Summary
Brewdog, a craft beer and pub chain based in Scotland, went into administration and sold parts of its business to Tilray for £33 million. As a result, 484 employees were laid off during a brief conference call, and 38 bars closed. Investors in Brewdog's "Equity for Punks" scheme will not receive any returns from the sale.
Key Facts
- Brewdog, a Scottish beer company, went into administration.
- The company sold parts of its business to Tilray for £33 million.
- The sale included brewing operations, the brand, and 11 pubs.
- 484 employees were laid off due to the sale and closure of 38 bars.
- Employees were informed of the layoffs in a 15-minute conference call.
- Brewdog ran the "Equity for Punks" investment scheme with around 200,000 investors.
- Investors from "Equity for Punks" won't get any returns from the sale.
- TSG Consumer Partners, an equity firm with a stake in Brewdog, will receive its investment back first.
