Millionaire entrepreneur James Watt, the co-founder of the collapsed craft brewery chain Brewdog, has launched a new beer brand named Second Best. The move comes after Brewdog entered administration in March this year, resulting in the closure of 38 bars and the loss of 484 jobs.
A New Beginning for James Watt
The 44-year-old Scottish businessman stated that he hopes to offer former Brewdog investors nearly 20 per cent of his new company's shares to 'make good' on what he considers an 'obligation'. Watt expressed his intentions: 'Hopefully the second time around, I can build something stronger, better, more valuable... and provide a return for their investment.'
Production and Distribution Plans
The new venture will initially produce three beers: two pale ales and a lager. While Watt has not set a fixed timeline for the launch, production is expected to take place in breweries in Germany and other European locations. Second Best will specialise in selling canned beer, with a focus on maintaining quality. To avoid heat degradation common in supermarket supply chains, the beers will leave the canning line at zero degrees and be shipped to customers in insulated boxes, ensuring the temperature never exceeds 5°C.
Reflections on Brewdog's Collapse
Watt, who co-founded Brewdog in 2007 at the age of 24, described himself as 'heartbroken' after the company's collapse. Brewdog was burdened with £500 million in debt when it entered administration, leaving shareholders empty-handed as its Equity Punk shares became worthless. The company owed creditors £553.8 million at the time of its sale, with an estimated £480 million black hole after a pre-pack rescue deal. The once high-flying craft beer firm, speculatively valued at £2 billion just a few years ago, was sold to US cannabis and drinks firm Tilray for a mere £33 million. This sale included its brewery and 11 bars, while 38 pubs were closed and 484 staff made redundant.
Personal and Professional Challenges
Watt stepped back from the role of CEO in 2024 amid allegations of a toxic workplace culture. He said he would have 'loved to save every single job and every single equity punk investment' but 'couldn't', adding: 'That will stay with me.' His wife, Made in Chelsea star Georgia Toffolo, whom he married in March 2025, spoke on social media about the impact of Brewdog's collapse on their relationship. She revealed that the stress contributed to her five-month struggle to get pregnant, stating: 'We've had so much stress... the BrewDog stuff has been really difficult to navigate... coinciding with starting to try for a baby it's been a lot for us.'
Looking Ahead
Despite the controversies and financial turmoil, Watt is forging ahead with Second Best, aiming to rebuild and provide returns for those who believed in his previous venture. The new brand represents a fresh start in the drinks industry, with a focus on quality and direct-to-consumer distribution.
