Craft beer start-up Camden Town acquired by AB InBev for “£85m”
Purchase by the Budweiser brand has met with controversy - craft beer chain Brewdog has pulled Camden Town's beers from its bars...
Early-stage UK craft beer brand Camden Town Brewery has been acquired by global drinks group AB InBev; the firm behind Budweiser, Beck's and Stella Artois, in a deal said to be worth around £85m.
The deal, which will see Camden Town's unique Hells, Pils and Pale Ale craft beers combined within the drinks giants offering, has already caused a stir in the industry and attracted criticism.
Brewdog co-founder and Young Gun James Watt has already announced that it will no longer stock Camden Town beers in its bars because it doesn't sell drinks made by AB InBev, while many craft beer fans have stated that Camden Town has “sold out”.
Launched in 2010 by Jasper Cuppaidge, London-based Camden Town has grown to become one of the capital's largest independent breweries with revenues of circa £9m.
The start-up recently raised £2.75m in an overfunded crowdfunding round on Crowdcube from over 2,000 investors in a pitch where Cuppaidge explained: ” started out by making beer in the basement of my pub […] for fun. Not many other people were really doing this at the time.”
In a statement on its website, Camden Town's Cuppaidge said of the AB InBev acquisition:
“The ‘craft' brewing movement has seen incredible growth driven by innovation, quality and daring. Camden Town Brewery has been at the forefront of this revolution. The success and reputation we have built has been nothing short of incredible. That has been thanks to all of you and the great beers we've brewed.
“To stay at the forefront of this movement and secure our future success, we have to build a bigger brewery, employ more people and gain access to an international distribution network.
“We can't do this on our own. That's why I'm proud to say I've signed a deal with AB InBev.”