BrewDog Co-Founder James Watt Bids to Reacquire Brand from Tilray
James Watt has formally submitted an offer to buy back the beer brand he co-founded, which was recently sold to a US cannabis firm.
BrewDog co-founder James Watt has made a formal offer to buy back the beer brand, which was sold to the US cannabis firm Tilray earlier this year. Watt, who stepped down as chief executive in 2024, submitted the bid through his new venture, Second Best.
BrewDog, once valued at an estimated £2 billion, was sold to the Nasdaq-listed Tilray for £33 million in March. The sale included BrewDog's intellectual property, UK assets, and some U.S. locations, as Tilray explores expansion into energy drinks. Watt had reportedly previously pursued a portion of the beer brand with private equity firm Modella Capital but was outbid by Tilray.
The move comes after BrewDog's crowdfunding investors, known as 'Equity Punks,' expressed criticism for being marginalized when the company was put up for sale. Watt's new brand, Second Best, was established to offer shares to these investors, aiming to restore their stake in BrewDog should his buyback bid be successful. He stated on LinkedIn that if the acquisition succeeds, "every registered [Equity] punk gets their Brewdog equity back, for free."
An estimated 220,000 beer enthusiasts had invested approximately £75 million in BrewDog, only to see their shares become virtually worthless following the sale. These investors were initially promised perks such as discounts and invitations to the company's annual event, Annual General Mayhem.
BrewDog was founded in 2007, evolving from an anti-establishment brand challenging larger breweries into a mainstream beer company. Watt was succeeded as chief executive by James Arrow in 2024, following a period marked by controversies regarding the brewery's staff treatment. Watt cited a desire for more time with family and friends, and a focus on new business ventures, as reasons for his departure. He is married to reality TV personality Georgia Toffolo.