Connect with us

Politics

BrewDog reveals losses doubled to £59m in final year under co-founder | BrewDog

Published

on

The new boss of BrewDog has promised its “punk” shareholders a return to profit, after delayed accounts revealed losses doubled in the final year under the stewardship of the beer company’s co-founder, James Watt.

BrewDog, which is based in Aberdeenshire, Scotland, apologised to investors for releasing its annual results late, in an announcement that coincided with Watt firing a broadside at the government over its plans for this month’s budget.

The brewery entrepreneur, who is believed to be worth more than £250m, lashed out at Labour amid reports the chancellor, Rachel Reeves, intended to raise capital gains tax (CGT) and reclassify debt to allow more spending on public services.

Watt’s critique came as the beer and bars company finally published accounts, having delayed their publication for nearly four months.

Advertisement

While revenues grew, from £321m to £355m, costs increased more rapidly and the company also had to write-down the value of underperforming bars.

The result was that pre-tax losses jumped from £30m to £59.2m in the year to the end of 2023, potentially complicating BrewDog’s long-held ambition of floating on the stock market.

James Arrow, who took over as chief executive after Watt announced his departure in May, said: “As I have set out before, a key aim is to return BrewDog towards profitability and we have taken significant steps towards that goal.”

He said the company had returned to profit on an underlying basis during the first half of 2024, helped by a 10% increase in sales in the grocery market.

Advertisement

“The teams have pushed hard to deliver these results and have enabled us to be in a very strong position to now rapidly grow profitability and deliver on the remarkable potential of this great brand,” Arrow added.

Watt handed over to Arrow after presiding over a phenomenal period of growth, punctuated by controversies related to his behaviour and the company culture.

He has since launched a new venture called Social Tip, which allows users to become mini-influencers who earn commission by promoting brands online.

On Tuesday, Watt published a typically outspoken open letter to Reeves and Keir Starmer, railing against plans to raise CGT and to reclassify how Britain’s national debt is calculated.

Advertisement

Watt, who could make a significant taxable profit if BrewDog goes ahead with plans to float on the stock market, said increasing CGT would “destroy entrepreneurial spirit in the UK”.

“Most of the brilliant business minds that I know […] will simply leave the UK to build businesses and create jobs elsewhere,” he said. “Increasing capital gains tax will do far more damage to our economy than any gains we may experience from increasing this tax.”

skip past newsletter promotion

Sources close to Watt said his view on CGT was not related to his own financial circumstances and pointed out that he and his companies had contributed about £500m to the exchequer over the past decade.

He also hit out at proposals to reclassify borrowing to fund investment in projects expected to deliver a long-term economic benefit, such as roads, school and hospitals.

Advertisement

Watt, who attended the Reform leader Nigel Farage’s 60th birthday party in April, said ministers were motivated by a desire to avoid “unpopular austerity” and by doing so would only store up greater problems for the future.

In 2021, Watt was accused by former workers of presiding over a “culture of fear” within the business, with “toxic attitudes” towards junior staff. He apologised to staff and has said the group had made changes.

In December 2022, the group lost its B Corp status, awarded to companies that follow ethical principles.

In January, the company faced a backlash after revealing it would no longer hire new staff on the “real” living wage and would instead pay the lower legal minimum wage.

Advertisement

Source link

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Politics

Suella Braverman sent government documents to private email 127 times

Published

on

Suella Braverman sent government documents to private email 127 times

Suella Braverman forwarded government documents to her private email accounts at least 127 times while she was attorney general in a potential breach of the ministerial code, it has emerged.

The revelation came after a Freedom of Information campaign by the Times newspaper.

The Conservative, who was in the Cabinet role under Boris Johnson, and the Attorney General’s Office (AGO) did not respond to requests for comment.

For security reasons, ministers are banned from sending sensitive emails and documents to their private accounts.

Advertisement

As attorney general, the chief legal adviser to the government, Braverman dealt with highly sensitive matters of state.

But between 2021 and 2022, she forwarded 127 emails to her private accounts, with the emails containing at least 290 documents.

The contents of the emails are not yet publicly known.

The information was revealed after an 18-month transparency battle by the Times and a ruling by a tribunal judge.

Advertisement

The AGO had refused to answer the Times’ Freedom of Information request about Braverman’s emails, saying it would be too costly to search her ministerial inbox.

In a ruling, Judge Simon Heald said “it appears to us that the AGO initially went about finding private email account details in a convoluted way”, which was “not a sensible way to start”.

