Craft beer pioneer BrewDog has collapsed into administration, with Tilray acquiring its UK brewing operations, brand, and 11 pubs for £33 million. The deal preserves 733 jobs but results in 484 redundancies and the closure of 38 bars across the UK. Administrators AlixPartners said no equity holders will receive any return from the sale.

BrewDog's downfall follows years of losses totaling nearly £150 million and mounting debt. The company, founded in 2007 by James Watt and Martin Dickie, once boasted a £1 billion valuation but struggled through the pandemic and faced reputational damage. Its Equity for Punks scheme raised £75 million from 200,000 small investors who now stand to lose their entire investment.

Tilray, a US-based beverage and cannabis company, will take control of BrewDog's Aberdeenshire brewery and distribution center while keeping 18 franchise bars operational. The deal excludes BrewDog's German operations, which will be liquidated, and negotiations continue for US and Australian assets. Unite union condemned the handling of redundancies, comparing it to the P&O ferries controversy, as workers received just 25 minutes' notice of their job losses.