Key facts
- Brewdog co-founder James Watt has submitted a formal offer to buy back the company.
- Tilray Brands, the current owner of Brewdog, has stated the company is not for sale.
- Watt's bid is being made through his entity, Second Best, to represent original investors.
- Tilray CEO Irwin Simon expressed confidence in Brewdog's future under Tilray's ownership.
Brewdog co-founder James Watt has submitted a formal offer to buy back the craft beer firm from its current owner, US-based Tilray Brands. The bid comes after Tilray acquired Brewdog's UK, US, and Australian operations for £33 million in March, a significant decrease from its former peak valuation of £2 billion. Watt is making the offer through 'Second Best,' a vehicle established to represent thousands of 'equity punks' who invested in Brewdog previously and to potentially offer employees a stake. However, Tilray Brands CEO Irwin Simon has insisted that Brewdog is "not for sale" and expressed excitement about the company's future under Tilray's ownership. Simon stated he had received no formal communication regarding Watt's bid and suggested that the original investors are better served under Tilray's management, which he claims has retained over 600 employees and is working to expand the brand.