BrewDog extends Equity for Punks crowdfunding scheme

BrewDog's Equity for Punks scheme is currently on its third round

Scottish brewer BrewDog is extending the limit of its Equity for Punks crowdfunding scheme, following "an epic response" from investors.

The brewery, which originally aimed to raise £4m in six months, is now looking to raise a further £250,000 from selling more shares to "fanvestors".

The new target is the maximum sum which can be raised through such a scheme.

Crowdfunding is a way of raising equity by asking a large number of people each for a small amount of money.

Overall, Aberdeenshire-based BrewDog has raised almost £7m through investors buying shares in the business during three rounds of Equity for Punks.

The current round, which is due to be completed in January, has raised £3.7m so far.

The brewer said the extra funds raised would further boost the expansion of its bar division as well as fund a new series of "bottle shops" across the UK designed to cater for a growing demand for craft beer.

'Epic response'

The company, which now employs 200 staff, reported it was on track to achieve turnover of £19m in 2013.

BrewDog co-founder James Watt said: "It has been an epic response to Equity for Punks this year, and we now have over 12,000 shareholders all over the world.

"It's this phenomenal response that has made it clear we are going to sell the full £4m allocation of shares well before our January deadline, so we are pushing the limit even further.

"Through Equity for Punks we have shown that far from a buzzword or a fad, crowdfunding is a legitimate alternative financial system.

"We have broken all records, and silenced all doubters, and now we want to ensure all the fans that have supported us have a chance to buy a share of BrewDog."