James Watt Pledges 19.3% of Second Best to Brewdog Investors Burned in £500 Million Collapse
Updated
Updated · BBC.com · May 23
James Watt Pledges 19.3% of Second Best to Brewdog Investors Burned in £500 Million Collapse
12 articles · Updated · BBC.com · May 23
Nearly 20% of James Watt’s new brand Second Best will be set aside for former Brewdog Equity for Punks investors, who he says can claim the same stake they once held for free.
The move targets thousands of backers wiped out after Brewdog collapsed with more than £500 million of debt and was sold to Tilray in a £33 million rescue deal in March.
That sale preserved 733 jobs but cost 484 others and shut 38 bars; administrators also said Equity for Punks investors would receive no return, with some reporting losses of up to £12,000.
Watt, who stepped down as Brewdog chief executive in 2024, said Second Best still needs licenses and legal approvals, with no launch date yet for what he called an initially 'alcohol adjacent' concept.
After a billion-dollar collapse, can a founder's 'free share' apology brew success in a declining market?
He became a millionaire while investors lost everything. Should they now accept his 'free' shares in a new venture?