New Brewdog owner mounts comeback from ‘horrible’ collapse
The new owner of Brewdog has mounted a comeback from its collapse earlier this year, blaming its “horrible” sales during its change of ownership on “negative” media reports. The craft beer firm saw sales slump by as much as 20 per cent year on year following its takeover by US cannabis and drinks maker Tilray, [...]
Brewdog, the once highly valued craft beer company, has staged a dramatic comeback after a collapse earlier this year due to its acquisition by US cannabis and drinks maker Tilray. Chief executive Irwin Simon blamed the sales slump on "negative" media reports during the change of ownership. Tilray's acquisition of Brewdog for £33 million in March marked the end of the company's dramatic downfall, which had seen it kickstart the country's craft beer obsession and once been valued at £1 billion.
Simon told reporters that Brewdog's sales were "horrible" during the transition due to negative news and the belief that the company was closing. However, the new owner has seen a "steady" improvement in its takings since the acquisition. The new owner has unveiled 11 new products, including a hazelnut-flavoured stout, a raspberry ripple IPA, and a raspberry doughnut stout, as part of its reset plan.
Tilray also appointed new marketing and bar management directors to boost sales. Despite the past challenges, Brewdog's sales have risen year on year since the new campaign launched.
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Also reported by 1 other outlet
- Give BrewDog second chance, says new owner as it invests £50m theguardian.com
