James Watt, the co-founder of Scottish craft beer company BrewDog, has initiated a second attempt this year to reacquire key assets of the firm, months after it was purchased by US-based cannabis producer and craft beer maker Tilray Brands. The latest bid, reportedly valued at around £30 million, seeks to reclaim elements of BrewDog’s operations excluding its US business, which Tilray acquired in a separate transaction earlier this year.

BrewDog, founded by Watt and Martin Dickie in Aberdeenshire in 2007, experienced rapid growth during the craft beer boom, at one point reaching a valuation near £2 billion. However, the company reported annual losses from 2019 onwards and eventually fell into administration in March 2024 amid mounting debts exceeding £800 million, owed in part to private equity backer TSG Consumer Partners. This financial distress led to the closure of 38 venues and the loss of approximately 500 jobs.

Tilray’s acquisition, finalized in March for about £33 million, included the BrewDog brand, intellectual property, the brewery in Ellon, and 11 pubs. The sale wiped out the shares of tens of thousands of retail investors who had backed BrewDog through its popular “Equity for Punks” fundraising rounds, leaving these so-called equity punks with worthless investments.

Watt’s renewed proposal is being made through Second Best, a new brewing venture he established earlier this year. The offer aims not only to buy back BrewDog’s UK assets but also to restore equity ownership to former retail investors who lost their stakes. Watt has communicated to supporters that, if his bid succeeds, those registered equity punks would regain their shares “for free,” effectively reinstating their prior ownership levels. He also pledged to reinstate the payment of the Real Living Wage to employees and to re-center the business around community engagement.

While Watt declined to provide specific details about the status of negotiations, sources close to the matter indicate that discussions with Tilray have been ongoing but progress and formal acceptance remain uncertain. Tilray said it does not comment on speculation but expressed satisfaction with its current BrewDog business worldwide. Watt’s previous attempt to buy back the company, which included backing from private equity and brewing partners, was unsuccessful against Tilray’s takeover.

Watt, now 44, left BrewDog earlier this year following scrutiny of his leadership and the company’s financial troubles, allegations he has repeatedly denied. His current bid marks the latest development in the ongoing complex story of BrewDog’s rise, fall, and potential revival under its original founder’s renewed direction.