<p>汇丰正在全力避免因向 BrewDog 提供数千万英镑贷款而遭受重大损失，因为这家精酿啤酒企业面临潜在的解散。</p>
<p>这家银行巨头已将其债务抵押在 BrewDog 庞大的苏格兰酿酒厂上，必要时有权扣押该财产。</p>
<p>汇丰加紧确保其贷款，因这家陷入困境的酿酒商最近启动了由重组专家 AlixPartners 监督的快速出售程序。</p>
<p>这引发了投资者和债权人可能面临损失的担忧。该银行是 BrewDog 的主要贷款方。</p>
<p>此举是在 James Watt，BrewDog 的联合创始人，准备向该集团投资 1000 万英镑的自有资金以进行救助的消息浮出水面后发生的。</p>
<p>据天空新闻报道，Watt 先生正在组建一个投资者财团，以收购整个集团，包括其酒吧、品牌和酿酒设施，支持者的身份仍不清楚。</p>
<p>对酿酒厂的抵押为汇丰在出售失败且公司进入管理程序的情况下提供了更大的保护。</p>
<p>最近的文件显示，汇丰的贷款已抵押在 BrewDog 位于阿伯丁郡 Ellon 的旗舰酿酒厂上。该场所于 2012 年开业，拥有一个酿酒厂和酒吧，每年生产数亿升啤酒，包括畅销品牌 Punk IPA 和 Hazy Jane。</p>
<p>BrewDog 的董事长 Allan Leighton 本月早些时候批准了汇丰对酿酒厂的索赔。</p>
<p>随着这家精酿啤酒先锋急于为其业务寻找救助者，第二轮竞标预计将在接下来的几天内开始。</p>
<p>由于亏损公司的解散被视为可能，酿酒业务将与 BrewDog 的数十家酒吧分开。</p>
<p>任何出售都将因公司与其私募股权支持者 TSG Consumer Partners 之间的不寻常安排而变得复杂。</p>
<p>TSG 在 2017 年向 BrewDog 投入了 2.13 亿英镑，以获得 21% 的股份，但这包括一项条款，保证该基金对其投资获得 18% 的复合回报率。</p>
<p>这一安排使 BrewDog 背负了超过 8 亿英镑的债务，因此任何出售必须超过该数字，以便其他投资者能够实现回报。最近的众筹将该业务估值为 20 亿英镑，尽管任何出售预计将远低于该价格。</p>
<p>据了解，该公司的品牌和酿酒厂是潜在买家最具吸引力的资产。由于财政大臣 Rachel Reeves 提高税收，给酒店业带来了压力，其酒吧和酒馆的吸引力下降。</p>
<p>潜在买家包括饮料巨头 Carlsberg、Heineken 和 AB InBev，这家酿酒巨头旗下拥有 Stella Artois 和 Corona。</p>
<p>公司文件显示，BrewDog 目前有 9200 万英镑的未偿还银行贷款，其中 2500 万英镑将在六个月内到期。</p>
<p>汇丰支持 BrewDog 已超过十年。Watt 先生在 2015 年声称他通过巧妙手段获得了来自该银行的早期贷款。</p>
<p>Watt 先生当时表示：“我们说我们的银行给了我们一个惊人的交易，但如果你能匹配它，我们就会转向他们，他们就答应了。你必须做你必须做的事情。”</p>
<p>前汇丰高管 Mark Tate 在 2013 年表示，BrewDog “正是我们能够很好服务的那种企业”。</p>
<p>除了银行贷款，Watt 先生还从 20 万名 “朋克股权投资者” 那里筹集了 7500 万英镑。这些小股东现在可能会在任何出售中被清除。</p>
<p>Watt 先生于 2024 年辞去首席执行官职务，但仍持有 22% 的股份，他还被认为正在筹集自己的竞标以重新获得控制权。然而，他尚未透露他的财务支持者。</p>
<p>恢复 BrewDog 的财务状况的紧迫性源于多年的亏损。该公司在 2024-25 年亏损 3700 万英镑，收入为 3.57 亿英镑。</p>
<p>问题因销售增长放缓而加剧，生活成本压力和年轻人饮酒减少是主要原因。</p>
<p>即使是 Watt 先生也承认，作为健康计划的一部分，他减少了饮酒，每周限制在六到八个单位。一品脱 BrewDog Punk IPA 含有略高于三个单位的酒精。</p>
<p>汇丰和 BrewDog 拒绝置评。</p>

汇丰控股有限公司

HSBH

汇丰

<p>汇丰正在努力减轻对 BrewDog 的巨额贷款可能造成的损失，该公司面临可能的解散。该银行已将其贷款以 BrewDog 位于苏格兰的酿酒厂作为抵押，这使其在必要时能够收回该物业。BrewDog 的联合创始人 James Watt 据报道正在投资 1000 万英镑进行救助，而该公司在巨额债务中寻求买家。BrewDog 的财务困境包括 9200 万英镑的未偿贷款和 2024-25 年度 3700 万英镑的亏损，这一切都因销售下滑和酒店行业成本上升而加剧</p>

