Administrators Say Brewdog Lacks Funds to Repay Creditors After Takeover
A report from administrators indicates the brewer's takeover deal left insufficient money to cover staff pay and tax debts.
Administrators handling the affairs of Brewdog have said there are "insufficient funds" to pay creditors following a takeover deal involving the company, according to a report cited by BBC Business.
The administrators stated that approximately £489,000 was owed for staff wages and holiday pay at the time of the takeover, according to the report.
In addition, the administrators said £2.4m was owed to HM Revenue and Customs (HMRC) for unpaid VAT, the report said.
The BBC Business report did not specify further details on the timeline of the takeover, the identity of the acquiring party, or how the shortfall in funds arose.
It remains unclear from the available report what steps, if any, are being taken to address the outstanding payments to staff and HMRC, or whether further updates are expected from the administrators.
Sources
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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