![\"BrewDog](\"https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2021\/02\/BrewDogs-Brisbane-brewery-and-bar.png\")
BrewDog\u2019s new owner is looking to reopen some of its bars, its recently closed Aberdeenshire distillery and produce some of its American brands at the under-used Ellon brewery.<\/p>\n
Irwin Simon, the chief executive of US-based Tilray Brands, last week bought the company\u2019s global intellectual property rights, the brewery, and 11 of its bars, in a deal that preserved 733 jobs.<\/p>\n
He is looking to rebuild the UK business and is pursuing separate deals for BrewDog\u2019s American and Australian subsidiaries.<\/p>\n
In a brief meeting to US media about the heavily-discounted acquisition, he said \u201cyou could not simply build this platform in Europe today for the amount of money we paid.\u201d <\/p>\n
He is looking to use BrewDog\u2019s Ellon plant to introduce American brands such as Shock Top and SweetWater to British drinkers. <\/p>\n
\u201cWe have to double the capacity here,\u201d he said. Tilray\u2019s total beer volume in 2024 was 783,495 bbls, while BrewDog produced just 670,000 barrels from a facility that has the capacity to turn out 2 million.<\/p>\n
Among those staying with the business are James Taylor, the BrewDog chief executive, and Lauren Carrol, its chief operating officer, who are expected to lead a new growth plan.<\/p>\n
This will offer hope to some of the 484 workers who lost their jobs when BrewDog went into administration on Monday. Mr Simon has also told The Times<\/em> that he may offer some benefits, such as discounts on food and drink to the 220,000 \u201cequity punks\u201d whose investments were wiped out. <\/p>\n The private equity company TSG Partners which paid \u00a3213 million for a 21% stake in 2017 ahead of what was was meant to pave the way for a flotation, also lost its shirt despite the supposed \u201cprotection\u201d of preference shares in the deal.<\/p>\n Nasdaq-listed Tilray, which also has interests in cannabis and wellness products, had been looking to acquire BrewDog for some time, he said, but he felt it was over-valued. It acquired it last week in a pre-pack administration for \u00a333m, a fraction of its previous \u00a31 billion valuation.<\/p>\n Mr Simon is now looking to revive the brand and some of its operations. His immediate plans include re-opening a further four bars and targeting new sites such as Heathrow Airport.<\/p>\n The decision in January to close the Ellon distillery, which produced gin, rum, vodka and whisky, is likely to be reversed.<\/p>\n He said: \u201cThat is back on the table and more than likely, we will get that back up and going again.\u201d<\/p>\n Tilray has pulled off a number of recent deals, including a partnership with Carlsberg that kicks in next year, and analysts are assessing Tilray\u2019s chances of succeeding where BrewDog failed.<\/p>\n One US commentator said: \u201cThe question is whether Tilray can execute on it while continuing to digest its previous purchases and addressing the added complexity of a transatlantic business, a damaged brand, and a downtrodden workforce.\u201d<\/p>\n \t <\/div>\n