<p>HSBC is scrambling to avoid steep losses on tens of millions of pounds of loans to BrewDog as the craft beer business faces a potential break-up.</p>
<div class="lb-trans"><p>汇丰正在全力避免因向 BrewDog 提供数千万英镑贷款而遭受重大损失，因为这家精酿啤酒企业面临潜在的解散。</p>
</div><p>The banking giant has secured its debts against BrewDog’s sprawling Scottish brewery, giving it the right to seize the property if necessary.</p>
<div class="lb-trans"><p>这家银行巨头已将其债务抵押在 BrewDog 庞大的苏格兰酿酒厂上，必要时有权扣押该财产。</p>
</div><p>HSBC’s race to secure its loans comes after the struggling brewer recently launched a quick-fire sale process overseen by restructuring experts AlixPartners.</p>
<div class="lb-trans"><p>汇丰加紧确保其贷款，因这家陷入困境的酿酒商最近启动了由重组专家 AlixPartners 监督的快速出售程序。</p>
</div><p>It has prompted fears of losses for investors and creditors alike. The bank is BrewDog’s main lender.</p>
<div class="lb-trans"><p>这引发了投资者和债权人可能面临损失的担忧。该银行是 BrewDog 的主要贷款方。</p>
</div><p>The move came as it emerged that James Watt, Brewdog’s co-founder, is preparing to invest £10m of his own cash into a rescue bid for the group.</p>
<div class="lb-trans"><p>此举是在 James Watt，BrewDog 的联合创始人，准备向该集团投资 1000 万英镑的自有资金以进行救助的消息浮出水面后发生的。</p>
</div><p>Mr Watt is assembling a consortium of investors to acquire the entire group, including its bars, brands and brewing facilities, Sky News reported. The identity of the backers is still unclear.</p>
<div class="lb-trans"><p>据天空新闻报道，Watt 先生正在组建一个投资者财团，以收购整个集团，包括其酒吧、品牌和酿酒设施，支持者的身份仍不清楚。</p>
</div><p>Security against the brewery gives HSBC greater protection in the event that a sale fails and the company falls into administration.</p>
<div class="lb-trans"><p>对酿酒厂的抵押为汇丰在出售失败且公司进入管理程序的情况下提供了更大的保护。</p>
</div><p>Recent filings show HSBC’s loans have been secured against BrewDog’s flagship brewery in Ellon, Aberdeenshire. The site, which also includes a distillery and bar, opened in 2012 and produces hundreds of millions of litres of beer annually, including best-selling brands such as Punk IPA and Hazy Jane.</p>
<div class="lb-trans"><p>最近的文件显示，汇丰的贷款已抵押在 BrewDog 位于阿伯丁郡 Ellon 的旗舰酿酒厂上。该场所于 2012 年开业，拥有一个酿酒厂和酒吧，每年生产数亿升啤酒，包括畅销品牌 Punk IPA 和 Hazy Jane。</p>
</div><p>Allan Leighton, the chairman of BrewDog, signed off on HSBC’s claim against the brewery earlier this month.</p>
<div class="lb-trans"><p>BrewDog 的董事长 Allan Leighton 本月早些时候批准了汇丰对酿酒厂的索赔。</p>
</div><p>The additional security comes as the craft beer pioneer races to find a rescuer for its business. A second round of bidding is expected to begin in the coming days.</p>
<div class="lb-trans"><p>随着这家精酿啤酒先锋急于为其业务寻找救助者，第二轮竞标预计将在接下来的几天内开始。</p>
</div><p>A break-up of the loss-making company is seen as likely, with the brewing operation separated from BrewDog’s dozens of bars.</p>
<div class="lb-trans"><p>由于亏损公司的解散被视为可能，酿酒业务将与 BrewDog 的数十家酒吧分开。</p>
</div><p>Any sale will be complicated by an unusual arrangement between the company and its private equity backers TSG Consumer Partners.</p>
<div class="lb-trans"><p>任何出售都将因公司与其私募股权支持者 TSG Consumer Partners 之间的不寻常安排而变得复杂。</p>
</div><p>TSG ploughed £213m into BrewDog in 2017 to secure a 21pc stake but this included a clause guaranteeing the fund an 18pc compounding rate of return on its investment.</p>
<div class="lb-trans"><p>TSG 在 2017 年向 BrewDog 投入了 2.13 亿英镑，以获得 21% 的股份，但这包括一项条款，保证该基金对其投资获得 18% 的复合回报率。</p>
