Brewdog: Co-founder James Watt ‘terminated’ as director
Brewdog co-founder James Watt has been “terminated” as director of the craft beer firm after its sale to a US cannabis giant.
Watt established the brewing company with schoolmate Martin Dickie in 2006 but resigned as a company director on 24 March, according to Companies House filings.
Brewdog kickstarted the UK’s craft beer craze but was mired by allegations of a toxic workplace before its sale caused the closure of dozens of its bars and the loss of nearly 500 jobs.
Watt stepped down as chief executive of the firm in 2024 but stayed on as a non-executive director.
But his resignation, first reported by the Press and Journal, marks the final step in his involvement with the craft beer giant.
Watt said in his resignation letter: “As you will be aware, I have already resigned as a director of all other companies in the Brewdog group in accordance with my obligations under clause 8.1 of the Brewdog investment agreement.”
A number of other directors had resigned from the company earlier in March.
Watt ‘heartbroken’ over Brewdog sale
Watt broke his silence following the sale of Brewdog to US cannabis and beer producer Tilray, saying he was “heartbroken” by the deal.
He wrote on LinkedIn before his resignation: “This week has been incredibly hard. It is really difficult to find the right words and know what to say.
“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.”
Tilray snapped up Brewdog for just £33m, far below the £2bn valuation it notched in its 2021 heyday.
The US firm acquired a select number of Brewdog’s British bars – including five in London but a further 38 were left to close immediately, causing 484 job losses.
Sale brought frustration for ‘equity punks’
Brewdog’s sale also marked disappointment for the tens of thousands of “equity punk” investors who contributed £75m to the business in exchange for cheap shares across seven investment rounds.
AlixPartners, the beer firm’s administrators, confirmed these investors will see no return on their investment.
Watt apologised to these “equity punks” for failing to reward their backing: “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.”
Tilray later acquired Brewdog’s American and Australian operations, as its chief executive announced “the brand’s next chapter”.