(Courtesy BrewDog)

James Watt is making another run at BrewDog.

The brewery’s co-founder and former CEO has submitted a formal offer to buy back the company through his new venture, Second Best. The proposal has been sent to current owner Tilray Brands according to BBC Scotland and would focus on bringing BrewDog’s UK business back under Watt’s control.

Reports say the offer is worth more than £30 million and centers on BrewDog’s British operations, including its flagship brewery and taproom in Ellon, Aberdeenshire. The proposal does not include the brewery’s U.S. business.

One of the biggest selling points of Watt’s bid is aimed at BrewDog’s longtime supporters. Thousands of retail investors who bought into the brewery through its famous Equity for Punks crowdfunding program lost their investments when the company collapsed. Watt says that if his takeover succeeds, the roughly 43,000 former investors who have registered through Second Best would receive their original BrewDog equity back at no cost.

He has also promised to restore the Real Living Wage for employees after BrewDog’s controversial decision in 2024 to move workers to the lower legal minimum wage. Watt says employee equity would also return as part of the company’s ownership model.

The attempted comeback follows one of the most dramatic falls in modern craft beer. BrewDog was valued at around £2 billion at its peak in 2021 before years of mounting losses and debts topping £500 million pushed the company into administration. In March 2026, Tilray Brands acquired BrewDog in a rescue deal worth about £33 million, a fraction of its former valuation.

The sale came with significant cuts, including the closure of 38 bars and the loss of nearly 500 jobs. Watt had previously tried to rescue the company with a £10 million bid during the administration process, but Tilray, a Canadian-headquartered and now  global cannabis and craft beer operation ultimately secured the deal.

For now, Watt’s latest offer does not appear to be gaining much traction. Tilray CEO Irwin Simon has dismissed the proposal, saying BrewDog is not for sale and remains a key part of the company’s long-term global strategy. Simon has also said Tilray is continuing to invest in BrewDog’s breweries and supply chain as it looks to rebuild the business.

Not everyone is eager to see Watt back at the helm, either. Many former Equity for Punks investors have reacted cautiously online, pointing to the controversies that surrounded BrewDog’s workplace culture and questioning whether returning to its previous leadership would solve the problems that led to the brewery’s collapse in the first place.

Whether the offer eventually goes anywhere or not, Watt’s bid continues one of craft beer’s biggest stories and raised fresh questions about what the future holds for one of the industry’s most recognizable names.

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And while we’re at it, there’s this…

Controversial BrewDog CEO James Watt Steps Down

James Watt – Life After BrewDog

The Rise and Fall of BrewDog’s James Watt