BrewDog barks up the wrong tree with grandiose claims

Outlook Most of the time I’m a fan of BrewDog. It makes good beer and gets up the nose of all the right people. Its warning about the dangers to business of David Cameron’s proposed EU referendum was also well timed. Where I have a problem is when the founders’ penchant hyperbole starts to extend to the company’s financial offer.

BrewDog has become a poster child for crowdfunding; it has helped to make a big success of the business. The latest round has just been launched – in a bar, of course, – in an attempt to get loyal customers to pony up £25m to fund a new brewhouse in Aberdeenshire. Put £95 behind the bar and you get a couple of unlisted shares, a birthday beer, and some discounts.

To further sweeten the pill, founder Martin Dickie has talked of a £1bn flotation by 2020. He thinks the business is currently worth £150m. Or at least that’s what he said in an interview with a colleague. His PRs later called and attempted to launch a Tactical Nuclear Penguin (a BrewDog invention) by saying it was £250m. This sort of talk – and this sort of ding dong – would get you into a lot of trouble across the pond, where the authorities are none too keen on “forward looking statements”. We’re a bit more relaxed over here, as long as there’s no intention to deceive.

Which I don’t think there is. But BrewDog should have a care. It owes its loyal customers a little more respect than to make grandiose claims about where the business might be in five years time if it wants their money.