Brewdog co-founder James Watt launches bid to buy back beer firm
Summary
James Watt, co-founder of Brewdog, has made an offer to buy back the company after it was sold to the US firm Tilray earlier in 2024. Brewdog previously faced financial collapse, losing hundreds of jobs, and now Watt hopes to restore value for former investors through his proposed takeover.Key Facts
- Brewdog was once worth more than $1 billion and owned four breweries plus about 100 pubs worldwide.
- The company collapsed owing over £500 million in debts, leading to hundreds of job losses.
- Brewdog was sold to US company Tilray, which also operates in beverage and medical cannabis sectors.
- James Watt stepped down as Brewdog CEO in 2024 and took a new role as "captain and co-founder."
- Watt and co-founder Martin Dickie sold shares to US private equity fund TSG in 2017, each earning £50 million.
- Watt launched a new beer brand, Second Best, offering shares to those who lost money in Brewdog’s "Equity for Punks" investment scheme.
- Watt promises that if his buyback succeeds, former investors who joined Second Best will regain their original ownership shares for free.
- Brewdog faced criticism and controversy over workplace culture, marketing, and treatment of staff and investors.
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