Brewdog, the independent Scottish brewery, has raised £100m from TSG Consumer Partners, the American private equity firm. In a message to shareholders on Saturday, the beer maker said TSG had acquired 22 per cent of the company. Brewdog said the transaction had given it a £1bn enterprise value.
Ratesetter has changed its model to deal with fragility in its fund designed to protect investors from losses. In the process, it has revealed just how bank like some “peer-to-peer” lenders have become.
Bitcoin asset holders have discovered there is logic in taking risk with middlemen if it means idle (and highly volatile) zero yielding assets can be transformed into yielding securities. As a consequence, Bitcoin has gone full-circle and become exactly what it sought out to destroy.
Corporate debt in China is a well-known problem and part of the solution is, apparently, a new round of debt-for-equity swaps. Of course, there will always be sceptics.