Overview

• Confidential industry data show BrewDog’s draught beers have disappeared from 1,860 UK pubs over two years, cutting its on-trade footprint by more than a third
• Punk IPA has been pulled from 1,980 taps, representing a roughly 52% decline in pub distribution
• Many large pub groups have replaced BrewDog with rivals such as Camden Town and Beavertown
• BrewDog posted losses of £30.5m in 2022 and £59m in 2023 and closed 10 company-owned bars after deeming them commercially unviable
• Management is pivoting toward festivals, stadiums and independent outlets but faces concentration risk as it becomes increasingly reliant on JD Wetherspoon’s 794-pub estate