I invested in Brewdog in my husband's memory. He would be turning in his grave

Steven Howe-Bull invested in Brewdog's Equity for Punks scheme as a tribute to his late husband, Keith Phillip.

Punk IPA had become their favourite beer and they admired the maverick Aberdeenshire company's bid to take on the global brewing giants.

The couple had been together for 30 years when retired headteacher Keith died in February 2017.

Steven, from Suffolk, wanted to do something in his memory, and his attention was caught by an advert for the brewer's Equity for Punks fundraising drive.

The retired wedding celebrant had never invested before, but decided to put £1,000 into the scheme.

He believed the "altruistic" company would do well by its investors and staff.

"It looked like a nice thing to do for Keith but, over the years, I have been watching its slow demise," he told BBC Scotland News.

He now wishes that he had never invested.

"The way the company has been run, Keith would have turned in his grave."

Brewdog went into administration on Monday. The US firm Tilray bought parts of the business in a £33m deal, but 38 bars have closed and 484 staff were made redundant.

The news was broken to workers by Brewdog chief executive James Taylor during a 15-minute conference call.

The administrators also made clear that those who invested in the Equity for Punks scheme would not get any return from the deal.

Steven said the way that investors had been informed of developments through media reports was "really unpleasant and messy".

"We were the last to know," he said.

"I thought: 'What a nice and honourable thing to invest in'.

"Not at all. The legacy is awful."

The Equity for Punks scheme promised those who invested a chance to "own a slice of the brewery and share in its success and growth".

In return, Brewdog offered perks such as discounts on beer purchases and free birthday beer.

Before it closed to new investors in 2021, the scheme is said to have raised £75m.

Janice Hands and her partner bought 100 Equity for Punks shares in 2022. While she did not want to disclose the value of her investment, she said it was about a quarter of the couple's savings.

Janice, 49, said: "It seemed like a good opportunity. We wanted to be part of it and share in the company's growth."

The Ayrshire nurse fell in love with the brand, and even made a point of visiting Brewdog bars while on holiday in London, Australia and Las Vegas.

"I was proud to be part of the company," she said.

So she was "devastated" to learn through BBC News coverage that the company had gone into administration.

Official confirmation finally landed in her email inbox on Monday evening.

The email sent to Equity for Punks investors from the "Brewdog Team" thanked the shareholders for their "belief, passion and investment".

It said: "We would love to continue our relationship with this incredible community - to treat you as ambassadors for the brand and to honour the spirit of Equity for Punks."

The new owners also said they planned to continue the scheme's "key benefits", such as bar and online discounts.

Janice said there was no mention of what would happen to her investment.

"It said I will still get a free pint on my birthday, but that's basically a slap in the face," she said.

"They can't treat people like that and get away with it. It is a terrible situation."

Dozens of investors like Janice Hands and Steven Howe-Bull contacted the BBC following the company's sale.

Some highlighted the risk of investing in private companies, and the knowledge that losses are possible.

But there was also anger that other investors had been prioritised, while those who took part in Equity for Punks were last in the queue.

In 2017 a US equity firm, TSG Consumer Partners, had acquired a 22% stake in Brewdog.

It was given "preference shares", which meant it would get its money back first in the event of a sale.

The company's co-founder James Watt issued a statement on Wednesday where he apologised to staff and investors and admitted he made "many mistakes".

He said he was "heartbroken" for those who had lost their jobs and put money into the Equity For Punks scheme.

At the height of its success Brewdog, which was founded in 2007, was said to be worth more than $1bn.

However, the company suffered years of bad headlines, which included staff complaints about workplace culture and allegations of inappropriate behaviour.

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

"During my 17 years in charge there were highs, lows, successes, failures, huge gambles and many mistakes along the way," Watt said.

"Ultimately, the mistakes hurt far more than the successes console."