<p>滙豐正在全力避免因向 BrewDog 提供數千萬英鎊貸款而遭受重大損失，因為這家精釀啤酒企業面臨潛在的解散。</p>
<p>這家銀行巨頭已將其債務抵押在 BrewDog 龐大的蘇格蘭釀酒廠上，必要時有權扣押該財產。</p>
<p>滙豐加緊確保其貸款，因這家陷入困境的釀酒商最近啓動了由重組專家 AlixPartners 監督的快速出售程序。</p>
<p>這引發了投資者和債權人可能面臨損失的擔憂。該銀行是 BrewDog 的主要貸款方。</p>
<p>此舉是在 James Watt，BrewDog 的聯合創始人，準備向該集團投資 1000 萬英鎊的自有資金以進行救助的消息浮出水面後發生的。</p>
<p>據天空新聞報道，Watt 先生正在組建一個投資者財團，以收購整個集團，包括其酒吧、品牌和釀酒設施，支持者的身份仍不清楚。</p>
<p>對釀酒廠的抵押為滙豐在出售失敗且公司進入管理程序的情況下提供了更大的保護。</p>
<p>最近的文件顯示，滙豐的貸款已抵押在 BrewDog 位於阿伯丁郡 Ellon 的旗艦釀酒廠上。該場所於 2012 年開業，擁有一個釀酒廠和酒吧，每年生產數億升啤酒，包括暢銷品牌 Punk IPA 和 Hazy Jane。</p>
<p>BrewDog 的董事長 Allan Leighton 本月早些時候批准了滙豐對釀酒廠的索賠。</p>
<p>隨着這家精釀啤酒先鋒急於為其業務尋找救助者，第二輪競標預計將在接下來的幾天內開始。</p>
<p>由於虧損公司的解散被視為可能，釀酒業務將與 BrewDog 的數十家酒吧分開。</p>
<p>任何出售都將因公司與其私募股權支持者 TSG Consumer Partners 之間的不尋常安排而變得複雜。</p>
<p>TSG 在 2017 年向 BrewDog 投入了 2.13 億英鎊，以獲得 21% 的股份，但這包括一項條款，保證該基金對其投資獲得 18% 的複合回報率。</p>
<p>這一安排使 BrewDog 揹負了超過 8 億英鎊的債務，因此任何出售必須超過該數字，以便其他投資者能夠實現回報。最近的眾籌將該業務估值為 20 億英鎊，儘管任何出售預計將遠低於該價格。</p>
<p>據瞭解，該公司的品牌和釀酒廠是潛在買家最具吸引力的資產。由於財政大臣 Rachel Reeves 提高税收，給酒店業帶來了壓力，其酒吧和酒館的吸引力下降。</p>
<p>潛在買家包括飲料巨頭 Carlsberg、Heineken 和 AB InBev，這家釀酒巨頭旗下擁有 Stella Artois 和 Corona。</p>
<p>公司文件顯示，BrewDog 目前有 9200 萬英鎊的未償還銀行貸款，其中 2500 萬英鎊將在六個月內到期。</p>
<p>滙豐支持 BrewDog 已超過十年。Watt 先生在 2015 年聲稱他通過巧妙手段獲得了來自該銀行的早期貸款。</p>
<p>Watt 先生當時表示：“我們説我們的銀行給了我們一個驚人的交易，但如果你能匹配它，我們就會轉向他們，他們就答應了。你必須做你必須做的事情。”</p>
<p>前滙豐高管 Mark Tate 在 2013 年表示，BrewDog “正是我們能夠很好服務的那種企業”。</p>
<p>除了銀行貸款，Watt 先生還從 20 萬名 “朋克股權投資者” 那裏籌集了 7500 萬英鎊。這些小股東現在可能會在任何出售中被清除。</p>
<p>Watt 先生於 2024 年辭去首席執行官職務，但仍持有 22% 的股份，他還被認為正在籌集自己的競標以重新獲得控制權。然而，他尚未透露他的財務支持者。</p>
<p>恢復 BrewDog 的財務狀況的緊迫性源於多年的虧損。該公司在 2024-25 年虧損 3700 萬英鎊，收入為 3.57 億英鎊。</p>
<p>問題因銷售增長放緩而加劇，生活成本壓力和年輕人飲酒減少是主要原因。</p>
<p>即使是 Watt 先生也承認，作為健康計劃的一部分，他減少了飲酒，每週限制在六到八個單位。一品脱 BrewDog Punk IPA 含有略高於三個單位的酒精。</p>
<p>滙豐和 BrewDog 拒絕置評。</p>

