BrewDog, the leading independent craft brewer behind brands including Punk IPA and Elvis Juice, has called in advisers to oversee a sale that could trigger a break-up of one of Scotland’s best-known businesses.
Sky News has learnt that the board of BrewDog has appointed AlixPartners, the restructuring experts, to field interest from potential bidders.
Sources said that AlixPartners had begun sounding out prospective suitors in the last few days, with a quickfire deadline for indicative offers understood to have been set.
A deal could see many of BrewDog’s roughly 220,000 individual shareholders, who became investors through its ‘Equity for Punks’ scheme, left with little return from their average outlay of about £400.
Others, however, made a significant return on their investment by selling their stock in previous funding rounds.
The company raised about £75m overall from the sale of shares to customers, offering perks such as discounts and early access to new craft beers.
Its first such crowdfunding took place in 2009, with the most recent in 2021.
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The sale process comes amid tough conditions for independent brewers, with the group behind Black Sheep recently being sold through a pre-pack administration.
Founded in 2007, BrewDog earned a reputation for innovation, with founders James Watt and Martin Dickie frequently courting controversy with the brand’s marketing campaigns.
Mr Watt, who remains one of BrewDog’s biggest shareholders, is now reportedly considering a bid to buy the company back, with sources indicating that he is canvassing support from financial backers.
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One insider said the company would now command a price tag of far less than a once-mooted valuation of £2bn, which had stoked hopes among investors of an eventual stock market listing.
In 2017, TSG Consumer Partners took a 21% stake in BrewDog in a deal which implied a unicorn valuation of at least $1bn.
Since then, however, BrewDog has continued to face mounting losses, closing a string of bars and axing chunks of its workforce.
Last year, the company lost £37m on turnover of £357m.
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BrewDog trades from 72 bars globally, including in London and Las Vegas.
It employs roughly 1,400 people, and boasts a 4% share of the UK off-trade grocery market by value.
The company produces five of the top eight UK craft beer brands, including Hazy Jane, Wingman and Lost.
Its four breweries – at Ellon in Scotland, as well as sites in the US, Australia and Germany – could be sold separately from the rest of the group, depending on the progress of the AlixPartners-run process.
Five years ago, BrewDog was rocked by allegations made by dozens of former employees that it operated “a culture of fear”.
Mr Watt stepped down as chief executive in 2024, and one source said this weekend that BrewDog’s appearance in recent lists of reputable employers underscored a transformation in its culture.
“As with many businesses operating in a challenging economic climate and facing sustained macro headwinds, we regularly review our options with a focus on the long-term strength and sustainability of the company.
“Following a year of decisive action in 2025, which saw a focus on costs and operating efficiencies, we have appointed AlixPartners to support a structured and competitive process to evaluate the next phase of investment for the business.
“This is a deliberate and disciplined step with a focus on strengthening the long-term future of the BrewDog brand and its operations.”
The company added that BrewDog “remains a global pioneer in craft beer: a world-class consumer brand, the No.1 independent brewer in the UK and with a highly engaged global community”.
“We believe that this combination will attract substantial interest, though no final decisions have been made.”
“Our breweries, bars, and venues continue to operate as normal.
“We will not comment on any further speculation.”
