Battle · 5 companies

Craft brewers

Top of the taps, or gone flat?

BrewDog leads on turnover and net assets; Thornbridge on pre-tax profit and profit margin; Northern Monk on growth. BrewDog is the biggest by turnover at £280m, against £92m at Beavertown. Thornbridge keeps the most of every £100 it takes, £1.30 as pre-tax profit.

The year ends are up to 16 months apart, so this compares each company's most recent filing rather than the same twelve months. BrewDog, Thornbridge and Tiny Rebel file group accounts that include subsidiaries; Beavertown and Northern Monk file for a single company, which flatters the groups on size.

Since these accounts: BrewDog PLC has been in administration since 2 March 2026, according to the Companies House register, and has not filed accounts since. Its figures below are from its last filed accounts, for the year to 31 December 2024. Companies House register

Spark Intel Research Desk·Last updated ·Source: Companies House filed accounts

Accounts compared: BrewDog to Dec 2024 · Beavertown to Dec 2025 · Thornbridge to Jun 2025 · Tiny Rebel to Dec 2025 · Northern Monk to Aug 2024

Biggest by turnover

BrewDog

£280m

Highest profit margin

Thornbridge

1.3%

Fastest-growing turnover

Northern Monk

+18.1%

The Numbers

#CompanyTurnoverChangePre-tax profitMarginEmployeesPay per headTurnover per headNet assetsBank and cashAccounts toBasis
1 BrewDogBrewDog PLC £280m -0.2% -£37m -13.1% 2,411 n/d £116,000 £60m £31m Dec 2024 Group
2 BeavertownBeavertown Brewery Ltd £92m -11.6% -£0.7m -0.7% 225 £65,000 £411,000 £22m £0.7m Dec 2025 Single company
3 ThornbridgeThornbridge Brewery Holdings Limited £17m +12.9% £0.2m 1.3% 181 £23,000 £96,000 -£0.9m £0.2m Jun 2025 Group
4 Northern MonkNorthern Monk Brewing Co. Ltd £16m +18.1% -£2.0m -12.1% 109 £34,000 £150,000 £1.0m £55k Aug 2024 Single company
5 Tiny RebelTiny Rebel Limited £15m -2.2% -£0.9m -6.1% 124 £33,000 £118,000 £6m £0.6m Dec 2025 Group

Ranked by turnover. Click any column to sort. The leader on each measure is highlighted. Movements are against each company's own prior year. Pre-tax profit is filed except where marked (est.).

Category winners

Biggest by turnover

BrewDog

£280m

Most pre-tax profit

Thornbridge

£0.2m

Highest profit margin

Thornbridge

1.3%

Fastest-growing turnover

Northern Monk

+18.1%

Biggest employer

BrewDog

2,411 staff

Highest pay per head

Beavertown

£65,000

Most turnover per head

Beavertown

£411,000

Largest net assets

BrewDog

£60m

Most cash

BrewDog

£31m

The Takeaway

  1. Thornbridge converts the most of its turnover. Of every £100, £1.30 reaches pre-tax profit, against a loss of £13.09 at BrewDog.
  2. BrewDog is the largest on the top line, £280m of turnover, 3.0x Beavertown's £92m.
  3. Northern Monk is growing fastest, turnover +18.1% on its own prior year. BrewDog, Beavertown and Tiny Rebel went backwards.
  4. BrewDog is the biggest employer with 2,411 people; Beavertown pays the most per head, an average staff cost of about £65,000.
  5. BrewDog has the largest balance sheet, net assets of £60m.

Who keeps the most of every £100 of sales?

Thornbridge keeps the most: £1.30 of every £100 of turnover becomes pre-tax profit. BrewDog does worst, losing £13.09.

Financing bites hardest at BrewDog: £6.16 of every £100 goes on interest.

Every profit figure here is the one the company filed.

The chart splits each company's turnover into £100: what goes on people, on interest and on everything else, and what is left as profit.

