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New Owner Declares: 'We Don't Need James Watt'
22 Mar
Summary
- BrewDog's new owner believes founder's reputation is a stigma.
- The company's rescue deal means the founder will not return.
- New strategy includes stocking competitors' beers in pubs.
Tilray Brands, the new owner of BrewDog, has made it clear that founder James Watt will not be returning to the company. CEO Irwin Simon described Watt's reputation as a 'stigma' that needs to be overcome, stating, 'We don't need James Watt.' This declaration follows a £33m rescue deal for the Scottish brewery, which led to the closure of 38 UK bars and the dismissal of 484 staff. The company had previously been valued at £2billion, but now faces significant challenges.
Under the new leadership, BrewDog's strategy will focus on reviving customer interest in its pubs. Simon plans to achieve this by stocking competitors' beers and considering a franchised model for future openings. This approach marks a departure from Watt's controversial marketing stunts and allegations of a 'toxic' workplace culture that surfaced from 2021 onwards. Watt expressed disappointment that the equity punks who invested in the company were not being repaid.
BrewDog's journey from a small craft beer business to a global brand has been marked by public relations issues and allegations of straying from its original DIY ethos. A BBC documentary in 2022 aired claims about Watt's conduct, though he later apologized for making anyone feel 'uncomfortable.' As part of the recent acquisition, 733 staff were retained, including operational and franchised pub employees.
