<\/p>\n
James Watt: no catches (pic: DB Media Services)<\/p>\n
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 \u00a375 million when the brewery and pubs business collapsed.<\/p>\n
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. <\/p>\n
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 \u00a333 million. This time he wants to ensure they are getting a fair deal.<\/p>\n
\u201cNo catches, no cash required, and your equity in Second Best will always rank alongside my own,\u201d he said in a social media post.<\/p>\n
\u201cYou\u2019ll own it. I\u2019ll fund it. And I\u2019ll dedicate myself to building it. You\u2019re not shareholders this time. You\u2019re Second Founders.<\/p>\n
\u201cWe 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.\u201d<\/p>\n
\u201cI 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.<\/p>\n
\u201cI am determined to build a world class beer business that we all collectively own.\u201d<\/p>\n
Reflecting on his initial dream, he said: \u201cThousands of people trusted me to build a brilliant beer business and create value for them.\u00a0It was an obligation I took very seriously. And I, for one, am not done with that obligation.\u201d<\/p>\n
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 \u201cas soon as we can and when we have all the relevant licences and legal consents in place.\u201d <\/p>\n
Because that may take some time, he added: \u201cWe are initially launching a really interesting alcohol adjacent concept (more on this soon).\u00a0And you will also have the opportunity to own part of this exciting new brand for free.<\/p>\n
\u201cAnd 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.\u201d<\/p>\n
He has not disclosed the names of any partners.<\/p>\n
\t #BrewDog #founder #Watt #comeback #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
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