Brewdog, the Scottish craft beer giant, has closed 38 UK bars as part of a restructuring deal that saw the company sold to US firm Tilray Brands for £33 million. The closures result in the loss of 484 jobs, administrators confirmed.
The sale to Tilray, a consumer packaged goods company, will save 11 UK Brewdog sites, including bars in London, Birmingham and Manchester. The Manchester Peter Street Brewdog is among those retained.
Administrators from AlixPartners, appointed in February to oversee the sale, said the deal was necessary after the company failed to make a profit in recent years. Clare Kennedy, a Partner & Managing Director at AlixPartners, stated: 'In Tilray, we have secured a purchaser with a passion for craft brewing who will be an excellent custodian.'
Brewdog closed all its bars on March 2 to comply with licensing issues ahead of the ownership change. Chief executive James Taylor informed staff via internal email that company-wide meetings would be held, and bars would remain closed for the day.
The 38 closed sites were not included in the rescue deal. The company operates 72 bars worldwide and four breweries.
