BrewDog's valuation has plummeted by 98% since its peak at £2 billion in August 2021, sparking a bid by co-founder James Watt to reacquire the company from Tilray Brands. The entrepreneur's formal offer comes just months after the Scottish craft beer giant was sold for £33 million, a stark contrast to its once-thriving valuation.
The sale to Tilray Brands has left many of BrewDog's original 'equity punks' – who purchased shares in the company but saw no return from the sale – with significant losses. Watt aims to rectify this through his bid, spearheaded by 'Second Best', a vehicle established to offer shares back to these early investors.
As part of his plan, Watt has committed to reinstating the Real Living Wage for BrewDog's workforce and offering them a share in the business. This move is not only a nod to the company's heritage but also acknowledges the value of its employees. In a statement, Watt stressed, "The punks and the crew built this company, and BrewDog deserves to belong to them once more."
The potential change in ownership could have far-reaching implications for the craft beer market, not least as it reflects the complex and often opaque ownership landscape of many prominent UK brands. International interest continues to play a significant role in shaping the market, with Tilray Brands' acquisition being just one example.