James Watt has launched a non-alcoholic drinks brand called Fool’s Fix under his new beer venture Second Best.
In a post on LinkedIn yesterday (24 August), the former BrewDog co-founder and CEO called the product a “post-drinking recovery drink”.
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He said: “It is designed to help support your body after a night out, help rehydrate you, help you get a great night’s sleep, and it also helps replenish the things which alcohol depletes in your body.”
On the brand’s website, Fool’s Fix is described as “a sparkling electrolyte drink made to be your final drink of the night”.
A pack of six 12oz cans is priced on the website at £23 ($31.36), equating to £3.99 per can.
According to the website, the drink is being launched in the UK, followed by Europe and the US.
The first 20,000 buyers of Fool’s Fix will be given 10% of the brand, Watt said.
Upon ordering the brand from its website, customers “will have the opportunity to receive 100 founding shares in Fool’s Fix, as well as a lifetime discount and a host of other perks”.
Former so-called equity punk investors, who previously held stakes in BrewDog, will “automatically own part of Fool’s Fix too, for free” he added.
While Watt was at the helm, BrewDog’s Equity for Punks crowdfunding scheme raised money for the business, with the last round taking place in 2021.
However, those investors received no return after Tilray Brands bought assets from the loss-making business earlier this year.
Watt unveiled plans to launch the Second Best venture in May.
He then said he would allocate up to 19.3% of the beer business to former shareholders in BrewDog.
Earlier this month, he said on LinkedIn that 50,000 people had “registered to own a piece of our new beer company”.
Watt then suggested he was looking to at several breweries to possibly acquire for Second Best.
US cannabis-and-beverages business Tilray struck multiple deals earlier this year to buy parts of BrewDog, including its brands and some of its UK, Australia and US assets.
In July, Watt said he had put forward a bid to buy back BrewDog through Second Best.
After launching the bid, Tilray’s CEO Irwin Simon told multiple UK news outlets, including City AM, that the beer business was “not for sale”.
After announcing the bid for BrewDog, Watt faced complaints made to the UK’s data regulatory body amid claims he contacted the brewer’s former shareholders in connection with his bid to buy back the business.
Watt stepped down as CEO of BrewDog two years ago. His fellow co-founder Martin Dickie also exited the group last year. They were both shareholders when Tilray acquired multiple parts of the business earlier this year.
