James Watt launches bid to buy back parts of BrewDog
James Watt has formally submitted a bid to buy back parts of BrewDog from Tilray Brands, the Nasdaq-listed group that acquired the craft brewer's core assets after its March collapse for about £33 million. The offer, made through Watt's new venture Second Best, aims to restore stakes to thousands of Equity Punk crowdfunding investors whose shares became worthless. Watt announced the proposal on LinkedIn, marking his second attempt to regain control of the Scottish brewery he co-founded in 2007.
Key Takeaways
- James Watt has submitted a formal buyback offer for parts of BrewDog to Tilray Brands via his new company, Second Best.
- About 43,000 former Equity Punk investors have backed the bid, with Watt pledging to restore their original BrewDog stakes for free if the deal succeeds.
- The proposed transaction is believed to be worth more than £30 million, though precise terms have not been disclosed.
- Tilray declined to comment on speculation, saying it remains excited about BrewDog's global business.
Why Is James Watt Trying to Buy Back BrewDog?
Watt stepped down as BrewDog chief executive in 2024, and fellow co-founder Martin Dickie left the business last year. Both remained shareholders when BrewDog fell into administration and Tilray struck deals to acquire assets across the UK, Ireland, the US and Australia.
Watt has said he previously tried to buy BrewDog alongside private equity firm Modella Capital before Tilray's takeover, but lost out. He received criticism from Equity Punk investors who saw no return after pouring money into the company's crowdfunding scheme, with the last fundraising round held in 2021.
Launching Second Best in May 2026, Watt framed the comeback as a way to put the community back at the centre of the business. If his latest bid fails, Second Best will become his sole focus, according to reports.
What Would Happen to Equity Punk Investors?
A central plank of Watt's proposal is restoring ownership to the retail investors who backed BrewDog through its Equity for Punks programme. In a message to roughly 42,000 people who expressed interest, Watt said anyone who signed up would receive the same stake in BrewDog they once held, for free, if the offer is accepted.
He has also pledged to reinstate the Real Living Wage, bring back team equity and integrate Second Best into BrewDog. Watt wrote on LinkedIn: "The punks and the crew built this company and BrewDog deserves to belong to them once more."
The promise addresses one of the most painful chapters in the craft beer saga. Reports indicate Equity Punk holders were wiped out when BrewDog entered administration, turning a high-profile brand into a distressed sale — a collapse that has become a cautionary tale in Net Worth & Wealth coverage.
How Much Could Watt's Buyback Bid Be Worth?
The terms of Watt's latest proposal remain unknown. People close to the situation told The Times the total value is believed to be in excess of £30 million. Tilray paid roughly £33 million for BrewDog's core assets after the company's collapse in March.
It was unclear how advanced discussions between Watt and Tilray had become, or whether the parties were engaged in formal negotiations. Watt declined to comment when approached by journalists.
Will Tilray Accept the Offer?
Tilray's response has been measured. The company said: "We do not comment on speculation. We're very happy and excited about BrewDog's business worldwide." That leaves Watt's buyback bid in limbo, though his LinkedIn post confirmed the offer was formally sent to Tilray Brands through Second Best.
For Watt, the stakes extend beyond balance sheets. Having built BrewDog from an Aberdeenshire startup into Britain's biggest craft beer brand, he now faces the challenge of convincing a global beverage group to hand back a business it acquired only months ago.