BrewDog bought by US cannabis and drinks firm for £33m, costing nearly 500 jobs | BrewDog

The UK and Ireland assets of Scottish-style “punk” brewer BrewDog have been sold to US cannabis and drinks firm Tilray for £33 million.

Tilray has reached a deal to buy BrewDog’s brand, intellectual property, UK brewing operations and 11 “strategic” pubs in the UK and Ireland, retaining 733 jobs, the two companies confirmed. The remaining 38 bars will close immediately, costing 484 jobs.

Tilray said it was in separate talks to acquire BrewDog assets in the U.S. and Australia.

More than 200,000 “equity for vagabonds” investors, many of whom were hoping to cash in on a float on the stock exchange that is projected to value the company at £2bn at one stage, will get nothing, according to Alix Partners, which acts as manager of BrewDog.

“At no point during the sale process were any offers made by prospective bidders that would fully protect BrewDog,” Alix Partners said in a statement.

The deal comes less than a month after the company put itself up for sale following five years of losses and a series of brand-damaging controversies, particularly over the treatment of staff under the tenure of outspoken co-founder James Watt.

Several suitors, including Danish beer company Royal Unibrew and a consortium that includes Watt, are understood to be surrounding BrewDog and trying to regain control of a company it backed out of less than two years ago.

But Irwin D Simon, Tilray’s chairman and chief executive, said Tilray had reached an agreement that would “refocus BrewDog on the craft beer excellence it was first loved and invest strategically to return operations to profitable growth.”

The acquisition of BrewDog’s U.S. and Australian assets is being negotiated separately and will likely be completed within 30 days, Tilray said.

The 11 UK and Irish pubs that are part of the deal are Birmingham, Canary Wharf, Dogtap Ellon, Dublin, Edinburgh DogHouse, Lothian Road, Manchester, Paddington, Seven Dials, Tower Hill and Waterloo.

US-based Tilray has made a name for itself as one of the corporate pioneers of the legal medical and “adult” cannabis industry in the US and Canada.

The range includes a number of recreational products laced with THC, the primary psychoactive component of marijuana, including Chowie Wowie edibles and Bake Sale, a strain with “approachable” levels of THC designed for baking.

Headquartered in New York, Tilray exports medical cannabis around the world, including the UK.

But Montauk is also one of the largest craft brewers in the U.S. after acquiring a number of independent beer companies, including Terrapin, Green Flash and Redhook Ale.

The addition of BrewDog will make Tilray one of the best-known brewers in the UK, with one of the top five ‘craft’ beer labels including its flagship Punk IPA and brewers such as Hazy Jane and Elvis Juice.

But the US company also needs to address a growing perception, at least in the UK, that a brand once seen as the “punk” upstart of global brewing companies is losing its rival status, signaling that “Peak BrewDog” is already a thing of the past.

The Scottish brewer lost nearly £37 million last year as sales growth nearly ground to a halt, capping a difficult period following Watt’s departure as chief executive.

In 2025, BrewDog was removed from 2,000 bars as customers opted for rival breweries. It also closed 10 of its own pubs, citing difficult trading conditions.

Founded by Watt and Dickie in Fraserburgh, Aberdeenshire, in 2007, the brand became popular in the 2010s as demand for craft beers increased. It also opened a global network of more than 70 bars.

Its rapid growth was fueled by eye-catching displays, often targeting larger rivals.

In 2021, former staff at BrewDog accused the company and Watt of creating a “culture of fear” where workers were bullied and “treated as objects.”

In an open letter shared on social media, the company was accused of erring on the side of caution about health and safety, espousing values ​​it does not live by and creating a “toxic” culture that left staff suffering from mental illness.

Although Watt apologized for some of his behavior, he hired private detectives to gather intelligence on people he said had slandered him. a BBC documentary.

Watt resigned in 2024 and has since focused on new ventures, including Social Tip, which pays people to post on social media about brands.

He has also maintained a presence on social media, criticizing taxes on the wealthy, speculating that he might delay his marriage to reality TV star Georgia Toffolo to maximize his tax cut, and attending Nigel Farage’s birthday party.