In a dramatic turn of events, BrewDog’s founder has seen his efforts to salvage the distressed brewery thwarted after enduring years of financial setbacks. Sources close to the situation report that James Watt, self-proclaimed ‘world’s worst boss’ and husband to reality TV personality Georgia Toffolo, had been gearing up to invest £10 million of his personal fortune in a bid to reclaim the Scottish brewing company.
Despite his ambitious plans, insiders have revealed that Watt’s attempt to rescue BrewDog has ultimately collapsed. This development coincides with a nationwide closure of all 60 BrewDog branches across the UK today, as crucial meetings are underway to navigate the potential sale.
Just last month, it emerged that the company had been placed on the market, prompting the involvement of AlixPartners to identify a suitable buyer for either the business as a whole or its individual assets.
BrewDog, which once boasted a valuation of up to £2 billion, has faced a string of financial difficulties that have resulted in the closure of several of its bars, underscoring the challenges the brewery has encountered in recent times.
Last month, it was revealed that the company had been put up on the market, with AlixPartners asked to find a buyer for the business or its assets.
It followed years of losses for BrewDog which was once valued as high as £2billion, but has recently been forced to close several of its bars.
The pub chain told staff in an email yesterday a company-wide call will take place today where they will hear directly from bosses.
BrewdDog founder and former CEO James Watt married Made In Chelsea star Georgia Toffolo last year
Mr Watt got engaged to Georgia Toffolo in 2024, shortly after he stepped away from BrewDog amid allegations of inappropriate behaviour
The email said: ‘We appreciate this is an unsettling time for everyone, and we want to ensure that all colleagues have the opportunity to hear directly from us about what happens next.
‘We will therefore be holding a series of company-wide All Hands calls tomorrow (Monday) for all employees across the whole business. These will be scheduled tomorrow.
‘To enable everyone to attend, and to comply with licensing issues arising from an anticipated change of ownership, we have taken the decision that none of our bars will open tomorrow (Monday). All sites will remain closed for the day.
‘We have also cancelled food and beer deliveries, as well as customer bookings, for that day.’
The Daily Mail has contacted Mr Watt for comment.
Mr Watt stepped down as BrewDog CEO in May 2024 following a series of allegations about the work culture and his behaviour in the role, but retains a 22 per cent stake in the business.
Insiders previously said Mr Watt had told prospective partners he would contribute around £10million of his personal wealth to a potential buyout.
His proposal came amid concerns that more than 200,000 people who ploughed their own money into BrewDog could lose out if the company is sold.
The company’s so-called ‘Equity For Punks’ scheme enabled beer lovers to own a tiny slice of the brewery and enjoy discounts and other perks.
The company raised around £75million overall from the sale of shares to customers between 2009 and 2021.
BrewDog was founded in 2007 by Mr Watt and Martin Dickie who frequently courted controversy with the brand’s marketing campaigns.
In 2017, TSG Consumer Partners took a 21 per cent stake in BrewDog in a deal which implied a unicorn valuation of at least $1billion.
Since then, however, BrewDog has continued to face mounting losses, closing a string of bars and axing chunks of its workforce.
Last year, the company lost £37million on turnover of £357million.
BrewDog trades from 72 bars globally, including in London and Las Vegas. It employs roughly 1,400 people, and boasts a four per cent share of the UK off-trade grocery market by value.
Martin Dickie and James Watt (pictured right) founded BrewDog in 2007
The company produces five of the top eight UK craft beer brands, including Hazy Jane, Wingman and Lost.
Its four breweries – at Ellon in Scotland, as well as sites in the US, Australia and Germany – could be sold separately from the rest of the group, depending on the progress of the AlixPartners-run process.
Five years ago, BrewDog was rocked by allegations made by dozens of former employees that it operated ‘a culture of fear’.
They claimed staff were overworked, told to ignore health and safety guidelines and assaulted or harassed by senior staff – and that many PR stunts, including the Elvis name changes, sending beer to Putin and pawternity leave, were essentially myths.
‘BrewDog was, and is, built on a cult of personality,’ the group said, claiming the responsibility for the company’s ‘rotten culture’ rested with Watt.
Six months later, the BBC broadcast a devastating documentary in which several former workers from across the world made serious allegations about Mr Watt’s behaviour.
Among the allegations were that he kissed a drunk customer, that female staff were given advice on how to avoid unwelcome attention from him, and that some were even scheduled to be off when he was expected to visit their venues.
One bar worker in Ohio, Katelynn Ising, said she recalled telling new female members of staff: ‘Hey, just so you know, James Watt’s coming to town. Don’t always do your hair and makeup that day, like don’t catch his attention.’
He was even accused of taking female patrons on private tours of BrewDog facilities, some of whom, it was claimed, were intoxicated. Staff at an Ohio bar claimed to have seen him kissing a drunk customer.
Watt denied any allegations of being inappropriate, but later said he would sometimes go on ‘dates’ in America and apologised for making anyone ‘uncomfortable’.
‘I hugely regret anyone feeling in any way uncomfortable around me, as the programme set out,’ he later wrote on the Equity for Punks forum.
However, he hit out at what he called ‘false rumours and misinformation’, and complained to broadcast regulator Ofcom about the BBC’s film. Ofcom upheld none of his claims.
By 2023, there was a cloud over BrewDog, even as it unveiled plans to triple the size of its bars and hotel estate to 300 venues by 2030.
The foundations made shaky by the open letter were weakened further by the BBC’s revelations – and by 2024 Watt had stood down as CEO, staying on as the ambiguously titled Captain.
A BrewDog spokesperson said: ‘As with many businesses operating in a challenging economic climate and facing sustained macro headwinds, we regularly review our options with a focus on the long-term strength and sustainability of the company.
‘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.
‘BrewDog remains a global pioneer in craft beer: a world-class consumer brand, the number one independent brewer in the UK and with a highly engaged global community.
‘We believe that this combination will attract substantial interest, though no final decisions have been made.
‘Our breweries, bars and venues continue to operate as normal. We will not comment on any further speculation.’
