BrewDog has formally initiated a sale process, appointing AlixPartners to manage a structured and competitive review of strategic options. The move follows a prolonged period of financial strain and operational retrenchment that has significantly reshaped the Scottish craft brewer’s footprint.
In 2024, the company recorded a loss of GBP 37 million (USD 47 million). Since 2019, cumulative losses have reached approximately GBP 148 million (USD 188 million). After five consecutive years of deficits and mounting debt costs, market observers suggest the brewer’s valuation has fallen sharply from its GBP 2 billion (USD 2.54 billion) peak in 2021.
As part of its strategic reset, BrewDog confirmed the closure of ten bars, including its original flagship site in Aberdeen (inside.beer, 22.7.2025). More recently, the company exited its spirits division entirely, closing its state-of-the-art distillery in Ellon and discontinuing all spirit brands in order to refocus on its core beer business (inside.beer, 27.1.2026). These measures underline a clear shift from expansion to consolidation.
According to Unite the Union, employees were not informed in advance and learned of the sale at the same time as the media. The union reported widespread concern among staff across breweries and bars, stating that the process has intensified insecurity within the workforce.
Founded in 2007 by James Watt and Martin Dickie, BrewDog grew into one of the most recognisable names in UK craft beer, operating 72 global bars and four breweries in Scotland, the US (inside.beer, 14.9.2016), Germany (inside.beer, 5.4.2019) and Australia (inside.beer, 27.11.2019). Industry sources indicate that the accelerated sale process could result in separate transactions for different parts of the business.
The announcement has also unsettled more than 220,000 “Equity for Punks” retail investors, who have collectively invested around GBP 75 million (USD 95 million) since 2009. Under a 2017 agreement, private equity firm TSG Consumer Partners holds preferential rights on exit proceeds, meaning smaller shareholders could receive limited or no returns in a break-up scenario (inside.beer, 10.4.2017).
Watt, who stepped down as chief executive in 2024 amid workplace culture controversies that he denies (inside.beer, 8.5.2024), is reportedly exploring a potential buy-back bid with financial partners. Any such move would likely face close scrutiny given the company’s recent performance.
BrewDog stated that its breweries and bars continue to operate as normal and described the appointment of AlixPartners as a deliberate step to secure long-term sustainability in a challenging economic environment marked by rising costs and a maturing craft beer market.
