James Watt, former CEO and co-founder of BrewDog, has unveiled plans for a new brewing venture called Second Best, accompanied by an unusual proposal aimed at former BrewDog investors. Those who participated in BrewDog’s “Equity for Punks” crowdfunding scheme and lost their investment following the brewer’s collapse are being offered free shares in the new company.
According to Watt, up to 19.3% of Second Best will be allocated to former Equity Punk investors. Eligible participants will be able to claim the same ownership percentage they once held in BrewDog without contributing any additional capital. Watt said the move reflects a personal commitment to the thousands of supporters who helped build BrewDog from a small Scottish craft brewery founded in 2007 into one of the world’s best-known craft beer brands.
The announcement follows one of the most significant failures in the modern craft beer sector. BrewDog entered administration earlier this year before being acquired by Tilray Brands for GBP 33 million (USD 44 million) (inside.beer, 3.3.2026). At the time of the sale, the company reportedly carried debts exceeding GBP 500 million (USD 667 million), while another report put total liabilities at more than GBP 550 million (USD 734 million). As a result, many Equity for Punks investors were left with worthless shares. The crowdfunding scheme had previously raised approximately GBP 75 million (USD 100 million) from supporters.
Watt, who stepped down as BrewDog’s chief executive in 2024 (inside.beer, 8.5.2024), said Second Best will take a different approach, focusing on a smaller scale, greater attention to beer quality and closer community involvement. He has invited beer drinkers to help shape the company from the beginning by suggesting beer styles, product concepts and even packaging designs. Early indications suggest the brewery will initially focus on three beers: two pale ales and one lager.
The company name itself has attracted attention. On social media, Watt explained that he intends to build a brewery that is “smaller, more focused and more obsessive about quality.” He has also stated that former BrewDog shareholders will not simply be investors but “Second Founders,” sharing ownership in the new business alongside him.
The launch has generated significant interest. Within days of the announcement, Watt claimed that around 10,000 people had already signed up for the project. He also reported receiving more than 1,000 supportive messages from former investors and beer enthusiasts.
Nevertheless, reactions remain divided. Some former Equity Punk investors welcomed the initiative and praised Watt for attempting to restore value lost through BrewDog’s collapse. Others remain sceptical and question whether trust can be rebuilt after the administration of a company that was once valued at more than USD 1 billion. Discussions on social media and beer forums have reflected this split, with supporters calling the move generous and critics warning that investors should remain cautious.
For now, Second Best remains at an early stage. No launch date has been announced, and Watt has also hinted at a separate “alcohol-adjacent” concept that will be revealed in the future. Whether Second Best becomes a redemption story or a controversial sequel to BrewDog may become one of the most closely watched developments in the UK craft beer sector.
