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Brewdog founder James Watt submits buyback offer from Tilray Brands
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Brewdog founder James Watt has submitted a formal offer to buy back the craft beer company from its current owner, US cannabis and craft beer firm Tilray Brands, just months after it was sold for £33 million. Watt is making the bid through Second Best, a vehicle he created to offer shares to thousands of 'equity punks' who held shares in Brewdog but received nothing from the sale. He has pledged to restore their stakes, reinstate the Real Living Wage for workers, and offer employees shares. The move marks a dramatic twist in Brewdog's history, which once boasted a £2 billion valuation. Watt stated, 'The punks and the crew built this company and Brewdog deserves to belong to them once more.'
Source report
BrewDog founder James Watt has launched a bid to regain control of the craft beer firm he founded, just months after it was acquired by a US rival.
The Scottish entrepreneur announced on Wednesday that he has submitted a formal offer to purchase BrewDog from Tilray Brands, the US cannabis and craft beer company that now owns the pale ale maker.
This bid marks the latest twist in the dramatic BrewDog saga, which saw the craft beer company sold for only £33 million — despite once achieving a £2 billion valuation.
Watt has launched the bid through Second Best, the vehicle he established to offer shares to thousands of "equity punks" who had bought shares in BrewDog but received nothing from its eventual sale.
The craft beer founder claimed he would restore each of these investors' stakes in BrewDog. He also pledged to:
- Reinstate the Real Living Wage for the company's workers
- Offer employees shares in the business
"The punks and the crew built this company and BrewDog deserves to belong to them once more," Watt said.
More to follow.
Source
City AMWestern
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James Watt Bids to Buy Back BrewDog from Tilray Brands