BrewDog Founder James Watt Voices Profound Sadness Over Acquisition Fallout
James Watt, the co-founder of BrewDog, has publicly expressed his heartbreak following the company's recent acquisition by US firm Tilray Brands. In a heartfelt social media post, Watt shared his deep regret over the significant job losses and the financial impact on investors that resulted from the deal.
Details of the Tilray Acquisition and Its Consequences
Tilray Brands completed the purchase of BrewDog in a transaction valued at £33 million earlier this week. This acquisition has led to the closure of 38 BrewDog bars across the UK and internationally, resulting in the loss of 484 jobs. Additionally, investors who participated in BrewDog's "equity for punks" crowdfunding rounds have been left without returns on their investments, a situation Watt described as particularly distressing.
Watt's Personal Reflections and Regrets
In his statement, Watt reflected on his journey from a 24-year-old working part-time on a fishing boat and living in his father's spare room to co-founding BrewDog in Aberdeenshire in 2007. He admitted to having no prior business experience and making decisions as he went along. Watt acknowledged that the company's rapid growth strategy, which initially positioned it as an underdog, eventually broke down as it became perceived as an incumbent in the market.
He stated, "With the benefit of hindsight, there are so many other things I would have done differently. At times we expanded too fast, diversified too broadly, and I feel that I did not respond to certain crises that we faced in a way that was authentic to who we were." Watt also expressed his sorrow at being unable to save every job and protect every investor, saying this would stay with him.
Impact on Employees and Investors
Watt directly addressed the affected team members and investors in his post. He thanked the departing employees for their contributions, saying, "You helped build something that mattered. I am sorry we could not protect you." To the equity punks, he expressed gratitude for their early belief in the business, recalling it as "just two humans, one dog, and a crazy idea."
Future Operations Under Tilray
Despite the closures, BrewDog's 18 franchise bars in the UK and internationally will continue to operate. The Tilray deal includes control over key BrewDog facilities, such as the brewery in Ellon, Aberdeenshire, and The Hop Hub distribution centre in Motherwell, Lanarkshire. Watt stepped down as chief executive in 2024 to assume the role of "captain and co-founder," a position he held at the time of the acquisition.
This week has been described by Watt as "incredibly hard," underscoring the emotional toll of the business transition on the founder and the broader BrewDog community.
