Brewdog co-founder James Watt bids to buy back UK and Australian operations

James Watt has launched a shock comeback bid for BrewDog, aiming to take control of the craft beer firm's entire UK and Australian operations, City AM has learned.

The Scottish entrepreneur, who co-founded BrewDog, has proposed to buy back the company's operations excluding its US arm. Watt's bid marks a new twist in the dramatic BrewDog saga, which saw the craft beer firm sold for only £33 million — despite once achieving a £2 billion valuation.

Watt announced his shock swoop on Wednesday, but it had previously been unclear which parts of BrewDog's sprawling operations were included in his bid.

Background

BrewDog was sold to US cannabis and beer maker Tilray Brands in March. Although a number of its UK bars collapsed into administration during the deal, 17 remain in the UK, along with the firm's flagship brewery in Ellon, Aberdeenshire.

Watt Wants Entire UK Business Back

Watt is also attempting to acquire BrewDog's remaining Australian operations, which were bought by Tilray soon after it took over the beer firm's UK footprint. This includes:

• A brewery in Brisbane
• Five taprooms, including locations in Sydney and Perth

Watt has opted not to pursue BrewDog's US operations, also owned by Tilray, which include:

• A pub and hotel in Columbus, Ohio
• Three bars in New Albany, Cleveland, and Las Vegas

Second Best Bid Vehicle

The BrewDog co-founder launched his comeback bid through Second Best, a vehicle he set up to offer shares to thousands of "equity punks" who had bought shares in BrewDog but gained nothing from its eventual sale.

He claimed that each of the 43,000 retail investors who have signed up — and each of BrewDog's employees — would receive a stake in the beer firm if he bought it back.

"The punks and the crew built this company and BrewDog deserves to belong to them once more," he wrote on LinkedIn on Wednesday.

BrewDog 'Not for Sale'

However, Watt could face an investigation from the UK's data privacy watchdog, The Guardian has reported. Several former investors in BrewDog have complained to the Information Commissioner's Office (ICO), stating they do not understand how Watt obtained their contact details to offer them a stake in the bid.

These "equity punks" were central to BrewDog's rapid rise from a Scottish startup to a $2 billion titan, with approximately 200,000 everyday investors buying into the firm.

Watt and his co-founder Martin Dickie had both stepped away from the company before its sale, following allegations — fiercely denied by the founders — of a toxic workplace and a "cult of personality."

Nasdaq-listed Tilray has sought to dismiss Watt's approach, insisting that BrewDog is "not for sale."