World · Morning Star · · 4h
‘Insufficient funds’ to pay BrewDog creditors following collapse
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A report from administrators AlixPartners said there were “insufficient funds” to pay out creditors owed money, including for debts related to unpaid wages and accrued holiday pay of £489,000 in the retail arm of the business.
Workers who lost their jobs when BrewDog’s retail company collapsed were compensated under the redundancy payments scheme, and this sum is owed to the government.
Earlier this year, US drinks firm Tilray took over BrewDog in a £33 million rescue deal which saw it shut 36 bars before it was snapped up by new owners.
The deal also rendered the shares of about 200,000 crowdfunding investors worthless.
The administrators’ report says around £489,000 is owed in relation to retail employee wage arrears and accrued holiday pay.
A further £2.4 million is owed to HMRC for unpaid VAT.
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Source: Morning Star