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BrewDog raises £1m in first 24 hours

ABERDEENSHIRE craft beer company BrewDog has breached the £1.5 million mark in its £4m fundraising drive as the company aims to boost its brewing capacity.

The company launched its Equity for Punks crowdfunding scheme on Thursday and estimated that within the first 24 hours it sold more than 10,500 shares at £95 each to break the £1m barrier.

It comes two years after the company, whose brands include Punk IPA and 5am Saint, raised £2.2m to support the building of a new brewery in Ellon.

BrewDog co-founder, James Watt said: "Nobody has ever raised £1m of funding through equity sales to fans in one day. In 2011, we smashed all previous records by selling half a million pounds of shares to beer fans in two weeks – this blows that out of the water.

"Equity for Punks is rewriting the rules of business finance and it is putting our customers right at the heart of our operation"

The company is offering 42,000 shares, equivalent to 3.9% of the company, valuing the business at more than £100m. The brewery plans to use the funds raised to raise its brewing capacity from 70,000 hectolitres to up to 500,000 hectolitres and take its 12-strong bar division into new locations.

The company also wants to open a new chain of bottle shops, where it hopes to use its supply chain to import beers more quickly than established retailers from locations such as the United States.

With every share, investors will also be given a lifetime 5% discount in BrewDog Bars and up to a 20% discount on purchases from BrewDog's online shop.

Mr Watt said: "We want to create a community of people who are as passionate about beer as we are and that will share in our growth."

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