In a significant development for the UK's craft beer industry, Brewdog co-founder James Watt has been officially terminated as a director of the company following its acquisition by American cannabis and beer producer Tilray. This move represents the final chapter in Watt's involvement with the brewing giant he helped create nearly two decades ago.
Departure Confirmed Through Companies House Filings
According to official filings with Companies House, Watt resigned as a company director on March 24, 2026. This formal termination comes after he stepped down from his role as chief executive in 2024, at which point he remained with Brewdog as a non-executive director. His complete departure from the company's leadership structure marks the end of an era for the craft beer pioneer.
Watt established Brewdog alongside school friend Martin Dickie in 2006, launching what would become a revolutionary force in the UK's beer landscape. The company played a pivotal role in kickstarting the nation's craft beer craze, introducing innovative brewing techniques and bold marketing strategies that challenged traditional beer manufacturers.
Heartbreak Over Tilray Acquisition
In his resignation letter, Watt referenced his obligations under the Brewdog investment agreement, stating he had already resigned from all other companies within the Brewdog group. The co-founder broke his silence following the controversial sale to Tilray, expressing profound disappointment about the deal's consequences.
"This week has been incredibly hard. It is really difficult to find the right words and know what to say," Watt wrote on LinkedIn before his formal resignation. "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."
Dramatic Valuation Drop and Job Losses
The acquisition saw Tilray purchase Brewdog for just £33 million, a staggering decline from the company's £2 billion valuation during its peak in 2021. This dramatic reduction in worth reflects the challenges Brewdog faced in recent years, including allegations of a toxic workplace culture that tarnished its reputation.
The sale resulted in immediate consequences for Brewdog's operations, with 38 bars across the UK forced to close permanently while only five London locations were retained by the new owners. These closures led to 484 job losses, devastating the workforce that had helped build the brand's success.
Equity Punk Investors Left Empty-Handed
Brewdog's unique crowdfunding model, which saw tens of thousands of "equity punk" investors contribute approximately £75 million across seven investment rounds, ultimately proved disappointing for supporters. Administrators AlixPartners confirmed that these investors would receive no return on their contributions, despite their crucial role in financing the company's growth.
Watt offered a heartfelt apology to these dedicated supporters, acknowledging their faith in the business during its early days. "To our equity punks: thank you for having the conviction to believe in the business when this was just two humans, one dog and a crazy idea," he expressed in his farewell message.
Tilray's Expansion of Brewdog Operations
Following the acquisition, Tilray has moved to consolidate Brewdog's international presence by acquiring the company's American and Australian operations. The US firm's chief executive has framed these moves as representing "the brand's next chapter," suggesting a strategic repositioning of the craft beer label under new ownership.
Watt's termination as director coincides with the resignation of several other Brewdog directors earlier in March, indicating broader leadership changes within the organization as it transitions to Tilray's control. The craft beer industry now watches closely to see how the brand will evolve under its new corporate structure.
