BrewDog Founder Apologises After Job Losses
The co-founder of BrewDog has apologised to staff and small investors after hundreds of employees were made redundant following the company’s sale out of administration.
The brewer’s main brewery and 11 bars were acquired this week by US cannabis and drinks group Tilray in a £33 million deal. However, 38 additional pubs were shut down, resulting in 484 job losses.
In a statement posted online, BrewDog co-founder James Watt described the past week as “incredibly hard” and said he was “heartbroken” for employees who lost their jobs and for investors affected by the collapse. Watt stepped down as chief executive in 2024.
BrewDog was founded in 2007 in Aberdeenshire by Watt and Martin Dickie. At its peak, the business operated around 100 bars worldwide, ran four breweries and was valued at more than $1 billion. In recent years, however, the company faced mounting criticism over workplace culture and allegations of inappropriate behaviour, alongside financial pressures.
Reflecting on his leadership, Watt said he had made “many mistakes” during his 17 years at the helm. He acknowledged that the company expanded too rapidly and diversified too widely, adding that spending was not always tightly controlled and that he did not always respond to crises in a way that felt authentic.
“I would have loved to have saved every job and every Equity Punk investment,” Watt wrote, referring to BrewDog’s long-running crowdfunding initiative. “Ultimately, I couldn’t. That will stay with me.”
The “Equity for Punks” scheme, launched in 2009, raised around £75 million from retail investors before closing to new participants in 2021. Administrators from AlixPartners have confirmed that equity holders, including participants in the scheme, are unlikely to receive any return from the sale.
A 22% stake in BrewDog was acquired in 2017 by private equity firm TSG Consumer Partners, which held preference shares. That arrangement gave the institutional investor priority in the event of a sale, leaving smaller shareholders at the back of the queue.
Unions have criticised the manner in which redundancies were communicated. Unite said staff were informed of the job losses during a brief conference call and were not given an opportunity to ask questions. The union described it as one of the most abrupt mass redundancies it had handled in the hospitality sector.
AlixPartners said it recognised the situation was “extremely challenging” and confirmed it is working with affected employees to help them access statutory payments and explore alternative roles within the industry.
Some retail investors have also expressed frustration, saying they had already written off their investments but remained disappointed by the outcome.
In his statement, Watt thanked staff and backers for their support and said he would continue to support the brand from afar. “I still love the business,” he wrote. “It will always feel like an intrinsic part of me.”
The sale marks a dramatic turn for a company that once styled itself as a disruptive force in global brewing but now enters a new chapter under different ownership.
