BrewDog halts flotation plans to focus on growth: Scottish brewer and retailer BrewDog has rowed back on plans to become a public company as its new chief executive plots a return to growth underpinned by “sensible financial discipline” . A flotation has long been mooted for the business with suggestions of a valuation of about £2bn. James Taylor, who stepped up from chief financial officer in March this year, said an initial public offering was “not on the agenda at the moment” as the company moved back into profit under its preferred metric for the first time since 2021. BrewDog pointed to a growing share of the UK beer market along with a strong performance in Australia and the United States. Net revenue, which does not include excise duty, came in at £280m for the year ending 31 December 2024, which was flat on the previous 12 months. The company said adjusted Ebitda was £7.5m, compared with a loss of £2.5m the previous year. The company posted a pre-tax loss of £59.2m in 2023, which included an impairment charge of about £14m. BrewDog declined to give a pre-tax figure for 2024 but Taylor confirmed to The Times there would be a loss under that measure and there would be no dividend paid for the year. He also said that the plan was to get back into top-line growth this year and improve profitability. BrewDog, which was founded by James Watt and Martin Dickie in Aberdeenshire in 2007, still has its headquarters and main brewery in Ellon, but has other brewing sites in Australia, Germany and the United States. The company runs more than 120 bars and hotels around the world employing about 2,400 people. Last year, BrewDog secured a deal with Marylebone Cricket Club to provide beer at Lord’s cricket ground and more recently became the official partner for West Ham United at the London Stadium. Chief operating officer Lauren Carrol said BrewDog continued to look for other opportunities at festivals and stadiums where partners wanted to do more than “just slap our logo on something”. Watt and Dickie retain stakes in the business and are still directors but they have stepped back from day-to-day operations. The culture of the business was criticised in 2021 after an open letter from staff outlined a toxic atmosphere and a culture of fear. Watt denied claims of inappropriate behaviour but vowed to learn lessons. Allan Leighton was brought in as chairman and a wide-ranging review was held. Watt stepped down as chief executive in May last year and was replaced by James Arrow, who departed for personal reasons in March and Taylor took over. Taylor said the company was “way beyond” the historic allegations of poor culture and pointed out that 200 staff had been trained as mental health first aiders last year. He added: “We are absolutely determined to give our employees the best experience they can have.”

Various Eateries focusing on ‘strengthening our foundations’ as it sets platform for expansion, recent like-for-like sales up 6.8%: Various Eateries, the Hugh Osmond-backed business that operates the Coppa Club and Noci concepts, has said it is focused on “strengthening our foundations” in the second half of the year to set the stage for a measured increase in site openings in 2026 followed by a broader rollout in 2027. The company reported like-for-like sales for the 12-week period since 30 March 2025 are up 6.8%. The group stated: “Ongoing efficiency initiatives are allowing us to mitigate increased wage pressures effectively. This includes the continued refinement of rotas to ensure optimal staff coverage during peak trading periods, alongside efforts to improve speed of service, particularly in the evenings, to improve the customer experience and drive increased sales. The group said there has also been a focus on targeted seasonal menu engineering to elevate our offer and enhance margins. In parallel, we are also realising savings through continued refinement of our supply chains. Supported by a robust balance sheet and strengthened operational platform, the group will continue to evaluate expansion opportunities while maintaining its disciplined approach to site selection. Trading remains in line with full-year market expectations, and we enter the second half with confidence. While we remain mindful of the potential impact of unpredictable summer weather, upgrades to our outdoor spaces mean we are better equipped to make the most of trading opportunities in all conditions. The team's continued hard work, combined with the early impact of behind-the-scenes initiatives, is delivering tangible results. With strengthened operational foundations, the business is well positioned for future growth. In the second half, we're focused on strengthening our foundations – investing in our team, enhancing the customer experience and optimising operations. This groundwork sets the stage for a measured increase in site openings in FY26, followed by a broader rollout in FY27 as we accelerate execution.” It comes as the group reported pre-tax losses for the 26 weeks to 30 March 2025 narrowed to £2.2m from £3.9m the year before. The group posted an adjusted Ebitda profit of £0.1m (2024: loss of £1.2m). As previously reported, revenue increased 8.8% to £24.7m (2024: £22.7m). The company said like-for-like sales were flat year on year, primarily reflecting the impact of Easter falling later this year and after period end. Site-level Ebitda increased by 81% on the prior period, “reflecting stronger operational performance across the estate”. Chief executive Mark Loughborough, who joined the business in January, said: “The first half of the year has been defined by steady, disciplined progress, and I'm pleased with the headway we've made. We've remained focused on enhancing the core of the business – improving the guest experience, strengthening our teams and laying solid foundations for future growth. One of the key reasons I joined Various Eateries was the clear potential I saw – in the strength of the brands, the loyalty of our guests, and the opportunity to scale with quality. That belief has only grown. We're now making meaningful progress, underpinned by a shared sense of purpose and a clear ambition to turn potential into long-term success. While the wider economic landscape remains challenging, both Coppa Club and Noci have delivered encouraging performances. I believe the momentum we're building is sustainable. With a solid start to the second half, robust foundations in place, and a clear, phased growth strategy, we remain optimistic about the road ahead.”