BrewDog co‑founder James Watt has announced an official bid to reacquire the craft beer business after its sale to Tilray earlier this year. Watt confirms he has made an offer to purchase BrewDog, a company that at its peak operated four breweries, about 100 pubs worldwide and was valued by observers at more than $1 billion. The sale to Tilray came after BrewDog faced substantial financial strain, with debts reported in excess of £500 million and a significant number of job losses as part of the restructuring.
Watt, who co‑founded BrewDog with Martin Dickie in Aberdeenshire almost two decades ago, indicated that participants in BrewDog’s Equity for Punks scheme would receive shares in BrewDog at no cost if his bid succeeds. Watt has also indicated that, should the bid materialize, those who joined the Second Best initiative would maintain ownership stakes in BrewDog without payment, aligning ownership as part of any potential transaction.
Since stepping down as chief executive in 2024 and transitioning to a role described as captain and co‑founder, Watt and Dickie have each reduced their direct involvement in the company. Dickie left BrewDog last year for personal reasons. Both founders had previously sold shares to a US private equity fund, TSG, in 2017. After leaving BrewDog, Watt launched a new beer brand and sought to extend opportunities to those who lost money on prior investments through sizable share offers. Some former investors have remained skeptical about the proposed arrangements.
In an email to investors signed up to the Second Best offer, Watt said he had made an official offer to reacquire BrewDog. The message, seen by BBC Scotland, emphasized the desire to restore ownership to those who supported the firm in its earlier stages. Watt acknowledged past missteps and stressed a plan to address cultural issues within the company.
The BBC has reported that Watt has publicly apologised for past mistakes in the company’s management and noted that BrewDog faced criticism over its rise and subsequent restructuring. A 2022 BBC Disclosure investigation highlighted alleged inappropriate behaviour by Watt toward staff, and raised questions about BrewDog’s marketing practices and compliance with import rules. Watt denied wrongdoing related to the film and indicated, in some statements, that he sometimes misses social cues due to autism. BrewDog said it has been introducing measures to improve workplace culture in response to the programme and related coverage.
Tilray and Second Best have been asked to comment on Watt’s letter and the potential implications for stakeholders. The broader situation continues to unfold as BrewDog’s ownership structure and investor claims are reassessed in the context of its recent corporate history and market scrutiny.
