James Watt, chief executive officer of Brewdog Plc, poses for a photograph at the company’s bar in Shoreditch, London, U.K., on Tuesday, Sept. 1, 2015. The craft beer brewers have raised more than £10 million in a crowdfunding project in which more than 35,000 people have invested, according to a statement on the company’s website. Photographer: Chris Ratcliffe/Bloomberg via Getty Images

Former BrewDog CEO and co-founder James Watt has revealed plans to launch a new beer business called Second Best.

In a post on LinkedIn on Friday (22 May), Watt said he will allocate up to 19.3% of the beer business to former shareholders in BrewDog.

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Earlier this year, the US brewer and cannabis group Tilray Brands secured multiple deals to acquire parts of BrewDog, including its brands, and some of its UK, Australia and US assets.

However, according to reports, the so-called equity punk investors received no return on the deal.

BrewDog’s Equity for Punks crowdfunding scheme raised money for the business, with the last fundraising round taking place in 2021. In return for their investment, the scheme investors were given “a slice of the brewery and share in its success and growth”, as well as perks such as beers and discounts.

“Thousands of people trusted me to build a brilliant beer business and create value for them. It was an obligation I took very seriously. And I, for one, am not done with that obligation,” Watt said in his social media post last week.

“If you were an equity punk investor, I am planning to allocate up to 19.3% of Second Best for you. You can claim the exact stake you once held in BrewDog, for free.
 
He added: “You’ll own it. I’ll fund it. And I’ll dedicate myself to building it.
 
“You’re not shareholders this time. You’re second founders.”

Watt, who founded the Scottish beer business alongside Martin Dickie, stepped down as its CEO in 2024, while Dickie left the business last year. Both were still shareholders.

In January, the UK hospitality business news title Propel said Watt was mulling a move to buy back control of the business.

In an interview with The Times published on Friday, the Scottish entrepreneur said Second Best would begin with producing three beers, a lager and two pale ales.

He also told the publication he intends to set up two pubs under the Second Best name in London and in Scotland.

At this stage, there is no set launch date for the brand but the plan is to “launch as soon as we can and when we have all the relevant licenses and legal consents in place”, Watt wrote on LinkedIn.

He added that as the launch could “take some time”, the group was “initially launching a really interesting alcohol adjacent concept (more on this soon)”.