BrewDog has delayed its planned initial public offering (IPO) until 2023. James Watt, Co-founder and chief executive of BrewDog said the decision was takenafter advisers and banks advised that Covid-19 has made the hospitality industry too unpredictable.
However, other reasons might as well be responsible for the decision.
Lately, the cult brewer came under fire after former employees published an open letter saying that a "significant number" of former staff had "suffered mental illness as a result of working at BrewDog." (inside.beer, 17.6.2021) Watt apologized for the "lot of pain" and announced structural changes in the organization to fight the ‘rotten culture’ claims. (inside.beer, 13.7.2021)
Last week, another scandal hit the company as it became known that more than 200,000 BrewDog shareholders and customers had their details exposed for over 18 months through a data leak in its mobile app.
After being confronted with the findings, BrewDog immediately took down the app and resolved the issue. A spokesman for BrewDog said “we have not identified any other instances of access via this route or personal data having been impacted in any way. There was therefore no requirement to notify users.”
The company is “grateful to the third party technical security services firm for alerting” the issue, the spokesperson said.