BrewDog co-founder James Watt has told MCA that he has no plans to appoint another managing director or chief operating officer to replace Gareth Bath and Luis Garrido.

Watt said he had restructured the senior management team and taken back most of the MD responsibilities following Bath’s move to Chapel Down and Garrido’s departure.

He was speaking following the launch of Equity for Punks V, which aims to raise up to £50m.

Watt said the remaining £180m to cover the group’s three-year plan would be made up of bank debt though HSBC and investment from TSG Consumer Partners, who took a 23% stake in the business in April.

He confirmed the group’s plans to list on a stock exchange within the next five years, and said this would not necessarily take place in London.

He said UK bar like-for-like sales were up 10% in the year to date and said food sales had grown 35%, but from a small base.

The group plans to launch its flagship brewpub in the City of London next year with Watt confirming that they are close to completing on a site, thought to be in Minister Court. BrewDog then aims to have brewpubs in each of its top 10 international capitals.

He also confirmed that the group had taken back its partner sites in Belgium and Brussels into its own management.

On the restructure, he said: “Those roles were relatively new and a lot of that was to with the people we had in place. We’ve had a bit of a restructure and all of those responsibilities have been shared out with the existing team. We’re very lucky that we have a great team here already. I have taken back a lot of the responsibilities of the managing director.”

On why the group had launched a new crowdfund so soon after the £231m investment from TSG, Watt said: “At the moment we are expanding super quickly in the UK and abroad - we’re about to open breweries in Australia and China and open new bars in the UK. The speed that we are growing and the number of projects we want to execute mean that we need to generate some more cash over the next 12 to 18 months, which why we have launched this. When we did the TCG investment deal this was always going to be part of the overall package of the funding deal.

“We need about £180m for our three-year plan and ideally we will reach that with bank finance, Equity for Punks and with investment from TSG.”

He confirmed that conversations were underway with HSBC and insisted that TSG had always been comfortable with the group seeking multiple investment streams, adding: “We spoke to a lots of different potential investment partners before we did the deal with TSG and one of the things we were very clear on was that Equity for Punks has been integral to our business model so far and we very much see that continuing. We want to build that community. Some partners got that, some didn’t. TSG got it.

He said he expected this crowdfunding round to once again be made of roughly 50% new investment and 50% existing Punks.

He added: “Equity for Punks has always been a serious investment and we delivered a phenomenal return for people who did the first two. But it’s more than that - you also get to come on the journey and there’s lots of perks and discounts and opportunities.”

On the brewpubs, he said: “We want to put one in each capital city of our top 10 countries including the UK, France, Japan, Sweden, China, Germany, Italy, Spain. We see them as education tools in international cities.

On the bars estate he said: “Like-for-like sales are up 10% in the year to date. Our site in Soho continues to be our most successful. Our Taproom in Columbus is doing double the numbers we expected, so we’re firing in all directions. Our first company-owned international site in Berlin is doing really well and we recently bought back our partner operated sites in Brussels and Belgium.

“Food is 35% up across our estate. We’ve consolidated the menu and improved quality. It’s still relatively small but a very important part of the business.”