BrewDog’s founder, James Watt, expressed his deep sadness following the acquisition of the company by a US entity this week. The deal led to the closure of numerous bars and the loss of hundreds of jobs.
Tilray Brands acquired BrewDog for £33 million, resulting in the shutdown of 38 bars and the redundancy of 484 employees who were not part of the acquisition. Additionally, individuals who had invested in BrewDog through the “equity for punks” crowdfunding rounds did not see any returns.
In a social media post, Mr. Watt admitted that the week had been extremely challenging and acknowledged that there were many aspects he would have handled differently. He reflected on the highs, lows, successes, failures, risks, and errors throughout BrewDog’s journey.
Mr. Watt, who co-founded BrewDog in 2007, stepped down as CEO in 2024. He expressed his sorrow for the dedicated team members who lost their jobs and the equity punks who did not achieve the desired returns on their investments. He mentioned the rapid growth, broad diversification, and inadequate crisis management as areas where he could have made better decisions.
Tilray will now oversee BrewDog’s facilities, including its brewery in Ellon, Aberdeenshire, and The Hop Hub in Motherwell, Lanarkshire. Only 18 franchise BrewDog bars will remain open in the UK and internationally.
Mr. Watt concluded by thanking the departing team members for their contributions and expressing gratitude to the equity punks for believing in the business from its humble beginnings.