Brewdog co-founder and former CEO James Watt is to launch a new beer company, alongside a free equity scheme aimed at former BrewDog investors.
In a series of posts on social media platform LinkedIn, Watt revealed that former Equity Punk shareholders in BrewDog will be able to claim a stake in the new venture, Second Best, at no cost.
According to Watt, up to 19.3% of Second Best will be allocated to former Equity Punk investors, who will be able to claim the same percentage stake they once held in BrewDog without making any financial contribution.
He said the company would launch on a smaller scale than BrewDog, with a focus on producing high-quality beers and involving consumers from the outset.
The move forms part of Watt’s plans to build a new beer business with community ownership at its core, following US firm Tilray acquiring the Aberdeenshire-based independent brewer earlier this year.
The sale of BrewDog’s UK and Irish operations for £33m in March did not generate enough value to provide a return to the company’s roughly 200,000–220,000 retail shareholders, seeing most Equity Punk investors effectively losing their investment.
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However, Watt has now said investors in his new Second Best brand would hold equity on the same basis as his own shareholding, describing participants as “Second Founders” saying that he aims to create another community-led ownership model.
The business, which appears to still be in its early stages and has yet to confirm a launch date, is currently awaiting the licences and legal approvals required to begin trading as a beer producer.
“From launching in 2007, I helped build a beer business from 2 people and 1 dog into one of the biggest craft beer brand in the world,” said Watt.
“This time, I want to do things differently. Smaller. More focused. More obsessive about quality. And I want to build it with the community from day one.”
In the meantime, Watt revealed plans to launch an alcohol-adjacent concept ahead of the brewery’s formal debut, with further details expected in due course.
The launch marks Watt’s first major beer venture since stepping away from day-to-day leadership at BrewDog, the craft brewer he co-founded in 2007.
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