He said the AGO could, “using the tools available in Outlook, answer the request with relative ease”.

During the period in question, Ms Braverman took the BBC to the High Court in a bid to stop the publication of a story about an abusive MI5 agent.

Advertisement

She was one of those formally investigated by a leak inquiry when secret details of the court case were passed to the Daily Telegraph in January 2022.

She was later appointed home secretary, but had to resign when it emerged she had sent an official document to a parliamentary colleague using her personal email.

She later admitted sending official correspondence to her private email account on six more occasions.

After becoming home secretary once again, she was sacked last year by then Prime Minister Rishi Sunak for comments in a newspaper article accusing the Metropolitan Police of bias in the policing of protests.

Advertisement

She said police applied a “double standard” by being tougher with right-wing demonstrations than pro-Palestinian ones.

Ms Braverman remains an MP and influential figure in sections of the Conservative Party.

Source link

Advertisement
Continue Reading

Politics

Jokey reform ideas removed from NHS consultation website

Published

on

Jokey reform ideas removed from NHS consultation website

Some members of the public have not taken Health Secretary Wes Streeting’s call for new ideas to improve the health service as seriously as he might have hoped.

Suggested ideas for NHS reform included putting beer on tap in hospitals, and placing Arsenal manager Mikel Arteta in charge.

The health department told the BBC officials were reviewing posts, and were removing or hiding material that was “clearly inappropriate or irrelevant”.

Ministers launched an online “national conversation” earlier, to inform a new 10-year plan to improve health services.

Advertisement

In a social media post, Mr Streeting sought to laugh off some of the more irreverent suggestions.

Writing on X, he quipped that a recommendation for a Wetherspoons pub in every hospital had been “sadly vetoed by the chancellor”.

He also rejected a call for him to be fired out of a cannon in a bid to raise funds for the service.

The health department has promised that the listening exercise will “help shape” its new NHS strategy, to be published in spring next year.

Advertisement

But some of the suggestions are less likely to be taken seriously than others.

Ideas that appear to have disappeared from the consultation website include putting lager Madrí on tap in all hospitals to “help patient morale”, and replacing Streeting as health secretary with a dog.

However suggestions to replace ambulance sirens with healthy eating advice, and install Thunderbird 2-style detachable patient compartments in ambulances, appear to still be online.

By late afternoon, the suggestions ranked most popular by users on the site included limits on sending out paper letters, and making it easier for GP surgeries to access digital records from hospitals.

Advertisement

Other highly-ranked ideas include making it easier for non-British nationals to pay for treatment, and fines for missed appointments, an idea suggested and then dropped by former prime minister Rishi Sunak.

The health department has not confirmed which posts it is removing, but a spokesperson said “clearly inappropriate or irrelevant” material was being removed or hidden by the moderation team.

Ideas suggested by ministers at the launch of the consultation include making full medical records, tests results and letters from doctors available in the NHS App.

Currently the NHS App is limited because patients records are held locally by a patient’s GP and any hospitals they visit – and not all parts of the health service interact with the app.

Advertisement

It is not the first time ministers have attempted to engage the public directly in matters of state.

The Conservative-Liberal Democrat coalition asked the public for suggested laws to abolish, and ran a Treasury-led public consultation on ideas to save money.

The most famous example of a listening exercise, however, remains the 2016 poll which saw the public vote to name a new polar research ship “Boaty McBoatface”.

The name, suggested by former BBC Radio Jersey presenter James Hand, achieved viral fame and became the runaway winner in a contest run by the Natural Environment Research Council.

Advertisement

In a blow to online democracy, the ship was later named after broadcaster Sir David Attenborough, although one of its remotely operated sub-sea vehicles was named “Boaty” in recognition of the vote.

Source link

Continue Reading

Politics

Serious Fraud Office probe £112m Unite union hotel

Published

on

Serious Fraud Office probe £112m Unite union hotel

The Serious Fraud Office is investigating the construction of a hotel and conference centre owned by one of the UK’s biggest trade unions, the BBC can reveal.

Unite the Union spent a total of £112m of its members’ money on the project in Birmingham.

The building has since been valued at just £29m, suggesting £83m has been wasted.

A KC-led inquiry commissioned by Unite’s general secretary Sharon Graham also identified a missing £14m which has been described as a “mystery” and does not feature in the project’s final accounts.

Advertisement

Unite has told the BBC the case is “now with the Serious Fraud Office” and Ms Graham would “leave no stone unturned in finding out if there was any financial wrongdoing”.

