Brewdog US bars snapped up by beer firm’s UK buyer
The US cannabis firm which bought craft beer giant Brewdog’s UK arm has agreed to buy some of its American bars and brewing facilities.
Tilray Brands, a pharma firm which sells cannabis and alcoholic lifestyle products, struck the deal for a string of Brewdog’s US operations after sealing a £33m deal for the beer firm’s UK arm.
Brewdog kickstarted the craft beer craze when it was founded by schoolmates James Watt and Martin Dickie, but its sale marked the end of a rapid downfall which saw both co-founders step away from the firm and eventually cost hundreds of jobs.
The deal with Brewdog’s US arm will see Tilray acquire its brewery, pub and hotel in Columbus, Ohio, and pubs in New Albany, Cleveland and Las Vegas.
Last week, Tilray bought Brewdog’s Australian arm, acquiring its brewing site in Brisbane and five other bars.
Irwin Simon, Tilray’s chief executive, said: “Tilray now owns the BrewDog brand and its intellectual property worldwide.
“This positions us to steward the brand’s next chapter with a unified strategy and a fully integrated North American brewpub footprint designed to support long‑term growth and brand strength.”
The deal is set to be completed towards the end of this financial year, pending regulatory approval, and was struck for an undisclosed sum.
Nearly 500 jobs lost in UK sale
Brewdog’s sale in the UK saw its brand, Scottish brewing facility and some of its bars go to Tilray but 38 bars were immediately shut, to be put into administration.
This left 484 former Brewdog employees without work, with co-founder James Watt taking to social media to say he was “heartbroken” that the deal could not protect these staff.
The deal also left the firm’s thousands of “punk equity” investors without a return, after the company’s mass-appeal investment scheme allowed it to scale rapidly and raise over £75m.
Watt had been plotting a comeback bid to pile £10m of his own money into the firm and guarantee to keep at least 65 per cent of staff, according to reports.
Watt and Dickie had already stepped away from the company before the sale, after allegations – fiercely denied by the founders – of a toxic workplace and a “cult of personality”.
Watt said after the sale: “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.
“And heartbroken to have dedicated the best 20 years of my life to something that ultimately did not have the ending we all wished for.”