James Watt, co-founder of Brewdog, has made an official offer to buy back the craft beer business months after it was sold to US company Tilray — but the new owner has insisted the firm is “not for sale”.
Watt, who stood down as chief executive in 2024 and co-founded the Aberdeenshire brewer with Martin Dickie almost 20 years ago, said in an email to supporters that if his bid succeeded, every investor in Brewdog’s “Equity for Punks” scheme would receive shares “for free”. About 20,000 people invested in the scheme, typically spending £500 on shares costing £20–30 each. They were left worthless when the firm collapsed with debts of more than £500m earlier this year, leading to hundreds of job losses.
“James Watt bids to buy back Brewdog; owner Tilray says it is not for sale.”
At its peak, Brewdog had four breweries, about 100 pubs worldwide and was said to be worth more than $1bn. However, it was bought over by Tilray, a beverage and medical cannabis company, after the collapse. Watt was previously involved in a bid to buy back the firm but lost out to Tilray.
After leaving Brewdog, Watt launched a new beer brand, Second Best, offering nearly 20% of shares to people who lost money investing in Equity for Punks. Former investors told the BBC they were sceptical about those plans. In the email, seen by BBC Scotland News, Watt wrote: “If successful, everyone who has signed up to Second Best will own the same stake in Brewdog they once held. For free.” He added that the firm “should be owned by the equity punks and I will endeavour to ensure that happens”.
But Irwin Simon, boss of Tilray, told City AM he intends to retain the pub chain and brewery, just hours after Watt said he had submitted a bid. “The company is not for sale,” Simon said.
Both Watt and Dickie had sold shares to US private equity fund TSG in 2017, making £50m each. Dickie left the company last year, citing personal reasons. Watt recently apologised to staff and investors for the “many mistakes” made in the management of the company, admitting it tried to diversify too quickly. Brewdog’s brash marketing style had regularly sparked controversy, and it faced criticism for its treatment of investors and staff. A 2022 BBC Disclosure investigation uncovered claims of inappropriate behaviour by Watt towards female staff, and revealed that Brewdog violated import laws and fabricated many of its marketing stories. In 2024, the firm faced a backlash after revealing it would no longer hire new staff on the real living wage, instead paying the lower legal minimum wage. Watt denied any wrongdoing alleged in the film.
The outcome of Watt’s bid remains uncertain, with Tilray’s owner showing no intention of selling.