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Steven Howe-Bull decided to invest in Brewdog through its Equity for Punks scheme as a way to honor the memory of his late husband, Keith Phillip. The couple, who had shared 30 years together, both enjoyed Brewdog’s Punk IPA and admired the company’s bold challenge to the large international brewing corporations. After Keith, a retired headteacher, passed away in February 2017, Steven, based in Suffolk, wanted to find a meaningful tribute to his husband and noticed the brewery’s investment opportunity.
Although Steven had never invested in anything before, he chose to put £1,000 into the scheme, believing it was a generous and promising company that valued its investors and employees. However, over time, he became disappointed by what he describes as the firm’s gradual decline. Reflecting on the situation, he told BBC Scotland News, “The way the company has been run, Keith would have turned in his grave.” Brewdog’s recent troubles culminated in the company entering administration, with 38 bars shutting down and 484 employees being laid off. The US firm Tilray purchased parts of the business in a £33 million deal, but Equity for Punks investors were informed they would receive no returns.
News of the administration and the resulting job losses was delivered to Brewdog staff in a brief conference call led by CEO James Taylor. Meanwhile, investors like Steven found out about the company’s fate largely through media outlets, a communication approach Steven found “really unpleasant and messy.” He expressed frustration at being “the last to know” and lamented that what once seemed like “a nice and honourable thing to invest in” turned out to leave a disappointing legacy.
Another investor, Janice Hands from Ayrshire, purchased 100 Equity for Punks shares in 2022, investing about a quarter of her savings in the company. Janice cherished the brand and proudly visited Brewdog establishments across the globe, including in London, Australia, and Las Vegas. She described being “devastated” when she first heard about the administration and noted that the official confirmation arrived in an email that emphasized appreciation for shareholders but failed to address the fate of their investments. Janice considered the offer of continued perks like free birthday pints insufficient, saying, “They can’t treat people like that and get away with it. It is a terrible situation.” Alongside investors like Janice and Steven, many others voiced both an understanding of the inherent risks in private equity investments and anger over the prioritization of other shareholders above Equity for Punks participants during the company’s financial collapse.
Brewdog’s troubles can be traced back through several challenging years, including negative press related to workplace culture and allegations of misconduct. In 2017, a US equity firm, TSG Consumer Partners, acquired a 22% stake with preference shares that guaranteed priority in payouts during sales or administration, a factor which disadvantaged smaller investors. Co-founder James Watt stepped down as CEO in 2024 and later admitted to making “many mistakes,” expressing sorrow over the impact on staff and investors. When Brewdog was at its peak, it was valued at over $1 billion, but those successes were overshadowed by the company’s mounting issues. Watt reflected, “During my 17 years in charge there were highs, lows, successes, failures, huge gambles and many mistakes along the way. Ultimately, the mistakes hurt far more than the successes console.”
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