Key facts
- James Watt, co-founder of BrewDog, is launching a new beer brand called Second Best.
- Second Best will produce three beers, potentially in Germany.
- Watt plans to allocate up to 19.3% of Second Best to former BrewDog investors.
- Investors will receive equity in Second Best for free, ranking alongside Watt's own stake.
- BrewDog collapsed earlier this year and was sold to Tilray Brands for £33 million.
- Former BrewDog investors lost an estimated £75 million.
James Watt, the co-founder of BrewDog, is launching a new beer brand named Second Best, aiming to provide a comeback for investors who lost money when BrewDog collapsed earlier this year. The brewery and pubs business entered administration and was subsequently sold to Tilray Brands for £33 million, a deal that reportedly cut out small investors who had collectively put in an estimated £75 million. Watt stated that Second Best will produce three beers, possibly in Germany, and he intends to fund the venture himself. He has offered former BrewDog investors, referred to as "Second Founders," the opportunity to claim a stake in Second Best for free, equivalent to their previous equity in BrewDog. Watt expressed his commitment to building a world-class beer business that is collectively owned, reflecting on his past obligation to create value for those who trusted him. He has not disclosed any partners for the new venture and is also planning an "alcohol adjacent concept" to launch while awaiting necessary licenses for Second Best.