Out of every £100 of turnover

£100£0 Payroll: £23.75 of every £100Payroll£23.75Financing: £1.02 of every £100Other costs: £73.94 of every £100Other costs£73.94Profit: £1.30 of every £100Profit £1.30ThornbridgeYear to Jun 2025£17mPayroll: £15.92 of every £100Payroll£15.92Financing: £2.79 of every £100Other costs: £82.00 of every £100Other costs£82.00Loss (the costs beyond £100): £0.72 of every £100Loss £0.72BeavertownYear to Dec 2025£92mPayroll: £27.62 of every £100Payroll£27.62Financing: £0.85 of every £100Other costs: £77.65 of every £100Other costs£77.65Loss (the costs beyond £100): £6.12 of every £100Loss £6.12Tiny RebelYear to Dec 2025£15mPayroll: £23.03 of every £100Payroll£23.03Financing: £4.52 of every £100Other costs: £84.59 of every £100Other costs£84.59Loss (the costs beyond £100): £12.14 of every £100Loss £12.14NorthernMonkYear to Aug 2024£16mFinancing: £6.16 of every £100£6.16Other costs: £106.92 of every £100Other costs£106.92Loss (the costs beyond £100): £13.09 of every £100Loss £13.09BrewDogYear to Dec 2024£280m
Payroll (staff costs)Financing (interest paid)Other running costsPre-tax profitLoss: the costs beyond £100

Each column is £100 of that company's own turnover, so companies of any size compare on one scale; the figures are pounds out of each £100, not millions. Companies run from the best margin to the worst. Payroll is staff costs, financing is interest paid, other running costs are everything else, and profit is pre-tax profit, filed or estimated as marked in the table. A loss is not an extra cost: it is the part of the costs that runs past the £100 line, marked with a red bracket. Hover over any segment for its figure.

Who is the biggest, and does the comparison hold?

By turnover the order is BrewDog (£280m), Beavertown (£92m), Thornbridge (£17m), Northern Monk (£16m), Tiny Rebel (£15m).

By headcount, BrewDog leads with 2,411 employees.

The comparison holds with the dates stated plainly: BrewDog to Dec 2024, Beavertown to Dec 2025, Thornbridge to Jun 2025, Tiny Rebel to Dec 2025, Northern Monk to Aug 2024. The bases differ: group accounts include the businesses a company owns, single-company accounts do not.

BrewDog£280mBeavertown£92mThornbridge£17mNorthern Monk£16mTiny Rebel£15m

Turnover on the latest filing

Who is growing fastest?

Northern Monk grew fastest, turnover +18.1% on its own prior year, ahead of Thornbridge (+12.9%), BrewDog (-0.2%), Tiny Rebel (-2.2%), Beavertown (-11.6%).

Northern Monk+18.1%Thornbridge+12.9%BrewDog-0.2%Tiny Rebel-2.2%Beavertown-11.6%

Turnover change on each company's own prior year

Who employs the most, who pays the most, and who brings in the most per head?

BrewDog employs the most, 2,411 people, against 225 at Beavertown.

Beavertown has the highest average staff cost, about £65,000 a head; Thornbridge the lowest, about £23,000.

Beavertown brings in the most turnover per employee, about £411,000, against £96,000 at Thornbridge. It says as much about the business model as the workforce: a marketplace or a wholesaler needs far fewer people per pound than a restaurant or a gym.

BrewDog

2,411

employees, £116,000 turnover a head, -7.9% on the year

Beavertown

225

employees, about £65,000 pay a head, £411,000 turnover a head, +0.0% on the year

Thornbridge

181

employees, about £23,000 pay a head, £96,000 turnover a head, +7.1% on the year

Tiny Rebel

124

employees, about £33,000 pay a head, £118,000 turnover a head, -13.9% on the year

Northern Monk

109

employees, about £34,000 pay a head, £150,000 turnover a head, +10.1% on the year

Who owns each one?

Ownership as recorded on the Companies House register of people with significant control, in the bands the register uses.

BrewDog PLC · SC311560

Held by James Bruce Watt

An individual recorded as a person with significant control. 18 outstanding charges on the register.

Who owns BrewDog →

Beavertown Brewery Ltd · 07704796

Held by Heineken Uk Limited

A company recorded as a person with significant control. 1 outstanding charge on the register.

Who owns Beavertown →

Thornbridge Brewery Holdings Limited · 04552035

Held by Mr James Robert Harrison

An individual recorded as a person with significant control.