</div><p>The arrangement has saddled BrewDog with debts of more than £800m to TSG, meaning any sale must exceed that figure if other investors are to realise a return. The most recent crowdfunding valued the business at £2bn, although any sale is expected to be well below that price.</p>
<div class="lb-trans"><p>这一安排使 BrewDog 背负了超过 8 亿英镑的债务，因此任何出售必须超过该数字，以便其他投资者能够实现回报。最近的众筹将该业务估值为 20 亿英镑，尽管任何出售预计将远低于该价格。</p>
</div><p>It is understood that the company’s brand and breweries are the most attractive assets for potential buyers. Its pubs and bars are less appealing in the wake of tax increases by Rachel Reeves, the Chancellor, which piled pressure on the hospitality sector by driving up costs.</p>
<div class="lb-trans"><p>据了解，该公司的品牌和酿酒厂是潜在买家最具吸引力的资产。由于财政大臣 Rachel Reeves 提高税收，给酒店业带来了压力，其酒吧和酒馆的吸引力下降。</p>
</div><p>Potential suitors include drinks giants Carlsberg, Heineken and AB InBev, the brewing giant behind Stella Artois and Corona.</p>
<div class="lb-trans"><p>潜在买家包括饮料巨头 Carlsberg、Heineken 和 AB InBev，这家酿酒巨头旗下拥有 Stella Artois 和 Corona。</p>
</div><p>Company filings show that BrewDog currently has £92m in outstanding bank loans including £25m due for repayment in six months.</p>
<div class="lb-trans"><p>公司文件显示，BrewDog 目前有 9200 万英镑的未偿还银行贷款，其中 2500 万英镑将在六个月内到期。</p>
</div><p>HSBC has backed BrewDog for more than a decade. Mr Watt claimed in 2015 that he had blagged his way to securing an early loan from the bank.</p>
<div class="lb-trans"><p>汇丰支持 BrewDog 已超过十年。Watt 先生在 2015 年声称他通过巧妙手段获得了来自该银行的早期贷款。</p>
</div><p>Mr Watt said at the time: “We said that our bank had offered us an amazing deal but that if you can match it we’ll switch and they went for it. You have got to do what you have to do.”</p>
<div class="lb-trans"><p>Watt 先生当时表示：“我们说我们的银行给了我们一个惊人的交易，但如果你能匹配它，我们就会转向他们，他们就答应了。你必须做你必须做的事情。”</p>
</div><p>Mark Tate, formerly an executive at HSBC, said in 2013 that BrewDog “is exactly the sort of business we are well placed to serve”.</p>
<div class="lb-trans"><p>前汇丰高管 Mark Tate 在 2013 年表示，BrewDog “正是我们能够很好服务的那种企业”。</p>
</div><p>As well as bank loans, Mr Watt also raised £75m from an army of 200,000 “punk equity investors”. These smaller shareholders are now likely to be wiped out as part of any sale.</p>
<div class="lb-trans"><p>除了银行贷款，Watt 先生还从 20 万名 “朋克股权投资者” 那里筹集了 7500 万英镑。这些小股东现在可能会在任何出售中被清除。</p>
</div><p>Mr Watt, who stepped down as chief executive in 2024 but retains a 22pc stake, is also believed to be rallying his own bid to regain control. However, he has yet to reveal his financial backers.</p>
<div class="lb-trans"><p>Watt 先生于 2024 年辞去首席执行官职务，但仍持有 22% 的股份，他还被认为正在筹集自己的竞标以重新获得控制权。然而，他尚未透露他的财务支持者。</p>
</div><p>The scramble to restore BrewDog’s fortunes follows years of losses. The company lost £37m in 2024-25 on revenues of £357m.</p>
<div class="lb-trans"><p>恢复 BrewDog 的财务状况的紧迫性源于多年的亏损。该公司在 2024-25 年亏损 3700 万英镑，收入为 3.57 亿英镑。</p>
</div><p>Problems have been compounded by slowing sales growth, fuelled by a cost-of-living squeeze and young people drinking less.</p>
<div class="lb-trans"><p>问题因销售增长放缓而加剧，生活成本压力和年轻人饮酒减少是主要原因。</p>
</div><p>Even Mr Watt has admitted to drinking less beer as part of a health kick, limiting himself to between six and eight units a week. One pint of BrewDog Punk IPA contains just above three units of alcohol.</p>
<div class="lb-trans"><p>即使是 Watt 先生也承认，作为健康计划的一部分，他减少了饮酒，每周限制在六到八个单位。一品脱 BrewDog Punk IPA 含有略高于三个单位的酒精。</p>
</div><p>HSBC and BrewDog declined to comment.</p>
<div class="lb-trans"><p>汇丰和 BrewDog 拒绝置评。</p>
</div>

汇丰紧急采取措施以避免 BrewDog 的损失