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James Watt, who co-founded Brewdog in 2007, has publicly apologized to employees and investors after the company suffered significant job losses following the recent sale of its brewery and pub chain. The business was acquired by the US firm Tilray for £33 million after Brewdog entered administration earlier this week. While Tilray purchased the brewery and 11 bars, 38 additional pubs were closed, resulting in 484 redundancies. This development has sparked considerable outrage among unions, staff members, and investors regarding how the sale was executed.
Watt expressed his sorrow in a statement shared online, describing the past week as “incredibly hard” and saying he felt “heartbroken” for those affected by job cuts and the financial losses sustained by participants in the Equity For Punks investment scheme. Brewdog, initially founded by Watt and Martin Dickie in Aberdeenshire, once operated four breweries and nearly 100 pubs worldwide, reaching a valuation exceeding $1 billion. Watt stepped down as CEO in 2024, followed by Dickie’s departure a little over a year later.
Reflecting on Brewdog’s trajectory, Watt admitted on LinkedIn that he “had no idea what I was really doing” during the early stages, acknowledging a series of errors including overly rapid expansion and diversification. He also conceded that he failed to manage spending properly and was not always authentic in responding to challenges. Watt highlighted that his 17-year tenure involved both triumphs and setbacks, but ultimately said, “the mistakes hurt far more than the successes console.” Despite wishing he could have saved every job and protected all investor funds, he lamented that this was not possible.
The announcement of the redundancies to Brewdog staff was handled poorly, according to union representatives, with workers informed during a brief 15-minute conference call that allowed no opportunity for questions. The Unite union described the process as the worst mass redundancy they had encountered in over a decade. Meanwhile, Brewdog’s administrators confirmed that those invested in the Equity For Punks scheme would receive no return from the sale, as preference shares held by US equity firm TSG Consumer Partners took priority during the transaction. Some investors, like Richard Fisher—who lost a £12,000 stake—expressed their frustration but did not expect any recompense given the circumstances
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