Three hauliers have been left counting the cost of doing business with Scottish multinational brewery and pub chain Brewdog, which accrued more than £500m of debts before calling in the administrators in March this year.
According to the administrators report, Brewdog owed Aberdeenshire haulier ARR Craib just under £1.6m - one of the largest amounts owed by the brewing company to hundreds of unsecured creditors listed in the administrators report.
DSV Road has also been left out of pocket, with the brewer owing the logistics firm £61,190, whilst Dutch multi-modal logistics company Samskip is owed £53,626.
After establishing that Brewdog was “not sufficiently cash generative” to be restructured or to continue as a CVA, the administrators engineered a pre-pack sale which saw Brewdog sold to US drinks firm Tilray in a £33m deal.
The sale saw 376 employees transferred to the new owners and another 444 staff made redundant.
Brewdog’s biggest debt is £61m, which it owes to various subsidiaries of financial services group HSBC.
The administrators report reveals that even though HSBC is the senior secured creditor it would still suffer a “material shortfall”.
US private‑equity group TSG Consumer Partners is owed £27.6m, but it is not expected to get any money back.
Other unsecured creditors will see returns of less than 1p in the pound on nearly £190m of debt, the report reveals.
However HM Revenue & Customs is expected to be paid back in full for more than £4m it is owed.
Anglela Butler, MD of ARR Craib owner Gregory Group told MT: “ARR Craib have supported BrewDog since its early days and have continued after joining the Gregory Group, working with the business throughout its entire history. Following its acquisition by Tilray, we are continuing to provide transport solutions, maintaining the high standards of service our customers expect and supporting continuity across the BrewDog operation under its new ownership.
We are pleased to have transferred our contract to Tilray, and we will be servicing them on an ongoing basis as a key customer for the Gregory Group as the business moves forward.
Requests for comment from DSV Road and Samskip have yet to receive a response.
