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Camden Town Brewery sold to world's biggest drinks company Camden Town Brewery sold to world's biggest drinks company
(35 minutes later)
The craft beer brand Camden Town Brewery is to put its independent image on the line after agreeing to be bought by the global drinks giant AB InBev.The craft beer brand Camden Town Brewery is to put its independent image on the line after agreeing to be bought by the global drinks giant AB InBev.
The UK brewer said it had accepted a takeover offer from the world’s biggest drinks company in order to fund international growth plans.The UK brewer said it had accepted a takeover offer from the world’s biggest drinks company in order to fund international growth plans.
Related: UK craft beer: taking over the world one pint at a timeRelated: UK craft beer: taking over the world one pint at a time
The deal will add Camden’s niche Hells, Pils and Pale Ale brands to a stable that includes mass-market offerings such as Budweiser, Stella Artois and Beck’s.The deal will add Camden’s niche Hells, Pils and Pale Ale brands to a stable that includes mass-market offerings such as Budweiser, Stella Artois and Beck’s.
But the takeover drew immediate criticism from craft beer purists, many of whom view the major brewing companies with suspicion.But the takeover drew immediate criticism from craft beer purists, many of whom view the major brewing companies with suspicion.
James Watt, founder of craft beer group Brewdog, rounded on his rival for selling out to a global behemoth of the drinks industry.James Watt, founder of craft beer group Brewdog, rounded on his rival for selling out to a global behemoth of the drinks industry.
He said Brewdog would no longer stock any Camden Town beers in its bars because it does not sell drinks made by AB InBev.He said Brewdog would no longer stock any Camden Town beers in its bars because it does not sell drinks made by AB InBev.
Long-time fans of Camden Brewing Company also expressed their disappointment.Long-time fans of Camden Brewing Company also expressed their disappointment.
Twitter used @missjademusic simply asked: “Why Camden Brewery!?!? WHY!!!”Twitter used @missjademusic simply asked: “Why Camden Brewery!?!? WHY!!!”
Global brewers such as AB InBev, which is about to buy its nearest rival SAB Miller for £71bn, have faced a growing challenge from so-called ‘craft’ beers made by independent firms. Global brewers such as AB InBev, which is about to buy its nearest rival SAB Miller, for more than £70bn, have faced a growing challenge from craft beers made by independent firms.
And they have responded either by launching rival offerings borrowing the imagery and language of challenger brands, or simply buying them out.And they have responded either by launching rival offerings borrowing the imagery and language of challenger brands, or simply buying them out.
Peroni owner SAB Miller snapped up Camden’s rival Meantime earlier this year, while it has also used its Guinness brand as a launching pad for a series of ales and porters. Peroni and Grolsch owner SAB Miller snapped up Camden’s rival Meantime earlier this year, while it has also used its Guinness brand as a launching pad for a series of ales and porters.
Carlsberg has also launched a range it calls ‘Crafted’, in a bid to capture the more discerning beer drinker. Carlsberg has also launched a range it calls Crafted, in a bid to capture the more discerning beer drinker.
AB InBev did not disclose how much it paid to get its hands on Camden Brewing Company.AB InBev did not disclose how much it paid to get its hands on Camden Brewing Company.
But Camden’s own crowdfunding website – through which it raised some £2.76m earlier this year – suggest it has a value of around £50m.But Camden’s own crowdfunding website – through which it raised some £2.76m earlier this year – suggest it has a value of around £50m.
Those who participated in the fund-raising effort are now set to enjoy a swift return on their investment thanks to the deal, which is due to close by 7th January. Those who participated in the fund-raising effort are now set to enjoy a swift return on their investment thanks to the deal, which is due to close by 7 January.
Camden Town Brewery founder Jasper Cuppaidge told the Guardian that investors should be ‘ecstatic’ because the shares had been bought at a premium, suggesting an even higher price tag.Camden Town Brewery founder Jasper Cuppaidge told the Guardian that investors should be ‘ecstatic’ because the shares had been bought at a premium, suggesting an even higher price tag.
Cuppaidge, his family and three best friends own 95% of the company’s equity, suggesting that they have shared a combined payout of more than £50m.Cuppaidge, his family and three best friends own 95% of the company’s equity, suggesting that they have shared a combined payout of more than £50m.
The company’s latest accounts, for the year to the end of 2014, show a pre-tax profit of £319,000 on revenues of more than £9.5m.The company’s latest accounts, for the year to the end of 2014, show a pre-tax profit of £319,000 on revenues of more than £9.5m.
Cuppaidge said the businesses now needed a major investor to increase sales by funding the construction of a second brewery that will create 30 jobs.Cuppaidge said the businesses now needed a major investor to increase sales by funding the construction of a second brewery that will create 30 jobs.
And he insisted that being bought by a large brewer would not force the company into brewing a more generic version of its brands.And he insisted that being bought by a large brewer would not force the company into brewing a more generic version of its brands.
“AB InBev are investing to build a new brewery to our exact standards, so I can continue to make great beer. They’re not making a beer for us.” “AB InBev are investing to build a new brewery to our exact standards, so I can continue to make great beer. They’re not making a beer for us.
“To stay at the forefront of this movement and secure our future success, we have to build a bigger brewery, employ more people and gain access to an international distribution network,” he said.“To stay at the forefront of this movement and secure our future success, we have to build a bigger brewery, employ more people and gain access to an international distribution network,” he said.
“We can’t do this on our own.”“We can’t do this on our own.”
Cuppaidge founded Camden Town Brewery in 2010 with just three staff.Cuppaidge founded Camden Town Brewery in 2010 with just three staff.
He has since built it into a well-known staple of London pubs, selling 12m pints in 2015 from more than 1000 pubs, bars and restaurants.He has since built it into a well-known staple of London pubs, selling 12m pints in 2015 from more than 1000 pubs, bars and restaurants.
ABInBev is also in the midst of a considerably larger deal to buy its main rival SAB Miller for nearly £72bn.
It is widely expected to sell its Peroni and Grolsch to allay competition concerns.
Iain Newell, European director of craft beers at AB InBev, said: “We have a passion for great beer.Iain Newell, European director of craft beers at AB InBev, said: “We have a passion for great beer.
“Camden Town is a creative business with a great range of brands that will complement our existing portfolio.”“Camden Town is a creative business with a great range of brands that will complement our existing portfolio.”