BrewDog’s owner has ruled out selling the craft beer company after co-founder James Watt submitted a new proposal to buy back the business.
The BrewDog James Watt takeover bid was made through Second Best, the new beer company established by the former chief executive following BrewDog’s sale earlier in 2026.
However, Irwin Simon, chairman and chief executive of US-based Tilray Brands, responded by saying BrewDog was “not for sale”. He described the brewer as an integral part of Tilray and said its owner remained enthusiastic about the brand’s future.
The statement means there is currently no indication that Tilray intends to enter negotiations with Watt, despite his submission of what he described as a formal offer.
What Is Included in James Watt’s BrewDog Bid?
Watt is reportedly seeking to regain control of BrewDog’s global intellectual property and its main brewing operation in Ellon, Aberdeenshire.
The proposal is understood to be worth more than £30 million, although complete financial terms and details of its backing have not been publicly disclosed. Watt previously took part in an unsuccessful attempt to acquire BrewDog’s assets before Tilray completed its purchase in March.
Watt said the new proposal would give former members of BrewDog’s Equity for Punks crowdfunding programme a free ownership stake in the revived business. Those investors collectively contributed more than £75 million to BrewDog between 2009 and 2021 but received nothing when the company entered administration.
He has also promised to restore the real living wage, which BrewDog stopped paying as its minimum rate in 2024. Second Best, Watt’s separate beer venture, could reportedly become part of BrewDog should the takeover succeed. If Tilray refuses to sell, Watt intends to continue developing the new brand independently.
The proposal therefore combines a commercial bid with an attempt to address two of the most controversial consequences of BrewDog’s financial difficulties: the losses suffered by retail investors and changes to employee pay.
Why Does Tilray Say BrewDog Is Not for Sale?
Tilray acquired BrewDog’s worldwide brand rights, UK brewing operations and 11 pubs for £33 million in March 2026.
The purchased venues included BrewDog Waterloo, Canary Wharf, Manchester, Paddington, Edinburgh DogHouse and DogTap Ellon. Tilray said at the time that the acquired operation was expected to produce approximately $200 million in annual net revenue and become cash-flow positive during its 2027 financial year.
The rescue transaction followed years of losses and a restructuring that resulted in 38 bar closures and approximately 500 job losses. The sale also wiped out the shares held by BrewDog’s crowdfunding investors.
Since completing the acquisition, Tilray has reportedly committed about £50 million to stabilising BrewDog. Its spending has included restoring supply chains, supporting the remaining bars and strengthening operations at the Ellon brewery.
Simon’s response suggests Tilray views BrewDog as a long-term strategic asset rather than a company acquired for an immediate resale. The group intends to use the brand and its distribution network to expand both BrewDog products and Tilray’s existing American drinks portfolio.
A takeover offer alone does not require the owner to begin negotiations. Unless Tilray changes its strategy or receives a proposal it considers significantly more attractive, Watt cannot force a sale.
Could the BrewDog James Watt Takeover Bid Succeed?
The bid appears unlikely to progress under Tilray’s current position.
Tilray has only controlled BrewDog for several months and is still implementing its recovery plan. Publicly declaring that the business is not for sale represents a clear rejection of the suggestion that ownership could immediately return to Watt.
However, the proposal may place renewed attention on the treatment of former Equity Punks. Tens of thousands of small investors backed BrewDog during its expansion but were left with worthless shares after the administration and asset sale.
Watt’s promise to restore their ownership could appeal to some investors, although the value of any proposed shares would depend on the structure, financing and future performance of the business.
Watt stepped down as BrewDog chief executive in 2024 after leading the company for 17 years. His time in charge included rapid international growth but was also marked by financial losses and criticism of the company’s workplace culture, which Watt has previously disputed or sought to address.
For now, BrewDog remains under Tilray’s ownership. Watt’s formal bid has reopened discussion about the brewer’s future, but Tilray’s “not for sale” position means a change of control is not currently expected.
