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From the guardian: “But about 220,000 investors, who contributed £75m in crowdfunding across seven “equity for punks” rounds, could walk away with nothing.” I used to love the idea of crowdfunding but then I watched a bunch of people buy worthless common stock and get hosed over and over.
Earlier quoted context omitted.
Oh no doubt, credit where credit is due. They served a purpose, but like anything cool in life, expansion and profits ate their soul and there are obviously so many better places to enjoy a pint (or grapefruit) these days :)
I'm sure we're in agreement that, at least in UK, there's been better pubs for 200+ years. I don't know why to go to a chain-pub with some mega-factory beer when the old-local serves a fine bitter from the same county. Am I old?
Not a Brit - but I've been seeing "times get even worse for UK pubs, with yet more closing" stories for years now. And the BBC seems torn between lambasting a corporation for screwing the little guys...and admitting that the whole works was a hopeless money-loser, with a mountain of debt.
Brewdog is pretty much a TGI Fridays that’s pretending to be edgy. People very much don’t like their beers, the atmosphere feels fake, and there’s significantly better options in any major UK city. It’s a shame they are closing and I feel for the employees, but nobody local really believes they are a respectable place, touristy really. While UK nightlife/drinking/pubs like every other city in the world is slower sinc…
Sorry, but you don't know 'people'. Not all. You could only speak for yourself here. If you read the article you may realize that some 'people' liked it. here and there. It was not government or military contract that brough in all that money but the 'few' pints added up to the sum. You don't have to look down people to feel good, just have some drinks perhaps....
An illustrative lesson to anyone who joins a startup with the promise of a ton of stock: the company can make it worthless whenever they feel like it. Always remember that. As for Brewdog itself, there’s a lesson in VC mindset there as well I think. Everything doesn’t have to grow to be massive. You can stay a sustainable size if you want to. But alas the temptation to keep expanding is always too strong, and often l…
I've been hearing buzz that the whole alcohol industry is in trouble, from a perfect storm of cultural changes that culminate in young people drinking less, and particularly drinking less in bars. With that context, it seems notable that the booze company in question here was purchased by a "beverage and medical cannabis " corp.
I also think product has suffered.
I seem to remember more interesting and very good beers available.
Like, where did all the fabulous Gose varieties go?
It seems like everything available today is a hazy IPA or a basic lager. There used to be such a breadth of flavors.
The other child comments about GLP-1 is also correct. That also seems to be a source of the protein craze going on right now.
The average person is pretty clueless about diet and their doctor told them to get XX grams of protein per meal, and fast food cafes and establishments adapted to those dietary instructions.
Also, the brewpub culture is becoming TGI Fridays-ified.
TGI Friday’s was a trendy singles bar for boomers at the time, now it’s a watered down boring family restaurant, just like many craft breweries which are stroller-fests.
I don’t even know what Gen Alpha/younger Gen Z is up to. Staying inside online? Maybe going more out to party oriented clubs rather than mellow brewpubs?
Finally, anyone into indie beers knows that brewdog has been corporate suckage for years.
From the guardian: “But about 220,000 investors, who contributed £75m in crowdfunding across seven “equity for punks” rounds, could walk away with nothing.” I used to love the idea of crowdfunding but then I watched a bunch of people buy worthless common stock and get hosed over and over.
The "I have a software proof of concept, but I need money to make it usable" is also a good way, with a lot more certainty of outcome, but it's one that doesn't strictly require crowdfunding. And the author better publish what he has at the end of the funding.
All those variations of you getting equity or repayment are just bad.
20+ years in tech and finance and I still can’t believe liquidation preferences are legal. Even among shareholders, a group of insiders in a conference room can self-deal to keep all the money for themselves and screw common stockholders who had no representation in that room.
Earlier quoted context omitted.
Cannabis in the UK is still illegal, so unless you're picking up weed from your local dealer, it's not a big thing outside the home. But price of booze is killing pubs here. Getting close to £8 a pint now in London. £10 for a pint of Guinness in many bars.
A few years ago there was a group formed in the UK to designate cask ale/pub culture to be recognized as intangible cultural heritage through UNESCO-- following Belgium's successful foray into its brewing/beer culture being designated this way. There are a few documentaries on youtube
20+ years in tech and finance and I still can’t believe liquidation preferences are legal. Even among shareholders, a group of insiders in a conference room can self-deal to keep all the money for themselves and screw common stockholders who had no representation in that room.
You've got that backwards. Liquidation preferences typically go to early stage investors who receive special share classes. Those arrangements are fully disclosed to later stage investors. They knew what they were getting into and it's their own fault for making a sucker bet.
But new money may allow buyouts of existing at that time so early team or investors can cash out a bit early
And common doesn't cash out till IPO or private market equivalent, or yes, gets screwed
From the guardian: “But about 220,000 investors, who contributed £75m in crowdfunding across seven “equity for punks” rounds, could walk away with nothing.” I used to love the idea of crowdfunding but then I watched a bunch of people buy worthless common stock and get hosed over and over.
Well, the "investment" came with perks like free beer occasionally, 15% off your tab, invite to private events, etc. Stuff you don't get when you buy a share of MSFT. In my mind if an investment comes with perks like that it's more of a donation than an investment
Edit to add: Seems even Disney did offer perks as well to shareholders, https://www.disboards.com/threads/do-you-own-disney-stock-wh...