BrewDog calls in advisers amid talk of sale – Daily Business

Scottish brewer and pubs chain Brewdog has called in advisers amid speculation that it could seek a buyer for the business.

Founded by friends James Watt and Martin Dickie in 2007, the company now has breweries and pubs around the world, including about 60 in the the UK.

However, since the pair’s departure the new management has been rationalising operations and has asked AlixPartners to advise on its future “in a challenging economic climate”.

Options will include fresh investment and, potentially, a sale. There has been talk in recent weeks of Mr Watt buying back the business.

A spokesperson for Brewdog said: “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 expects “substantial interest”.

In the meantime, the breweries and bars will continue to operate as normal.

In an email to staff, Brewdog said: “AlixPartners are specialists in business performance and transformation, and they will work alongside the leadership team in the coming weeks to evaluate options and make recommendations, including assessing the next phase of investment in the business.

“It is important to stress this is a normal and prudent step, and no decisions have been made. This does not change our day-to-day operations, our roles or our immediate plans.

“Our bars and breweries continue to operate as normal, and our focus remains on brewing world-class beer, serving our customers brilliantly and supporting our teams.”

Last month, the company halted production of gin and vodka brands at its distillery in Ellon, Aberdeenshire, and last year it closed a number of pubs, including its original bar in Aberdeen. It has also been closing some pubs in the US.

While the media reported that the company had returned to profit it later confirmed a Daily Business report that it would in fact post another loss and subsequently announced a £36.6 million pre-tax loss.

Its largest shareholder, TSG, agreed to lend the company a further £20m.

The group has 1,400 people and has breweries in Ellon in north east Scotland, as well as in the US, Australia and Germany.

It gained a reputation for controversial marketing campaigns which brought it into conflict with the advertising authorities. It had to withdraw its most recent campaign making references to suicide following complaints from mental health support groups.

Not so long ago BrewDog was touted as a £2 billion flotation candidate, but the company’s fragile finances have come home to roost.

Watt and Dickie each took a rumoured £50 million from the 2017 sale of shares to US private equity investor TSG Consumer Partners which engineered a deal that is likely to leave the other investors with very little. It requires BrewDog to deliver an 18% compounding return on TSG’s shares, creating growing pressure on the brewer’s balance sheet.

The co-founders have left the business which is now in the hands of chief executive James Taylor who has been trying to turn the ship around.

In 2021 it hired former Asda and Royal Mail chief Allan Leighton as chairman to clean up the company’s tarnished public image, though problems have not entirely gone away and in 2024 it was late filing its accounts.

Mr Watt has since launched a number of other businesses, including an influencer company and attempts at supporting other startups to become ‘unicorns’ – companies worth $1 billion.

He has also developed a fan following on the celebrity circuit alongside his wife Georgia Toffolo. Mr Dickie has also moved into other business ventures.