Brewdog sold to US firm for £33m with 38 bars to close and 484 jobs lost
Brewing company BrewDog was sold to American firm Tilray Brands for just £33 million, and nearly 500 people were laid off.
In total, 38 pubs will be closed across the UK and the deal will cover just 11 pubs alongside branding and brewing operations.
BrewDog, which has failed to turn a profit in recent years, appointed administrators to oversee a sale, and Tilray, which owns businesses in the medical marijuana industry as well as a number of other craft brewing companies, has emerged as a successful buyer.
Earlier this year, BrewDog ceased operations across its gin and vodka brands in Aberdeenshire, while last year it closed the doors of many of its pubs to prevent losses. Job cuts have also been cut following losses of £37m last year.
484 people will be made redundant following the closure of 38 pubs with immediate effect, but 733 employees have had their jobs protected under the terms of the sale and will now become workers at Tilray Brands UK.
Administrators AlixPartners confirmed that no bids had been received from “any potential bidders who would retain BrewDog in its entirety”.
Executives also confirmed there would be “no return to any equity holders” from the sale, including members of the public who invested in BrewDog through the company’s “Equity for Punks” scheme.
Money raised from share sales to fans in this way was used to expand the business and is estimated to have raised around £75 million.
“As expected over the past two weeks, we have received significant interest in the BrewDog business from potential buyers in both the trading and investment community,” said Clare Kennedy, managing director of AlixPartners.
“In Tilray, we have found a buyer with a passion for craft brewing who will be an excellent patron and sponsor of the business in the months and years to come.
“In doing so, our priority is now to support those whose roles have been made redundant to the fullest extent possible, and we would ask operators in the UK entertainment industry who are in a position to assist us to contact us at any time.”
Irwin D Simon, managing director of Tilray Brands, added: “BrewDog is one of the most iconic, mission-driven craft beer brands in the UK. “What makes BrewDog truly special has always been its community of brewers, pubs and passionate beer fans.
“As we embark on a new chapter for this great brand, our priority is to refocus BrewDog on the craft beer excellence for which it was first loved and invest strategically to return operations to profitable growth. The future for BrewDog is bright, and we are committed to ensuring the brand continues to lead and inspire the global craft beer movement.”
Neither of the first two co-founders, James Watt and Martin Dickie, hold day-to-day roles at the firm; but Mr Watt moved to the position of “captain and co-founder” after stepping down as CEO in 2024 following a series of complaints and controversies. Mr Dickie left the company last year for “personal reasons”; Last year, it announced plans to transform a new venture into a dominant medical marijuana company.
