Monthly Archives: May 2012

This story may help.

Independent beer maker BrewDog were expecting to do well at Scotland’s BII awards (for the licenced trade) at the weekend, sponsored by Diageo.

James from Brewdog writes:

However we were not announced as winners of the award. This disappointment was further compounded when one of the judges (seated at our table) told us in disbelief ‘this simply cannot be, the independent judging panel voted for BrewDog as clear winners of the award’.

Events took a further twist when the people who got given the award refused to accept it as it clearly had ‘BrewDog’ engraved on the trophy as winners.

On Tuesday, 2 days after the award, I (James) took a phone call from Kenny Mitchell, Chairman of the BII in Scotland and Chairman of the Award Committee explaining the situation. To directly quote Kenny:

‘We are all ashamed and embarrassed about what happened. The awards have to be an independent process and BrewDog were the clear winner’

‘Diageo (the main sponsor) approached us at the start of the meal and said under no circumstances could the award be given to BrewDog. They said if this happened they would pull their sponsorship from all future BII events and their representatives would not present any of the awards on the evening.’

We were as gobsmacked as you by Diageo’s behaviour. We made the wrong decision under extreme pressure. We were blackmailed and bullied by Diageo. We should have stuck to our guns and gave the award to BrewDog.‘

Diageo Screws BrewDog (BrewDog)

Thanks Bibi Baskin Robbins

Spanish banks have about €180bn of problematic property loans on their balance sheets, which were made during Spain’s decade-long housing bubble.
The government hopes that by forcing further provisions, the country’s banks will be able to write down property asset prices to levels where they can then be sold, restarting the country’s stagnant real estate market and freeing up banks to be able to lend to the wider economy.”

And this old chestnut:

“The important thing is to get to a level of provisions where property assets become liquid, whether you can write them off, sell them or put them in a bad bank,” said Iñigo Vega, a banks analyst at CA Cheuvreux. “That will be the turning point, as you can then take the assets from the balance sheets of the banks.”

Spain Finalises Bank Recapitalisation Plan (Financial Times)