A KC-led inquiry commissioned by Ms Graham, who took over as Unite’s general secretary in 2021, also identified a missing £14m which has been described as a “mystery” and does not feature in the project’s final accounts.

An SFO spokesperson said: “In line with long established practice to avoid prejudice to law enforcement activity, we can neither confirm nor deny any investigation into this matter.”

The Birmingham project was intended to be an investment for Unite as well as saving the union money with hotel and conference costs.

Advertisement

Construction was completed in 2020 and development includes a four star 195 bedroom hotel, a 1,000 person capacity conference centre, as well as Unite’s regional offices.

Employment tribunal documents reveal the union believes its ruling executive council had been misled as to the true value of the project.

In 2022 South Wales Police searched the union’s London headquarters as part of a separate bribery, money-laundering and fraud investigation.

The force has told the BBC that the investigation is ongoing.

Advertisement

A Unite spokesperson said: “It is important to note that Sharon Graham has had to endure repeated attacks by those with much to lose since she launched these inquiries, from both inside and outside the union.

“These have been sickening and horrendous but she has remained determined to get to the truth.

“We are also pursuing legal claims to recover money lost to the union and the general secretary has put safeguards in place to ensure that such things can never happen again.”

Source link

Advertisement
Continue Reading

Politics

English smacking ban being considered by government

Published

on

English smacking ban being considered by government

Government ministers are considering a smacking ban for England, the Department for Education has confirmed.

Smacking bans have already been brought in by devolved governments in Scotland, Wales and Jersey, outlawing the use of physical violence to punish children.

Plans for similar laws in England were rejected by the previous Conservative government as recently as last year – but Labour ministers are now “looking carefully” at whether more can be done on the issue.

The move comes following fresh calls for a ban by the Children’s Commissioner for England Dame Rachel de Souza, after the death of 10-year-old Sara Sharif.

Advertisement

A court heard Sara was hooded, burned and beaten over a two-year period as her father, stepmother and uncle stand trial for her murder, which they deny.

Dame Rachel said a ban on any type of corporal punishment, including smacking, hitting, slapping, and shaking, could stop lower level violence from escalating.

“If we are serious about keeping every child safe, it’s time England takes this necessary step,” she posted on X.

“Too many children have been harmed or killed at the hands of the people who should love and care for them most.”

Advertisement

In England and Northern Ireland it is legal for a carer or parent to discipline their child physically if it is a “reasonable” punishment – but the Children Act 2004 made it illegal to assault a child causing actual or grievous bodily harm.

Dame Rachel said the experience of Scotland and Wales ” has taught us we need to take that step in England too” and “now is the time to go further”.

The NSPCC and Barnardo’s have long called for an English smacking ban and two-thirds of English people polled by YouGov in March last year said physically disciplining a child is not acceptable.

The previous government argued parents should be trusted to discipline their children.

Advertisement

However, a Department for Education spokesperson told the BBC that stance has changed.

“Any form of violence towards a child is completely unacceptable, and we are looking closely at the legal changes made in Wales and Scotland as we consider whether there is any more we could do in this area,” they said.

“We are already supporting teachers, social workers and all safeguarding professionals to spot the signs of abuse or neglect more quickly, including with our mandatory framework for safeguarding children.”

Source link

Advertisement
Continue Reading

Politics

Angela Rayner given security council seat after Starmer U-turn

Published

on

Angela Rayner given security council seat after Starmer U-turn

Angela Rayner has been made a full member of the UK’s national security council (NSC), following a U-turn by Sir Keir Starmer.

The deputy prime minister’s name did not appear on a list of ministers attending the committee published by the government last week.

But the document has now been re-published to include her as a member, confirming a move first reported by the Guardian.

The newspaper reported the new No 10 chief of staff, Morgan McSweeney, had pushed for the change in a bid to shore up her position.

Advertisement

Downing Street said she had previously attended NSC meetings, claiming the change merely “formalises” an expectation she would do so regularly.

First established under former prime minister David Cameron, the NSC brings together senior ministers and defence and intelligence chiefs for meetings on security issues. Its members are appointed by the prime minister.

It membership has fluctuated over the years and varies by issue discussed, but has typically included previous deputy prime ministers as standing members.

The only exception was Therese Coffey, who held the post during the 49-day premiership of Liz Truss.

Advertisement

Ms Truss who effectively put an end to the NSC by merging its functions with two other foreign policy committees, before it was later reinstated by Rishi Sunak.

Topics discussed at the NSC include foreign policy, defence, economic security, and resilience to security threats.

