James Watt, co-founder of BrewDog, has made a bid to repurchase the craft beer company just months after it was acquired out of administration by US firm Tilray. The offer was tabled through his new beer business, Second Best, and is backed by 43,000 so-called equity punk investors, according to a LinkedIn post by Mr Watt.
Background of the Bid
New York-based Tilray acquired BrewDog in March 2025, rescuing the company from administration. The takeover led to the closure of 36 bars in the UK and nearly 500 job losses. Mr Watt described the situation as heartbreaking for employees and investors who lost their investments.
In his LinkedIn announcement, Mr Watt stated: "If we succeed, every registered punk gets their BrewDog equity back, for free. We'd also restore the real living wage, bring back the team's equity, and put the community back at the heart of the business."
Equity for Punks Program
Around 20,000 people invested in BrewDog's Equity for Punks program, typically spending about £500 each on shares. These shares became worthless when the company collapsed into administration. Mr Watt emphasized that the punks and crew built the company and it deserves to belong to them once more.
Mr Watt said: "The punks and the crew built this company and BrewDog deserves to belong to them once more. Equity Punks, you backed me once. This time, I'm backing you."
Watt's History with BrewDog
Mr Watt co-founded BrewDog in Aberdeenshire in 2007, and the brand grew rapidly. He stepped down as chief executive in 2024 to become its "captain and co-founder." He has apologized to staff and investors for mistakes made during his tenure.
In a March social media post, he said: "I am heartbroken for all of the hard-working and passionate team members who have lost their jobs. I am heartbroken for all of our brilliant equity punks who did not get the return on their investment they wanted. I would have loved to save every single job and every single equity punk investment. Ultimately, I couldn't. That will stay with me."
