James Watt, the co-founder of BrewDog, is facing complaints to the UK’s data privacy watchdog after emailing thousands of former investors with an offer to buy back the collapsed beer company. Several recipients said they had no idea how he obtained their contact details. “I got the email last Sunday and I kind of laughed,” said Marc Knox, a former equity punk. “I talked to a friend, looked online and saw there were lots of people saying the same thing: ‘How has this joker got my details?’”
Watt’s surprise bid comes months after BrewDog – which at its peak had four breweries, about 100 pubs worldwide and was said to be worth more than $1bn – was sold to the US cannabis and drinks firm Tilray in March for £33m. The deal rendered the shares of more than 200,000 crowdfunding investors worthless. BrewDog had collapsed with debts of more than £500m, leading to hundreds of job losses.
“James Watt faces ICO complaints after emailing thousands of former BrewDog investors to join his buyback bid.”
Watt, who co-founded the firm with Martin Dickie in Aberdeenshire almost 20 years ago, stood down as chief executive in 2024 and later launched a new beer brand, Second Best. In an email to those who signed up to Second Best, seen by BBC Scotland News, Watt said he had made an official offer to buy back BrewDog. “If successful, everyone who has signed up to Second Best will own the same stake in BrewDog they once held. For free,” he wrote, adding that the firm “should be owned by the equity punks”.
But the audacious proposal quickly drew scrutiny over data protection. The Guardian learned that several former shareholders have asked the Information Commissioner’s Office (ICO) to investigate how Watt got their details. Watt denied any wrongdoing, saying: “A communication was sent to my fellow shareholders in BrewDog following legal advice, using lawfully obtained data, and in connection with their legitimate interests as shareholders.” He did not explain how the contact information was obtained. The ICO, which can impose fines for GDPR breaches, said it is now considering the complaints.
Watt’s relationship with investors has been fraught. About 20,000 people invested in BrewDog’s “Equity for Punks” scheme, typically spending about £500 on shares, which were left worthless after the collapse. Watt recently apologised for “many mistakes” in managing the company, admitting it tried to diversify too quickly. The brewer also faced a 2022 BBC Disclosure investigation that uncovered claims of inappropriate behaviour by Watt towards female staff, violations of import laws and fabricated marketing stories. Watt denied any wrongdoing alleged in the film. The ICO’s decision on whether to investigate will determine whether his latest bid to reclaim BrewDog faces yet another setback.
