BrewDog co-founder James Watt ‘heartbroken’ at staff job losses and sale of company
The former ‘captain’ of BrewDog has shared his thoughts on the company sale, highlighting things he’d have done differently.
BrewDog co-founder James Watt has taken to social media to share his thoughts on the sale of his former business.
He said he was ‘heartbroken’ for the workers who’ve lost their jobs. It was announced this week that over 400 staff will be made redundant as new owners Tilray are shutting 38 bars in the UK.
Posting on his Instagram, Mr Watt wrote: “This week has been incredibly hard. On Monday, the business I co-founded in 2007 was sold.
“I am heartbroken for all of the hard working and passionate team members who have lost their jobs. I am heartbroken for all of our brilliant equity punks who did not get the return on their investment they wanted.
“I put my heart, my soul and every ounce of energy into building BrewDog as CEO from inception until early 2024 as we grew from a garage to the world’s leading independent beer brand. We employed thousands and challenged an entire industry.
“I was 24, working part time on a fishing boat, and still living in my dad’s spare room when we started BrewDog. I had never run a business before, I had no idea what I was really doing and I just made it all up as I went along.
“When an underdog strategy works so well that people perceive you as the incumbent, that strategy breaks down, and I should have recognised that earlier.
“With the benefit of hindsight there are also 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 (and we faced many) in a way that was authentic to who we were.
“Ultimately, the mistakes hurt far more than our successes console. I would have loved to save every single job and every single equity punk investment. Ultimately, I couldn’t. That will stay with me.
“To our team members leaving this week: thank you. You helped build something that mattered. I am sorry we could not protect you.
“To our equity punks: thank you for having the conviction to believe in the business when this was just two humans, one dog and a crazy idea.
“It was an honour and a privilege to dedicate my life to trying to build something truly amazing for everyone involved. I am sorry that I was not able to repay the faith you bestowed in me with the outcome you all deserved.
“I still love the business. It will always feel like an intrinsic part of me. I will always be cheering it on from the sidelines, even if the next chapter is now going to be written by others.”
Mr Watt, who founded BrewDog in 2007 along with friend Martin Dickie, stepped down from his role as CEO in 2024 after being mired in controversy in 2021 when he was accused by former workers in an open letter of having a “culture of fear” within the business.
In 2017 BrewDog sold about a fifth of the business to an American private equity firm TSG Consumer Partners in a deal valuing it at about £1 billion, which will take it 'to the next level'. At this time it was reported that combined with San Francisco-based TSG’s spend on buying stock from existing backers, the deal amounted to £213m, with Watt and Dickie to receive up to £100M.
On Monday 2 March New York based drinks and cannabis firm Tilray bought BrewDog for £33M. As well as the bar closures and staff redundancy, it was confirmed that there wouldn’t be any return for Equity for Punks investors.
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