BrewDog co-founder James Watt is reportedly looking to draw together backers for a bid for the UK brewer.
The Punk IPA brand owner has brought in AlixPartners to determine the possible interest in the loss-making business.
According to Sky News, Watt, who established BrewDog in 2007 and stepped down as CEO in 2024, has told potential backers he would put up around £10m ($13.5m).
Initial bids have been made, with suitors requested to table second-round offers, the broadcaster said.
The Sunday Times yesterday (22 February) reported that Watt is said to have secured private-equity backing for an offer that would see BrewDog keep some of its bars and the company’s brewery in Scotland.
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 The Sunday Times, 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 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.
Food Strategy Associates partner and former SABMiller executive Richard Wyborn said he expects BrewDog’s pubs and brands to be sold separately “or carved up if the company does end up going to private equity, with the international breweries to be sold off at book value”.
He added: “For me the branded business is the most interesting. While it’s possible that one of the majors will look at this, I think it’s more likely it will either go to PE or to one of the major independents with a strong UK presence such as Damm or Mahou San Miguel. I just don’t see the majors bothering if I’m honest. The breweries aren’t needed and they’ve all got bigger fish to fry.”
