BrewDog to give away 20% of its profits to charity
Aberdeenshire-based craft brewer BrewDog is to give away 20% of its profits each year, the company has announced. BrewDog said 10% would go to charity and the other 10% will be shared equally amongst their staff. The company said it could mean giving away more than £45m over the next five years through its Unicorn Fund. Of the total 10% of profits donated to good causes, 5% will go to charities chosen by BrewDog’s Equity Punk investors, and 5% will be issued to charities chosen by its global team of employees. In order to allocate the fund to organisers, BrewDog’s teams and shareholders will be given access to an online platform where they can assign their portion of funds to charities of their choosing, comprised of seven ‘spotlight’ charities, and 13 additional charities. Any funds not allocated voluntarily by staff and Equity Punks from their allowances will be automatically distributed to the seven spotlight charities that will be selected. A major deal with Tesco was the breakthrough for founders James Watt and Martin Dickie, who were awarded MBEs last year. In April, BrewDog became worth more than £1bn after selling a stake to a US private equity firm. Co-founder James Watt said: “At BrewDog, we care about two things above all else; our beer and our people. We want to make the best beers on the planet, we want to be the best company to work for, and we want to build a radically new type of business that we can all be proud of. “Giving away 20% of our profits – forever – is not about altruism. It is about impact. It’s not about profits. It is about purpose. This is the biggest community-fuelled, crowdfunded charity contribution in history.” "We want to create a blueprint for a completely new type of 21st Century business." BrewDog opened its first pub in Aberdeen in 2010, and is now expanding globally. BrewDog has been the fastest growing food and drinks company in the UK for the last 5 years, and its rapid growth has been underpinned by strong profits, most recently, £7.1m in 2016. Brewdog announced that it hopes other similar companies follow their lead in re-investing in staff and making donations to good causes.