Independent craft beer brewer, Brewdog, has called in advisers to oversee a sale that could trigger a break-up of one of Scotland’s well-known businesses.
The board of Brewdog, which brands include Punk IPA and Elvis Juice, has appointed restructuring experts Alix Partners to attract interest from potential bidders, first reported by Sky News.
Sources said that Alix Partners had begun assessing prospective bidders over the last few days, with a quickfire deadline for indicative offers understood to have been set.
Little returns for shareholders
A deal could see a large number of Brewdog’s roughly 220,000 individual shareholders, who became investors through its ‘Equity for Punks’ scheme, left with little return from their average outlay of about £400.
However, some investors made a significant return on their investment by selling their stock in previous funding rounds.
The company, which was founded by Aberdeen entrepreneur James Watt in 2007, raised around £75m overall from the sale of shares to customers, offering perks including discounts and early access to new craft beers.
Its first crowdfunding round took place in 2009, with the most recent in 2021.
In 2017, TSG Consumer Partners took a 21 per cent stake in Brewdog in a deal which implied a unicorn valuation of at least $1bn (£732.55m).
It achieved gross sales of £357m in 2024.
Running into problems
The company has been known for courting controversy in recent years.
Its drink was taken off the tap of around 1,860 pubs across the UK, while 10 of its bars were closed in July, including its flagship Aberdeen site.
The company cited ‘ongoing industry challenges’ such as rising costs to its decision.
The punk brewer, has also been hit with allegations over its working environment, with roughly 61 ex-members of staff signing a document alleging a ‘culture of fear’ in 2021.
A further 45 were said to supports it aims but did not want to include their names for fear of reprisals.
Furthermore, the brewer had an advert banned by the advertising watchdog in August 2025 for suggesting one of its beers could be a remedy for boredom, frustration and loneliness.
The ruling was one the latest of several instances where the beermaker has been dressed down by the advertising regulator.
In 2022, an advert promoting a limited edition guava-flavoured beer as counting towards “one of your five-a-day” was also barred for misleading consumers
Brewdog response
Brewdog 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.”
The brewer called the decision a “deliberate and disciplined step” focusing on strengthening the group’s brand and operations, believing it “will attract substantial interest”.
The brewer added that no final decisions have been made.
