BrewDog co-founder and CEO James Watt said on Wednesday that Brexit has been “tragic” for UK business.

“It has massively handicapped UK businesses that do business in Europe with zero benefit at all,” said Watt in an interview on Bloomberg TV.

BrewDog sells beer all over the EU and owns bars in numerous European countries.

“Getting our beer to those bars is now significantly more expensive and significantly more difficult,” said Watt.

“If it hadn’t have been for Brexit, we would have been able to grow our European sales more.”

Watt said most of the beer for the EU is manufactured in the UK.

He said the UK has been hit by more severe food inflation than anywhere else he does business.

Watt said it now costs almost 40% more to make a case of beer than it did 18 months ago.

“We’ve had to absorb the vast majority of that,” said the BrewDog CEO.