BrewDog founder Watt in comeback with Second Best – Daily Business

James Watt: no catches (pic: DB Media Services)

James Watt, the co-founder of BrewDog, is making a comeback with a new beer brand and an offer to disgruntled punk investors who lost an estimated £75 million when the brewery and pubs business collapsed.

Mr Watt, who set up BrewDog with close friend Martin Dickie in 2007, said he is bankrolling Second Best which will produce three beers, possibly in Germany.

The BrewDog founders were accused of agreeing a deal with a private equity firm that effectively cut out the small investors when the it fell into administration this year and was sold to Tilray Brands for a cut-price £33 million. This time he wants to ensure they are getting a fair deal.

“No catches, no cash required, and your equity in Second Best will always rank alongside my own,” he said in a social media post.

“You’ll own it. I’ll fund it. And I’ll dedicate myself to building it. You’re not shareholders this time. You’re Second Founders.

“We are going to start small, build from the ground up and focus on making the best versions of we can of our favourite beer styles.”

“I am planning to allocate up to 19.3% of Second Best for you. You can claim the exact stake you once held in BrewDog, for free.

“I am determined to build a world class beer business that we all collectively own.”

Reflecting on his initial dream, he said: “Thousands of people trusted me to build a brilliant beer business and create value for them. It was an obligation I took very seriously. And I, for one, am not done with that obligation.”

Mr Watt, who had hinted at returning to the brewing business after leaving BrewDog, said he does not have a launch date for Second Best, but it will launch “as soon as we can and when we have all the relevant licences and legal consents in place.”

Because that may take some time, he added: “We are initially launching a really interesting alcohol adjacent concept (more on this soon). And you will also have the opportunity to own part of this exciting new brand for free.

“And as for the name, well if we get this right then the second beer business that we build together might just be the best one.”

He has not disclosed the names of any partners.

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