Crowdfunders in BrewDog could be left empty-handed if a potential sale or restructuring prioritises the company’s private equity backer, experts have warned.
The Scottish brewer and bar group confirmed over the weekend that it had appointed restructuring specialists at AlixPartners to plan “the next phase of investment for the business”.
BrewDog has raised tens of millions of pounds through its Equity for Punks crowdfunding campaigns since 2017, building a base of around 220,000 individual investors.
However, concerns have been raised that smaller shareholders could be wiped out if a deal favours TSG Consumer Partners, the US private equity firm which holds a 21% stake.
Mark Northway, director of ShareSoc, told The Times: “Sadly, BrewDog is a cautionary tale. Early-stage investors take huge amounts of risk. If things go well, they often get diluted or subordinated by large funding rounds; if things go badly they get wiped out.”
He added that either a sale or debt restructuring, while “inevitable”, will “likely wipe out shareholders given their structural subordination”.
The sale process is understood to be at an early stage, with the outcome for Equity for Punks investors not yet confirmed.
A spokesperson for Brewdog said: "Following a year of decisive action in 2025, which saw a focus on costs and operating efficiencies, we have appointed AlixPartners to support a structured and competitive process to evaluate the next phase of investment for the business.
"This is a deliberate and disciplined step with a focus on strengthening the long-term future of the Brewdog brand and its operations."