Watt's BrewDog Buyback Bid
James Watt Submits Bid to Reacquire BrewDog from Tilray, Promising Equity for 43,000 Punks
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Key Points
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Tilray's purchase of BrewDog included not just IP and UK assets but also some US sites, including BrewDog's Las Vegas bar, highlighting the deal's broader reach as BrewDog eyed expansion into energy drinks.
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About 220,000 Equity Punks invested roughly £75m in BrewDog, but their shares were described as practically worthless after the sale to Tilray.
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Watt had previously pursued a bid for parts of BrewDog with private equity firm Modella Capital, but Tilray outbid that effort.
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In Glasgow, BrewDog’s West End site closed following the sale, while the Merchant City venue remained in operation.
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Watt confirmed on LinkedIn that he had submitted the bid via his new brand Second Best to buy BrewDog back.
BrewDog co-founder James Watt has formally submitted a bid to buy back the Scottish craft beer company, months after it was sold to US firm Tilray Brands for about £33 million, according to BBC. Watt is using a new vehicle called Second Best to make the offer, and says 43,000 so-called Equity Punks — small investors who backed BrewDog over the years — would get their equity back for free if the deal goes through.
Tilray, a Canadian beverage and cannabis company, acquired BrewDog in March, picking up its global intellectual property and UK assets. Herald Scotland reports that around 220,000 Equity Punks had invested roughly £75 million in BrewDog, but their shares became practically worthless after the Tilray sale. Watt's new bid is his second attempt this year to win back control of the brand he founded in 2007.
Watt's Second Best Plan to Reclaim BrewDog
Watt confirmed the bid on LinkedIn, saying he had submitted the offer through Second Best, a brand he launched specifically to re-engage Equity Punks who were left out when Tilray bought the company. He says the plan would restore the real living wage for staff, bring back team equity, and put the community at the heart of the business again.
This is not Watt's first attempt. Earlier this year, he pursued a bid for parts of BrewDog alongside private equity firm Modella Capital. That effort failed when Tilray outbid the group, according to AOL. Watt stepped down as CEO in 2024 before launching Second Best as a way to keep fighting for the brand's original investors.
220,000 Investors Left With Near-Worthless Shares
BrewDog's crowd-funding scheme, known as Equity for Punks, raised around £75 million from roughly 220,000 small investors over several years. The scheme promised backers a stake in the company's future. But when Tilray swooped in to rescue BrewDog from administration for just £33 million, those shares were left with almost no value, according to Herald Scotland.
Watt's Second Best bid directly targets this group of let-down investors. The 43,000 Equity Punks backing the current offer would receive their BrewDog equity back at no cost if the takeover succeeds. Yahoo Finance reports that Watt sees restoring that community ownership as central to any revival of the brand.
What Tilray Bought and What It Left Behind
When Tilray completed its purchase of BrewDog in March, it acquired global IP, UK assets, and some US sites, including BrewDog's Las Vegas bar. At the time, BrewDog was also eyeing a push into energy drinks as part of a broader growth plan. The £33 million price tag was a steep fall for a brand once valued at over $2 billion, according to Herald Scotland.
In Glasgow, the sale brought visible change. BrewDog's West End site closed after the deal was completed. The Merchant City venue stayed open, according to AOL. The closures underlined how much the brand had shrunk since its peak years.
What Happens Next for BrewDog's Future
Tilray has not publicly responded to Watt's latest bid. It is unclear whether the US company is willing to sell or which specific assets Watt is targeting. BBC notes that Watt's bid is still an offer at this stage, with no deal confirmed. The outcome will depend on whether Tilray sees value in letting go of what it bought just months ago.
For Watt, the stakes are personal. He founded BrewDog in Aberdeenshire in 2007 and built it into one of Britain's most recognisable craft beer brands. If Second Best's bid succeeds, he would reclaim a business he spent nearly two decades building — and hand thousands of small investors a second chance at ownership.
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