Image source, EPAImage caption, Aberdeenshire-based Brewdog had more than £500m of debts when it was sold
Former Brewdog staff and several creditors of the collapsed Scottish beer giant are not expected to receive anything following its takeover.
A report from administrators AlixPartners said there were "insufficient funds" for payouts to those owed money by the brewer's retail arm.
The Aberdeenshire-based firm had more than £500m of debts when it was sold in March to US drinks firm Tilray in a £33m rescue deal.
Administrators said about £489,000 was owed for staff wages and accrued holiday pay. A further £2.4m was owed to HMRC for unpaid VAT.
From a £1bn dream to a brutal collapse: How Brewdog hit the rocks
These ranged from coffee shops, bakeries and laundry services, to lawyers, councils and holiday parks.
Creditors included West Ham United FC, Lord's Cricket Ground and Manchester University.
AlixPartners' said there were now "insufficient funds" for preferential creditors to be repaid.
This is due to lower than expected funds raised through sales of Brewdog assets and increased costs during the administration period.
The administrators cited unforeseen costs around the security of closed Brewdog pubs after a number of "unauthorised occupiers" gained access.
AlixPartners said it worked with landlords and lawyers to remove them.
The report highlights small amounts of money raised through asset sales. These include:
A 7.8 acre field in Potterton, Aberdeenshire, which sold to a local farmer for £41,300
Nine Brewdog vehicles of "old age and varying roadworthiness" that made only £6,250 from just one sale. The rest were abandoned.
A settlement involving drinks equipment sold to Marylebone Cricket Club, which owns Lords, which generated £62,000.
Are you a Brewdog creditor or worker affected by this? What impact has it had?
Contact formContact formParent company BrewDog PLC is still expected to pay its preferential creditor, HMRC, in full for £3.66m tax owed - mainly VAT and excise duty.
Brewdog's biggest debt was to financial services group HSBC, which was owed more than £61m across various banking arms.
It has recovered tens of millions of pounds, but still faces an estimated shortfall of £16.8m.
The report noted that this could be reduced through asset sales in the United States.
Private equity backer TSG, which took a 22% stake in the brewer in 2017, is set to lose £27.6m.
Brewdog also owes around £190m to unsecured creditors. They are expected to receive less than a penny in the pound of what they are owed.
In March 440 staff were made redundant and 736 employees transferred to Tilray, after the US firm bought Brewdog's brand and UK operation.
Eleven bars were retained as part of the sale while 38 other pubs closed immediately.
Brewdog's collapse also rendered the shares of about 200,000 crowdfunding investors worthless.
Earlier this year, Alixpartners confirmed that investors in the Equity for Punks scheme would get no return on their shares.
Investors typically spent about £500 on shares - although others invested much larger sums - in return for a stake in the company, discounts and perks.
The administrators stated these shares now had "no value".
Brewdog, which was founded in 2007 by friends James Watt and Martin Dickie, had four breweries and about 100 pubs across the world at its peak.
Watt said he was "heartbroken" after the collapse and apologised to staff and investors.
The administrators said that workers made redundant had been provided with information on government support.
Brewdog's owner Tilray has been approached for comment.
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