The British and Irish assets of BrewDog, the self-described “punk” Scottish brewer, have been sold to US cannabis and drinks firm Tilray for £33 million, in a deal that will cost almost 500 jobs and leave legions of the company’s early-stage crowdfunders empty-handed.
Tilray has reached a deal to buy the BrewDog brand, intellectual property, UK brewing operations and 11 “strategic” pubs in the UK and Ireland, the two companies confirmed, preserving 733 jobs. The remaining 38 pubs will close immediately, at a cost of 484 jobs.
Tilray said it was separately negotiating the purchase of BrewDog’s assets in the United States and Australia.
According to AlixPartners, which acted as administrator of BrewDog, more than 200,000 “punk stocks” investors, many of whom had at one time hoped to cash in on a projected flotation to value the company at £2bn, will receive nothing.
“No offer was made at any stage of the sale process, by any potential bidder, that would have preserved BrewDog in its entirety,” AlixPartners said in a statement.
The deal comes less than a month after the company was put up for sale following five years of losses and a series of brand-damaging controversies relating to the treatment of staff, particularly during the tenure of its outspoken co-founder James Watt.
Several suitors are believed to have surrounded BrewDog, including Danish brewing company Royal Unibrew and a consortium involving Watt himself, attempting to regain control of a company he retired from less than two years ago.
But Tilray Chairman and CEO Irwin D. Simon said a deal had been reached that he said would “refocus BrewDog on the craft beer excellence that made it loved in the first place and invest strategically to return operations to profitable growth.”
Tilray said the separate purchase of BrewDog’s US and Australian assets would likely close within 30 days.
The 11 UK and Irish pubs taking part in the deal are Ellon in Aberdeenshire, Birmingham, Dublin and Manchester, plus DogHouse Lothian Road in Edinburgh, as well as Canary Wharf, Paddington, Seven Dials, Tower Hill and Waterloo in London.
US-based Tilray made a name for itself as one of the pioneers of the legal and “adult-use” medical cannabis industry in the United States and Canada.
Its product range includes recreational products laced with THC, the main psychoactive component of cannabis, including edibles Chowie Wowie and Bake Sale, a strain with “accessible” THC levels designed for cooking. Headquartered in New York, Tilray exports medicinal cannabis around the world, including the United Kingdom.
But it is also one of the largest craft breweries in the United States, after acquiring independent brewing companies such as Montauk, Terrapin, Green Flash and Redhook Ale. The addition of BrewDog will give Tilray one of the most recognized breweries in the UK, with five of the leading “craft” beer brands, including its iconic Punk IPA and beers such as Hazy Jane and Elvis Juice.
But the US company must also address the growing feeling, at least in the UK, that a brand once seen as the “punk” upstart of global beer corporations has lost its challenger status, signaling that “Peak BrewDog” is now in the past.
The Scottish brewer lost almost £37m last year as sales growth virtually ground to a halt, capping a difficult period after Watt’s departure as chief executive.
During 2025, BrewDog was removed from 2,000 pubs as customers opted for rival beers. It also closed 10 of its own bars, citing difficult trading conditions.
Founded by Watt and Dickie in Fraserburgh, Aberdeenshire, in 2007, the brand became popular during the 2010s as demand for craft beers increased. It also opened a global network of more than 70 bars. Its rapid growth was supported by eye-catching maneuvers, which often took critical aim at larger rivals.
In 2021, a former BrewDog staff accused the company and Watt of creating a “culture of fear” in which workers were bullied and “treated like objects.” In an open letter shared on social media, the company was accused of cutting corners on health and safety, upholding values it did not respect and creating a “toxic” culture that left staff suffering from mental illness.
While Watt apologized for some of his conduct, he also hired private investigators to gather information about people who he claimed had defamed him, including by participating in a BBC documentary.
Watt resigned in 2024 and has since focused on startups, including Social Tip, which pays people to make social media posts about brands.
He has also maintained a vocal presence on social media, criticizing taxes on the rich, speculating that he might delay his marriage to reality TV star Georgia Toffolo to maximize tax relief and attending Nigel Farage’s birthday party.
