James Watt, the founder of BrewDog, has filed a formal bid to buy back the craft‑beer company from Tilray Brands, the U.S. cannabis and beer conglomerate that acquired it earlier this year.
Bid submitted through new vehicle Second Best
The offer is being made through Second Best, an investment vehicle Watt created to let the thousands of “equity punks” who bought BrewDog shares regain a stake. According to the filing, about 43,000 investors have signed up for shares in the new entity.
Watt says the proposal would return each participant’s original ownership and would also restore the Real Living Wage for BrewDog employees. He added that staff would receive equity in the re‑acquired business.
“The punks and the crew built this company and BrewDog deserves to belong to them once more,” Watt said in a statement.
Funding and partnership details
The takeover is being self‑financed by Watt together with an unnamed partner who declined to be identified. He indicated that if the bid fails, the focus will stay on Second Best, while a successful offer would integrate the vehicle into BrewDog.
Watt founded BrewDog in 2007 with schoolmate Martin Dickie, helping spark a broader craft‑beer movement. Both founders have stepped away from day‑to‑day roles after allegations—strongly denied—of a toxic workplace and a personality‑centric culture.
Tilray, a Nasdaq‑listed firm, bought BrewDog for £33 million in March, a fraction of the £2 billion valuation the brand once commanded. The transaction led to the closure of 38 UK locations and the loss of nearly 484 jobs.
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It is plausible that the bid could pressure Tilray to reconsider its strategic direction for the brand, especially as the new owners have already signaled intent to launch their own beer lines.
The market may view this as a test of whether a founder‑led revival can outweigh the financial backing of a larger conglomerate. The outcome will hinge on whether the financing partner can meet Tilray’s price expectations.
Recent leadership changes
In the weeks following the sale, BrewDog’s chief executive James Taylor resigned after just over a year in the role. Sources say Tilray plans to manage the operation directly, without appointing a new chief executive.
Watt expressed personal disappointment after the earlier sale, describing himself as “heartbroken” for the staff who lost their jobs and for the equity punks who missed out on returns.
Tilray’s stated aim is to expand BrewDog across the United Kingdom, United States and Australia, targeting a valuation near $1 billion.
Investors watch closely.
