Super Successful Brewdog Founders Reveal Funding Lie
on 05/01/15 at 10:30 amBeer
James Watt and Martin Dickie, who set up the Scottish brewery back in 2007, told BBC News that they had to lie to a bank in order to get a loan needed to install new beer production equipment in 2008.
Describing the decision to trick the lender, which the drinks business learns to be HSBC, Watt said “you have got to do what you have to do”.
The expansion funding was needed after a year of “selling a couple of cases on a good day and losing money” according to Watt, meaning they were failing to meet repayments for an initial £20,000 loan they secured to set up the company.
After coming first, second, third and fourth place in a beer competition run by supermarket Tesco in 2008, the retailer said it wanted to stock Brewdog products in 500 of its stores, forcing Watt and Dickie – who were still “filling bottles by hand” – to ramp up production quickly.