Controversial BrewDog co‑founder James Watt has launched a new bid through his company Second Best to acquire the beer brand from US cannabis and drinks group Tilray Brands, which bought BrewDog’s assets in a £33mn rescue deal in March.

The sale wiped out the stakes of tens of thousands of retail investors, known as equity punks, who had crowdfunded more than £75mn between 2009 and 2021. Watt’s previous attempt in March failed, but he says his latest offer has already attracted 43,000 equity punks and would restore their shares free of charge, plus reinstate the real living wage abandoned in 2024.

Tilray, which has invested about £50mn to stabilise the business, declined to comment on the bid, stating it is “very happy and excited about BrewDog’s business worldwide.” The episode caps a dramatic fall for a company once valued at £1bn, hit by losses, a toxic‑culture scandal and Covid‑era pub closures.

Alix Partners, which oversaw the pre‑pack administration, said no offer during the process would have preserved the company whole. Watt’s new proposal also promises to revive the brand’s offbeat beers such as Elvis Juice and Punk IPA, aiming to reverse five consecutive annual losses of £36.7mn in 2024.