James Watt has posted on LinkedIn that he has tabled a bid to buy back Brewdog.
In evaluating this information its best to keep in mind that this is James Watt.
Tilray the current owners of Brewdog who bought it out of administration in March for £30m say they have received no communication from Watt. They clearly see Brewdog as their route to market in Europe for their US ‘craft’ beer brands and have invested £50m to stabilise the company.
Watt’s offer is reported to be above £30m and likely to be backed by private equity.
Watt has launched, or says he is launching, a new beer brand Second Best which so far does not seem to have got beyond pictures of what the cans might look like. He has also offered Equity for Punks bond holders a stake in Second Best which has attracted some interest (and given Watt their details).
He now says that if he is successful in buying back Brewdog EFP bond holders will get a share. Of course they had shares before except thanks to the way Watt had structured Brewdog they were in fact worthless.
Meanwhile Watt shows no signs of learning the lessons of what went wrong at Brewdog (due in no small part to himself). I wrote about that for Culture Matters
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