Two months after a BBC One documentary aired former and current employees’ criticism of the Scotland-headquartered global beer company BrewDog, there are signs the protracted conflict poses a risk to BrewDog’s stated goal of an initial public offering (IPO) on the London Stock Exchange. BrewDog declined to say whether the IPO, once slated for 2020 at a company valuation of 2 billion ($2.6 billion U.S.), remains a plan.
Revelations that Watt hired private investigators to scrutinize his critics, first reported by the Guardian, have escalated tensions between Watt and former employees. Watt has repeated his belief that “there are a handful of people on a criminal mission to bring [BrewDog] down,” and stated that “a criminal prosecution” is now underway. In response to those allegations, some former employees have also invoked legal protections.
Given its ambitious plans, including an IPO and continued expansion around the world, BrewDog requires the confidence of investors and the larger business community to hit its marks. But as the company and one of its co-founders continue to make provocative headlines, BrewDog becomes an increasingly risky candidate for investment.
Before allegations focused on what former employees describe as BrewDog’s “toxic” company culture, the main story circling the fast-growing company was its path to going public. Its global network of bars and breweries indicated an organization that was comfortable gambling on ambition—and for nearly its...
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