Brewdog founder to give shares in new beer brand to old investors
Summary
James Watt, co-founder of the beer company Brewdog, is starting a new beer brand called Second Best. He plans to give free shares in this new company to people who lost money investing in Brewdog’s crowdfunding scheme after Brewdog faced financial collapse.Key Facts
- James Watt co-founded Brewdog in 2007 with Martin Dickie.
- Brewdog once had four breweries, about 100 pubs worldwide, and was valued at over $1 billion.
- Brewdog collapsed with debts over £500 million and was bought by US company Tilray in March 2024.
- Brewdog raised £75 million through Equity for Punks, a crowdfunding plan letting fans invest for perks like beer discounts.
- When Brewdog was sold, a US equity firm with special shares got paid first, leaving Equity for Punks investors with no returns.
- About 484 jobs were lost and 38 bars closed in the sale process.
- James Watt resigned as Brewdog CEO in 2024 and apologized for mistakes, saying the company expanded too fast.
- Watt will give nearly 20% of shares in Second Best to former Brewdog crowdfunding investors for free, calling them "second founders."
- The new company is still getting licenses and legal approval, with no set launch date yet.
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