BrewDog co-founder James Watt has said he is "heartbroken" for workers made redundant and admitted "many mistakes" were made - but has offered a cryptic glimmer of home for "equity punks" who have lost their investments.
In a lengthy and emotional post on social media, Watt expressed his sympathy for everyone who has lost out as a result of BrewDog's sale to US drinks and medical cannabis company Tilray - which saw 38 bar closures across the UK and almost 500 redundancies.
Watt, who co-founded the craft beer giant in 2007 with Martin Dickie, stood down as CEO in 2024, said on LinkedIn: "This week has been incredibly hard. It is really difficult to find the right words and know what to say."
He went on: "I am heartbroken for all of the hard working and passionate team members who have lost their jobs. I am heartbroken for all of our brilliant equity punks who did not get the return on their investment they wanted. And heartbroken to have dedicated the best 20 years of my life to something that ultimately did not have the ending we all wished for.
"I put my heart, my soul and every ounce of energy into building BrewDog as CEO from inception until early 2024 as we grew from a garage to the world’s leading independent beer brand. We employed thousands and challenged an entire industry. "
Watt continued: "When an underdog strategy works so well that people perceive you as the incumbent, that strategy breaks down, and I should have recognised that earlier.
"With the benefit of hindsight there are also so many other things I would have done differently. At times we expanded too fast and diversified too broadly. During certain periods I did not control spend well enough across the business and furthermore I feel that I did not respond to certain crises that we faced (and we faced many) in a way that was authentic and true to who I am. Those decisions sit with me.
"During my 17 years in charge there were highs, lows, successes, failures, huge gambles and many mistakes along the way.
"Ultimately, the mistakes hurt far more than the successes console.
"I would have loved to save every single job and every single equity punk investment. Ultimately, I couldn’t. That will stay with me.
"There is much more to say about the final chapter. In time, I will tell that story. Today is not that day."
But in response to a tongue-in-cheek comment posting an AI image of a BrewDog can labelled "Bust AF, 0% Equity Punks, Bitter Aftertaste", Watt made a cryptic comment.