BrewDog has been sold to US cannabis and craft brewing group Tilray in a £33m rescue deal that will save hundreds of jobs but see 38 bars close with the loss of 484 jobs.
The Scottish craft beer brand, founded in Aberdeenshire in 2007, has been acquired by Tilray Brands, which owns a portfolio of US craft breweries and cannabis operations. As part of the deal, Tilray has purchased BrewDog’s UK brewing business and 11 of its pub locations across the UK and Ireland.
The transaction includes BrewDog’s main brewery in Ellon, Aberdeenshire, and its national distribution centre, The Hop Hub, in Motherwell, Lanarkshire. A total of 733 UK jobs will be retained, with affected employees moving to Tilray.
However, administrators confirmed that 38 bars not included in the deal will close permanently, resulting in the loss of 484 jobs. BrewDog’s 18 franchise bars across the UK and abroad will continue to operate as usual.
Irwin D. Simon, chairman and CEO of Tilray Brands, described BrewDog as “one of the most iconic, mission-driven craft beer brands in the UK.”
“It has helped redefine modern craft beer through bold innovation, fearless creativity and an unwavering commitment to great beer,” he said. “As we embark on a new chapter for this great brand, our priority is to refocus BrewDog on the quality of craft beer that once made it so popular and to invest strategically to return the operation to profitable growth.”
Simon added that Tilray is committed to ensuring BrewDog continues to “lead and inspire the global craft beer movement.”
The sale followed weeks of uncertainty after BrewDog confirmed it was working with advisers to consider strategic options amid increasing financial pressure. The company has temporarily closed all 60 of its UK bars to allow staff to attend internal meetings and meet licensing requirements ahead of the expected change in ownership.
Chief executive James Taylor told staff the closures were necessary to ensure employees could be informed directly of developments and to deal with regulatory issues surrounding the ownership transition.
The deal came after a last-minute attempt by BrewDog co-founder James Watt to buy back the company failed. Watt, who stepped down as chief executive in May 2024 but retains a 22% stake, had been preparing to invest around £10 million of his own money as part of a possible takeover consortium. Sources familiar with the situation said the proposal did not materialize.
Watt co-founded BrewDog with Martin Dickie and built the brand into a global craft beer name through provocative marketing and rapid expansion. In 2017, private equity firm TSG Consumer Partners acquired a 21% stake in a deal that valued the company at more than $1 billion and cemented its “unicorn” status.
However, in recent years, BrewDog has struggled with mounting losses, operating costs and declining cash performance. The company reported a loss of £37m on sales of £357m last year, having already closed several venues and cut staff.
The company also faces questions from its large base of retail investors. Through its Equity for Punks program, BrewDog raised around £75 million from more than 200,000 small shareholders between 2009 and 2021, offering them minority stakes and product benefits. The long-term impact of the Tilray deal for these investors remains unclear.
As part of the deal, the following UK venues will remain open as part of the Tilray acquisition: Birmingham, Canary Wharf, DogTap Ellon, Dublin, Edinburgh DogHouse, Lothian Road, Manchester, Paddington, Seven Dials, Tower Hill and Waterloo.
The sale represents a significant change for BrewDog as the company transitions to American ownership. Tilray is expected to integrate the UK operations into its broader craft and cannabis-focused portfolio while seeking to restore profitability to one of the UK’s best-known beer brands.
