The Scottish brewer BrewDog has been sold to the US cannabis and drinks company Tilray for £33m, resulting in the loss of nearly 500 jobs and leaving thousands of early crowdfunders with nothing.
Under the deal, Tilray acquires BrewDog's brand, intellectual property, UK brewing operations and 11 "strategic" bars in the UK and Ireland, preserving 733 roles. The remaining 38 bars will close immediately, costing 484 jobs. AlixPartners, the administrator, said no offer would have preserved the company in full.
Unite the union criticised the process, stating that nearly 500 livelihoods were wiped out while a corporate deal was stitched up behind closed doors. It also noted that workers were not informed before the press and Tilray announced the deal.
More than 200,000 "Equity for Punks" investors will receive nothing, despite hopes of a £2bn float. Co-founders James Watt and Martin Dickie are believed to have made £100m between them by selling shares in 2017, three times the current sale price.
Tilray, a pioneer in legal cannabis in the US and Canada, also owns several US craft breweries. The acquisition adds BrewDog's popular Punk IPA and other labels. BrewDog had struggled with losses of £37m last year, a decline in pub listings, and previous controversies under Watt's leadership.
Tilray said it expects to close separate purchases of BrewDog's US and Australian assets within 30 days. The 11 bars included in the deal are in Birmingham, Dublin, Manchester, Edinburgh, London and DogTap Ellon.
