James Watt launches bid to buy back BrewDog
BrewDog co-founder James Watt has made an offer to buy back the craft brewer just months after its sale to Tilray Brands. Watt says former Equity for Punks investors would receive shares in BrewDog free of charge if his bid succeeds.
BrewDog co-founder James Watt says he has made an offer to buy back the craft beer business just months after it was acquired by US brewer and cannabis group Tilray Brands.
In an email to supporters of his new beer venture, Second Best, seen by BBC Scotland News, Watt said he had submitted an official bid to regain control of the Aberdeenshire brewer.
He wrote: “If successful, everyone who has signed up to Second Best will own the same stake in BrewDog they once held. For free.”
Watt added that BrewDog “should be owned by the Equity Punks and I will endeavour to ensure that happens”.
Equity Punks at the centre of proposal
Around 20,000 investors bought into BrewDog’s Equity for Punks crowdfunding scheme over the years, but their shares became effectively worthless when the business collapsed before its sale.
After leaving BrewDog, Watt launched Second Best, offering almost 20% of the new company’s shares to former Equity for Punks investors.
He previously apologised to staff and investors for the “many mistakes” made during BrewDog’s management, admitting the company had diversified too quickly.
Sale to Tilray
As previously reported by the drinks business, Tilray Brands acquired BrewDog’s core UK business in a £33 million deal after the brewer sought a buyer following mounting financial pressures. The acquisition covered the global BrewDog brand, UK brewing operations and 11 strategic brewpubs, with Tilray saying it intended to refocus the business on profitable growth through operational efficiencies and wider distribution.
What happens next?
Watt was previously involved in an unsuccessful attempt to buy back BrewDog following its collapse before Tilray secured the deal.
It remains unclear whether Tilray would be willing to sell the business only months after completing the acquisition.
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