BREWDOG CO-FOUNDER WATT BIDS TO REPURCHASE BEER BRAND FROM TILRAY

James Watt, co-founder of Brewdog, has submitted a formal offer to repurchase the beer brand from Tilray Brands, the US cannabis and craft beer company that acquired it in March. Watt stepped down as chief executive of Brewdog in 2024 and is now making the buyback attempt through Second Best, a new beer brand he established. The offer comes months after Brewdog sold to Tilray for £33 million, a significant reduction from the £2 billion valuation the company once held. Watt had previously pursued a buyback bid alongside private equity firm Modella Capital but was unsuccessful against Tilray's offer.

Brewdog faced criticism from its crowdfunding investors, known as Equity Punks, after they were deprioritised in the sale process and did not receive expected returns. Watt created Second Best to offer shares to those investors who had purchased Brewdog equity but missed out on financial gains from the Tilray transaction. In a statement, Watt said that if his offer succeeds, every registered Equity Punk would receive their Brewdog equity back at no cost. The acquisition by Tilray included Brewdog's intellectual property, UK assets and certain US sites, including a bar in Las Vegas, as Tilray seeks to expand into energy drinks.

Watt stated that the Equity Punks and company staff built Brewdog and that the brand deserves to belong to them once more. The Scottish entrepreneur appealed to the investors who backed him previously to consider the new proposal. No timeline for a decision on the offer has been confirmed. The outcome of Watt's bid remains uncertain at present.