Key facts
- Brewdog co-founder James Watt has launched a new venture called Fool's Fix, a drink designed to prevent hangovers.
- Watt publicly criticized the media for a lack of coverage surrounding his new product launch.
- He stated that his previous actions typically received significant media attention.
- Watt is offering free stakes in Fool's Fix to its first 20,000 customers and former Brewdog "equity punks".
- Brewdog was sold to Tilray for £33 million, a fraction of its previous valuation.
- Watt had previously made bids to prevent the sale and to buy the company back.
Brewdog co-founder James Watt has voiced his displeasure with the media's apparent lack of interest in his latest business endeavor, a drink intended to prevent hangovers. Watt took to LinkedIn to express his frustration, noting the stark contrast between the "total silence" surrounding his new venture and the usual extensive coverage he receives for even minor actions.
Watt's new project, named Fool's Fix, is being positioned as an "experiment in building a company completely differently." He is offering 100 Founding Shares, essentially making early customers co-owners of the brand, and also providing free stakes to former "equity punks" who invested in Brewdog. This initiative aims to build a new model for launching consumer businesses and establish Fool's Fix as a leading global recovery brand.
This venture follows the sale of Brewdog to the US cannabis company Tilray for £33 million in March, a figure significantly lower than the company's 2020 valuation of £2 billion. Watt had reportedly attempted to prevent this sale and later made an unsuccessful bid to buy Brewdog back from Tilray. He also sought to regain the confidence of Brewdog's "equity punks," who missed out on a return from the sale.
Watt founded Brewdog in 2007 with Martin Dickie, playing a key role in popularizing the UK's craft beer market. Both founders had stepped away from the company prior to its sale amid allegations of a toxic workplace, which they have vehemently denied. Brewdog's chief executive, James Taylor, also departed the company last month after just over a year in the position.