operation had profits of £376,000. He insisted: 'It's not a disappointing result at all. It's not vast but we've returned it back to profit. There is still much to do and a huge opportunity.' Accounts also revealed BrewDog USA chief John Graham stood down at the start of the year after less than two years in the role. Brewdog blagger forces security beef up Mr Taylor said: 'We plan to continue evaluating our sales distribution and focusing on more profitable markets.' We told last year how BrewDog posted a £63million loss in 2023. The firm was founded by pals James Watt and Martin Dickie in a garage in Fraserburgh, Aberdeenshire, in 2007.
The Sun
02-05-2025
- Business
- The Sun
Brewdog loses almost £7M in major US slump as firm takes hit stateside
BEER giant BrewDog has lost a £6.7million fortune in the US. Insiders slammed the 'dire' figures after bosses slashed sales across America. 3 3 Chiefs blamed a slow-down in the craft beer market. But one shareholder said: 'This is not pretty at all. The whole situation looks pretty dire.' Accounts reveal Brewdog, based in Ellon, Aberdeenshire, poured £4.2million into its stateside branch in 2024. Chiefs insisted revenues of £38million were up two per cent on 2023. But their brewery in Columbus, Ohio, was running at 30 per cent capacity. The firm has slashed the number of states they sell to from 33 to 14. And it is making drinks for other US companies as part of a recovery bid dubbed Operation Slingshot — with contract brewing up 544 per cent. Boss James Taylor last night insisted the US operation had profits of £376,000. He insisted: 'It's not a disappointing result at all. It's not vast but we've returned it back to profit. There is still much to do and a huge opportunity.' Accounts also revealed BrewDog USA chief John Graham stood down at the start of the year after less than two years in the role. Brewdog blagger forces security beef up Mr Taylor said: 'We plan to continue evaluating our sales distribution and focusing on more profitable markets.' We told last year how BrewDog posted a £63million loss in 2023. The firm was founded by pals James Watt and Martin Dickie in a garage in Fraserburgh, Aberdeenshire, in 2007.
