Tilray Brands has bought BrewDog for £33million, but 38 bars have shut and 484 jobs were made redundant after they weren’t included in the deal
BrewDog founder James Watt has said he is “heartbroken” after the company was sold to a US firm this week – resulting in dozens of bars being shut and hundreds of jobs lost.
Tilray Brands has bought BrewDog for £33million, but 38 bars have shut and 484 jobs were made redundant after they weren’t included in the deal.
Those who had invested in BrewDog through its “equity for punks” crowdfunding rounds have also been left empty-handed.
In a post shared on social media after the deal was announced, Mr Watt said this week had been “incredibly hard” and admitted there are “so many other things I would have done differently”.
He acknowledged “there were highs, lows, successes, failures, huge gambles and many mistakes along the way”
Mr Watt co-founded craft beer giant BrewDog in Aberdeenshire in 2007 but stood down as chief executive in 2024 to become its “captain and co-founder”.
He said: “I am heartbroken for all of the hard working and passionate team members who have lost their jobs. I am heartbroken for all of our brilliant equity punks who did not get the return on their investment they wanted.”
He continued: “I was 24, working part time on a fishing boat, and still living in my dad’s spare room when we started BrewDog. I had never run a business before, I had no idea what I was really doing and I just made it all up as I went along.
“When an underdog strategy works so well that people perceive you as the incumbent, that strategy breaks down, and I should have recognised that earlier.
“With the benefit of hindsight there are also so many other things I would have done differently.
“At times we expanded too fast, diversified too broadly and I feel that I did not respond to certain crises that we faced (and we faced many) in a way that was authentic to who we were.”
Mr Watt also spoke of his regrets at being unable to save jobs and investments.
He said: “I would have loved to save every single job and every single equity punk investment. Ultimately, I couldn’t. That will stay with me.
“To our team members leaving this week: thank you. You helped build something that mattered. I am sorry we could not protect you.
“To our equity punks: thank you for having the conviction to believe in the business when this was just two humans, one dog and a crazy idea.”
Tilray will take control of BrewDog facilities including its brewery in Ellon, Aberdeenshire, and The Hop Hub, a national distribution centre in Motherwell, Lanarkshire.
Only 18 franchise Brewdog bars in the UK and internationally will continue to operate.
