BrewDog, the craft beer brewer, is still considering floating in London or New York next year, according to boss James Watt.
The UK remains the preferred destination for BrewDog, but it isn’t ruling out other alternatives he added in an interview with Bloomberg.
TSG Consumer, the US private equity firm that owns 22% of the brewer, has extended the repayment term of its investment until August 2024 so BrewDog can wait for the IPO market to improve.
Poor valuations and a slump in trading on the London Stock Exchange have seen IPOs from WESoda and SoftBank’s Arm cancelled or switched to the US.
If the market doesn’t improve, Watt said he may try to find another private equity buyer for the TSG Consumer stake rather than list.
An acquisition from a big brewer like Heineken or Carlsberg isn’t out of the question either, although Watt says it's “not part of the plan”.
“Everyone’s always got a price,” he added.
If Brewdog does list, sell or liquidate it will need to pay out an 18% annual compounding return to TSG.
Brewdog previously sold shares to 220,000 customers as a way of crowdfunding, valuing the company at around £1.8bln.