Brewdog founder admits 'many mistakes' as hundreds lose jobs in sale

Brewdog co-founder James Watt has apologised to staff and investors and admitted he made "many mistakes" after hundreds of jobs were lost following the sale of the brewer and pub chain this week.

The company's brewery and 11 bars were bought by US firm Tilray for £33m after it went into administration on Monday - but 38 other pubs closed and 484 staff have been made redundant.

Unions, staff and investors have voiced anger at how the sale of the business was handled.

In a statement posted online, Watt said it had been an "incredibly hard" week and that he was "heartbroken" for those who had lost their jobs and invested in its Equity For Punks scheme.

Watt co-founded the company in Aberdeenshire with Martin Dickie in 2007.

At the height of its success Brewdog owned four breweries and about 100 pubs around the globe and was said to be worth more than $1bn.

Watt stood down as CEO in 2024 and Dickie left the company just over a year later.

In his statement, which was posted on LinkedIn, Watt said he had "no idea what I was really doing" in the early days and that in hindsight he would have done things differently.

"At times we expanded too fast and diversified too broadly," he wrote.

The millionaire businessman said he did not control spending well enough at times, and had not responded to some of the crises faced by the business "in a way that was authentic and true to who I am".

He added: "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."

Watt said he "would have loved" to have saved every job and every equity punk investment.

He added: "Ultimately, I couldn't. That will stay with me."

"I am sorry that I was not able to repay the faith you bestowed in me with the outcome you all deserved," he added.

"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."

Unions have expressed anger at the way hundreds of Brewdog staff were told they had lost their jobs during a 15-minute conference call.

Bryan Simpson, hospitality organiser with the Unite union, said the workforce were only given 25 minutes' notice of the off-camera call with chief executive James Taylor and were not able to ask questions.

"I've been representing bar workers for over a decade and it is the worst mass redundancy I have dealt with, including during the pandemic," he told BBC Scotland News.

The firm appointed as Brewdog's administrators, AlixPartners, said on Monday that equity holders - including those who invested in the firm's Equity for Punks scheme - would see no return from the deal.

That fundraising scheme, launched in 2009, was said to have raised £75m before it closed to new investors in 2021.

US equity firm TSG Consumer Partners acquired a 22% stake in Brewdog in 2017, and was given "preference shares" over Equity for Punks shareholders.

That meant TSG would get its money back first in the event of a sale.

In an email to investors on Monday, the new owners said they wanted those in the Equity for Punks scheme to continue as "ambassadors for the brand".

One investor, Richard Fisher, said he had written off his £12,000 stake in Brewdog and was left frustrated by what has happened.

"There's nothing for us. It's being sold at a knock-down price.

"But I never thought there was going to be anything left over for the Equity for Punks anyway," he said.