Bars close and hundreds lose jobs as US firm buys Brewdog in £33M deal
4 hours ago
- #Brewdog
- #Tilray
- #Administration
- Brewdog went into administration, leading to 484 job losses and the closure of 38 bars.
- US firm Tilray acquired Brewdog's UK brewing operations, brand, and 11 pubs for £33m, saving 733 jobs.
- No returns for equity holders, including those who invested in the Equity for Punks scheme.
- Brewdog had been struggling financially, posting a £37m loss last year and failing to make a profit in recent years.
- Tilray sees the acquisition as a growth opportunity in the UK and international markets.
- Brewdog's German operations will be liquidated, and negotiations continue for US and Australian assets.
- Small investors in Equity for Punks are set to lose their £75m stake due to the administration process.
- Brewdog's reputation suffered in recent years, including backlash over wage policies and allegations against former CEO James Watt.
- The company, once valued at £1bn, has faced significant financial and reputational challenges.
- List of Brewdog bars closed 'with immediate effect' and those acquired by Tilray provided.