匯豐控股有限公司

HSBH

滙豐

<p>滙豐正在努力減輕對 BrewDog 的鉅額貸款可能造成的損失，該公司面臨可能的解散。該銀行已將其貸款以 BrewDog 位於蘇格蘭的釀酒廠作為抵押，這使其在必要時能夠收回該物業。BrewDog 的聯合創始人 James Watt 據報道正在投資 1000 萬英鎊進行救助，而該公司在鉅額債務中尋求買家。BrewDog 的財務困境包括 9200 萬英鎊的未償貸款和 2024-25 年度 3700 萬英鎊的虧損，這一切都因銷售下滑和酒店行業成本上升而加劇</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>滙豐正在全力避免因向 BrewDog 提供數千萬英鎊貸款而遭受重大損失，因為這家精釀啤酒企業面臨潛在的解散。</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>這家銀行巨頭已將其債務抵押在 BrewDog 龐大的蘇格蘭釀酒廠上，必要時有權扣押該財產。</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>滙豐加緊確保其貸款，因這家陷入困境的釀酒商最近啓動了由重組專家 AlixPartners 監督的快速出售程序。</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>這引發了投資者和債權人可能面臨損失的擔憂。該銀行是 BrewDog 的主要貸款方。</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>此舉是在 James Watt，BrewDog 的聯合創始人，準備向該集團投資 1000 萬英鎊的自有資金以進行救助的消息浮出水面後發生的。</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>據天空新聞報道，Watt 先生正在組建一個投資者財團，以收購整個集團，包括其酒吧、品牌和釀酒設施，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>對釀酒廠的抵押為滙豐在出售失敗且公司進入管理程序的情況下提供了更大的保護。</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>最近的文件顯示，滙豐的貸款已抵押在 BrewDog 位於阿伯丁郡 Ellon 的旗艦釀酒廠上。該場所於 2012 年開業，擁有一個釀酒廠和酒吧，每年生產數億升啤酒，包括暢銷品牌 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 的董事長 Allan Leighton 本月早些時候批准了滙豐對釀酒廠的索賠。</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>隨着這家精釀啤酒先鋒急於為其業務尋找救助者，第二輪競標預計將在接下來的幾天內開始。</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>由於虧損公司的解散被視為可能，釀酒業務將與 BrewDog 的數十家酒吧分開。</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>任何出售都將因公司與其私募股權支持者 TSG Consumer Partners 之間的不尋常安排而變得複雜。</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 億英鎊，以獲得 21% 的股份，但這包括一項條款，保證該基金對其投資獲得 18% 的複合回報率。</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>這一安排使 BrewDog 揹負了超過 8 億英鎊的債務，因此任何出售必須超過該數字，以便其他投資者能夠實現回報。最近的眾籌將該業務估值為 20 億英鎊，儘管任何出售預計將遠低於該價格。</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>據瞭解，該公司的品牌和釀酒廠是潛在買家最具吸引力的資產。由於財政大臣 Rachel Reeves 提高税收，給酒店業帶來了壓力，其酒吧和酒館的吸引力下降。</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>潛在買家包括飲料巨頭 Carlsberg、Heineken 和 AB InBev，這家釀酒巨頭旗下擁有 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>公司文件顯示，BrewDog 目前有 9200 萬英鎊的未償還銀行貸款，其中 2500 萬英鎊將在六個月內到期。</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>滙豐支持 BrewDog 已超過十年。Watt 先生在 2015 年聲稱他通過巧妙手段獲得了來自該銀行的早期貸款。</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 先生當時表示：“我們説我們的銀行給了我們一個驚人的交易，但如果你能匹配它，我們就會轉向他們，他們就答應了。你必須做你必須做的事情。”</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>前滙豐高管 Mark Tate 在 2013 年表示，BrewDog “正是我們能夠很好服務的那種企業”。</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>除了銀行貸款，Watt 先生還從 20 萬名 “朋克股權投資者” 那裏籌集了 7500 萬英鎊。這些小股東現在可能會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 先生於 2024 年辭去首席執行官職務，但仍持有 22% 的股份，他還被認為正在籌集自己的競標以重新獲得控制權。然而，他尚未透露他的財務支持者。</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>恢復 BrewDog 的財務狀況的緊迫性源於多年的虧損。該公司在 2024-25 年虧損 3700 萬英鎊，收入為 3.57 億英鎊。</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>問題因銷售增長放緩而加劇，生活成本壓力和年輕人飲酒減少是主要原因。</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 先生也承認，作為健康計劃的一部分，他減少了飲酒，每週限制在六到八個單位。一品脱 BrewDog Punk IPA 含有略高於三個單位的酒精。</p>
</div><p>HSBC and BrewDog declined to comment.</p>
<div class="lb-trans"><p>滙豐和 BrewDog 拒絕置評。</p>
</div>

滙豐緊急採取措施以避免 BrewDog 的損失