THE Scottish beer giant BrewDog lost £59 million last year, according to the company’s latest accounts.
For the fourth year in a row the firm has posted significant pre-tax losses.
While it recorded a losses of £12.5m in 2020, £9.4m in 2021, and £30.5m in 2022, last year’s losses are more than those three years combined.
It comes after the company’s co-founder James Watt stepped down as chief executive earlier this year.
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He was replaced by new chief executive James Arrow who said the business aimed to be returned to profitability in 2024.
BrewDog said the losses recorded in 2023 were “driven by one-off impairment costs related to historic acquisitions and restructuring".
This is believed to refer to the closure of the Hawkes cidery and taproom in London in November 2023, which the company said was due to “rampant inflation, soaring utilities costs and relentless cost of living pressures".
“The progress made in 2023 and the first half of 2024 demonstrates the appeal of our brilliant beers, the power of our brand, and the strong appetite for quality craft beer in the UK and around the world,” said Arrow.
“We are pleased to report our trading losses reduced significantly in 2023, reflecting the significant changes we have made to address inefficiencies in the way we operate.
“This will continue to be a priority as our business continues to evolve and return to sustainable, profitable growth in 2024.”
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Revenues for the company have increased since 2022, with £355m recorded in 2023 compared to £321.2m the previous year.
It comes following a string of controversies associated with the company, including its decision to abandon the real living wage and staff accusing former chief executive Watt of fostering a “culture of fear”.
Earlier this month, the company was forced to discard millions of pounds worth of beer after it became “infected” at its flagship brewery in Ellon, Aberdeenshire.
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