Its membership was slimmed down in July 2021under Boris Johnson, in a bid to keep discussions “focused and strategic”.

Alongside Ms Rayner, the committee is will be attended by Chancellor Rachel Reeves, Cabinet Office minister Pat McFadden, Home Secretary Yvette Cooper, Foreign Secretary David Lammy, Defence Secretary John Healey and the Attorney General Lord Hermer, and will be chaired by Sir Keir.

Advertisement

Mr Rayner, who is also the housing secretary, also holds seats on cabinet sub-committees discussing constitutional matters, home and economic affairs, and changes to employment law.

Source link

Continue Reading

Politics

Fears children at risk due to out-of-town taxi licences

Published

on

Fears children at risk due to out-of-town taxi licences

Taxi drivers are buying licences in Wolverhampton to get round tough rules aimed at protecting children, a Labour MP claims.

One-in-five private hire vehicles in England, such as Ubers and minicabs, have obtained licences from Wolverhampton City Council, where they are cheaper and less stringent than in other parts of the country.

Drivers do not have to get licences from their own local authority, under a law introduced in 2015.

Rotherham MP Sarah Champion says this allows drivers in her constituency to bypass tough safeguarding rules introduced after a 2014 child sex abuse scandal.

Advertisement

“The frustration is that in Rotherham we have probably the best regulation in the country and we’re trying to get that adopted nationally,” she told the BBC.

“We needed it because a lot of children who were being exploited were being raped in taxis or being transported from one children’s home to the abuse location through a taxi.

“The problem is those regulations are only set by the licensing authority so unless we get national minimum standards then drivers can go to a different local authority with different regulations and still drive in Rotherham.”

Only 1,781 of the 48,447 drivers currently licensed by Wolverhampton live in the city, with the rest operating as far afield as Newcastle, Somerset, Cardiff and Skegness.

Advertisement

The cost of a one year private hire licence in Rotherham is £210 and applicants must sit a child and vulnerable adults safeguarding test with a 100% pass rate. They also have to fit CCTV cameras to their vehicles, which can cost upwards of £350.

In Wolverhampton, by contrast, a one year licence costs £49.

Wolverhampton City Council insists it takes safeguarding seriously – and applicants receive training in at as part of a one-day course they have to take.

But Rotherham driver Lee Ward, a Unite the Union representative for South Yorkshire, said out-of-town licences were making taxi drivers “very frustrated”.

Advertisement

“Unfortunately a lot of taxi drivers around here were tarred by the same brush as those who were criminals,” he told BBC News.

“These are innocent drivers who were all of a sudden hit by so many extra regulations, training, CCTV.

“They’ve all gone through that – with open arms and a glad heart – just to sit next to a taxi who has a license in another authority 100 miles away, with officers who never come to Rotherham or Sheffield to check their drivers.

“It just makes a mockery of what they are trying to do.”

Advertisement

Wolverhampton City Council has generated millions from issuing licences to taxi drivers around the country but says the money has been ploughed back into reducing fees.

A City of Wolverhampton Council spokeswoman said: “The council would refute any suggestion of prioritising earning money over passenger safety.”

In a recent report, the council said: “As the number of licensees increase, the likelihood of a serious issue taking place.

“There has been serious child sex exploitation scandals revealed in Rotherham and Telford, which involved taxi drivers.

Advertisement

“Licensed vehicles provide a ‘camouflage’ which allows vehicles to traffic vulnerable people, as well as the offer of free trips for grooming. It is the service’s goal to minimise risks by all legal means.”

Earlier this year, Louise Haigh – who is now transport secretary but at the time was in opposition – raised the issue of child safeguarding in a debate on taxi licensing, saying she had worked alongside victims and survivors of child sexual abuse in Rotherham.

She said: “Following the scandal, Rotherham council set very high standards for its taxi drivers, including installing CCTV in cabs and requiring national vocational qualification level 3 on child safeguarding.”

She called on then Conservative government to bring in “robust legislation” and national minimum standards to protect women and girls.

Advertisement

Sarah Champion has written to Haigh asking for new laws to ensure taxis must be licensed “in the local authority area in which they routinely operate”.

A Department for Transport spokesperson said: “Everyone deserves to feel safe when using a taxi or private hire vehicle and we’re aware of concerns around licensing.

“There are safeguarding procedures in place and all drivers must undergo enhanced DBS checks, but we are carefully considering the options available to improve safety and accessibility in the sector.”

MPs are due to debate the issue later on Monday.

Advertisement

Source link

Continue Reading

Trending

Copyright © 2024 WordupNews.com