BrewDog is aiming to finalise the potential sale of the UK brewer next week, Just Drinks understands.
The Punk IPA brand owner is weighing up offers after hiring AlixPartners to determine the possible interest in the loss-making business.
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Earlier today (27 February), the BBC, citing an email from BrewDog chief executive James Taylor to staff, said the business expects to announce a deal next week.
Approached by Just Drinks, representatives for BrewDog declined to comment.
The UK broadcaster and Scotland-based publication The National also reported BrewDog had decided to liquidate its operations in Germany.
Again, BrewDog’s representatives refused to be drawn on the reports.
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By GlobalDataHowever, Just Drinks understands the offers on the table do not include BrewDog’s business in Germany, which includes a brewery and bar in Berlin. Nevertheless, there is said to be separate standalone interest.
Yesterday, Sky News reported that Denmark-based drinks group Royal Unibrew was mulling a move for at least parts of BrewDog.
Royal Unibrew yesterday reported its annual financial results for 2025. Speaking to analysts today, Royal Unibrew president and CEO Lars Jensen was asked to comment on what types of deals the Faxe brewer is looking for.
“Our M&A priorities have not changed at all. If you rank them in terms of optionality, profitability, likelihood of success, it’s always the optimal to build on to what we already have,” Jensen said.
“We have previously highlighted a number of countries in that respect, where the organisation is ready and where our market positions is not so big that it would be difficult for us to put anything on top. The priorities have not changed.
“I would say just one thing and that is that, in this environment that we are seeing out there, and when the ones that was rumoured to be acquired by us, the BrewDog business, when assets like that or other assets locally come up for sale, if you can move fast, there’s often a relatively big upside to these type of businesses, assuming that you have an organisation in place that can turn these businesses around.”
Jensen was also asked, in the context of M&A, which markets Royal Unibrew may found attractive to enter and for its stance on the UK.
“Are we super keen on moving into new markets as we speak?” he said. “Only if it is something that can deliver a high return on invested capital fairly fast and with not too much risk. That’s the way that we look at it.”
In a separate interview with Danish business publication Finans, Jensen said Royal Unibrew would “never comment on acquisitions. But where we would most like to acquire is Italy, Benelux, and the Nordics. That is our focus”.
Royal Unibrew has a limited presence in the UK where the company has its Supermalt UK Ltd subsidiary. According to the group’s annual report, it had 11 staff in the country last year.
Sky News has reported BrewDog co-founder James Watt has reportedly been looking to draw together backers for a bid for the brewer. Watt established BrewDog in 2007 and stepped down as CEO in 2024.
Since the appointment of AlixPartners emerged, there has been anger online among retail investors who put money into BrewDog in its early days and fear losing money from a sale.
According to a report by The Sunday Times last week, a Watt offer could see part of the shareholding owned by those investors carried over.
Watt founded BrewDog alongside Martin Dickie, who left the business last year. Both men are still shareholders. US private-equity firm TSG Consumer Partners owns 21% of the brewer after investing BrewDog in 2017.
In 2024, the Hazy Jane brewer generated a loss of £34.1m ($46m) compared to £62.7m the year prior. The group ran up an operating loss of £19.6m, against one of £45.6m in 2023.
Net revenue was £280.2m, versus £280.9m the year before.
According to the accounts, lodged with Companies House, the UK business register, BrewDog generated just short of £254m of its net revenue in the UK during 2024.