Who owns Thornbridge →

Tiny Rebel Limited · 07582051

Held by Evol (Wales) Limited

A company recorded as a person with significant control. 3 outstanding charges on the register.

Who owns Tiny Rebel →

Northern Monk Brewing Co. Ltd · 08651758

Held by Russell Anesu Bisset

An individual recorded as a person with significant control. 2 outstanding charges on the register.

Who owns Northern Monk →

What does the full ledger show?

MeasureBrewDogBeavertownThornbridgeTiny RebelNorthern Monk
Registered nameBREWDOG PLCBEAVERTOWN BREWERY LTDTHORNBRIDGE BREWERY HOLDINGS LIMITEDTINY REBEL LIMITEDNORTHERN MONK BREWING CO. LTD
Company numberSC31156007704796045520350758205108651758
Incorporated20062011200220112013
Accounts filed1 October 202515 October 202611 March 202630 September 202631 May 2025
Turnover, prior year£281m£105m£15m£15m£14m
Pre-tax profit, prior year-£59m-£3m-£0.4m-£0.5m-£2m
Staff costsn/d£15m£4m£4m£4m
Payroll share of turnovern/d15.9%23.7%27.6%23.0%
Employees, prior year2,61822516914499
Dividends paidn/dn/dn/d£0.2mn/d
Charges outstanding181032

A figure the filing does not disclose is shown as n/d; a zero in a filing is treated as not disclosed. Rounding: below £0.1m in thousands, £0.1m to £2m to one decimal place, above that to the nearest million.

Craft brewers: common questions

Who is the biggest of BrewDog, Beavertown, Thornbridge, Tiny Rebel or Northern Monk?

BrewDog, with turnover of £280m in the year to December 2024.

Which makes the most profit?

Thornbridge: £0.2m pre-tax in the year to June 2025.

Which employs the most people?

BrewDog, with 2,411 employees in its latest accounts.

BrewDog or Beavertown: which is bigger?

BrewDog, with turnover of £280m against £92m at Beavertown on their latest filings. On margin, Beavertown keeps more of each £100 as pre-tax profit.

BrewDog or Thornbridge: which is bigger?

BrewDog, with turnover of £280m against £17m at Thornbridge on their latest filings. On margin, Thornbridge keeps more of each £100 as pre-tax profit.

BrewDog or Tiny Rebel: which is bigger?

BrewDog, with turnover of £280m against £15m at Tiny Rebel on their latest filings. On margin, Tiny Rebel keeps more of each £100 as pre-tax profit.

BrewDog or Northern Monk: which is bigger?

BrewDog, with turnover of £280m against £16m at Northern Monk on their latest filings. On margin, Northern Monk keeps more of each £100 as pre-tax profit.

Beavertown or Thornbridge: which is bigger?

Beavertown, with turnover of £92m against £17m at Thornbridge on their latest filings. On margin, Thornbridge keeps more of each £100 as pre-tax profit.

Beavertown or Tiny Rebel: which is bigger?

Beavertown, with turnover of £92m against £15m at Tiny Rebel on their latest filings. On margin, Beavertown keeps more of each £100 as pre-tax profit.

Beavertown or Northern Monk: which is bigger?

Beavertown, with turnover of £92m against £16m at Northern Monk on their latest filings. On margin, Beavertown keeps more of each £100 as pre-tax profit.

Thornbridge or Tiny Rebel: which is bigger?

Thornbridge, with turnover of £17m against £15m at Tiny Rebel on their latest filings. On margin, Thornbridge keeps more of each £100 as pre-tax profit.

Thornbridge or Northern Monk: which is bigger?

Thornbridge, with turnover of £17m against £16m at Northern Monk on their latest filings. On margin, Thornbridge keeps more of each £100 as pre-tax profit.

Tiny Rebel or Northern Monk: which is bigger?

Northern Monk, with turnover of £16m against £15m at Tiny Rebel on their latest filings. On margin, Tiny Rebel keeps more of each £100 as pre-tax profit.

Where do these figures come from?

Each company's latest accounts filed at Companies House. Each links to its full Spark Intel profile, which names the filing it comes from.

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