Scottish craft brewer BrewDog explores options for sale of the business

Scottish craft beer group BrewDog has appointed restructuring specialist AlixPartners to explore sale and investment options, following a period of significant financial losses and operational restructuring.

The Ellon-based brewer, which operates breweries in Scotland, the US, Australia and Germany alongside an international bar estate, employs around 1,400 people. According to a staff note seen by BBC Scotland, the company has brought in AlixPartners to 'explore options and make recommendations, including assessing the next investment phase for the business.'

BrewDog reported a £37 million pre-tax loss in October 2025, following a £24 million loss in 2022 on revenue of £321 million. The company has closed ten UK bars including its flagship Aberdeen venue, and paused production of gin and vodka at its Ellon distillery to focus on core beer products.

The sale process presents complications around BrewDog's 'Equity for Punks' crowdfunding structure. More than 200,000 retail investors have backed the company through multiple funding rounds in exchange for unlisted shares, on the expectation of an eventual IPO or trade sale. Any buyer will need to determine how to handle these small shareholders, whether through a buyout at a fixed price, rolling them into a new vehicle, or leaving them as minority investors.

Industry analysts estimate BrewDog's net debt in the low- to mid-hundreds of millions when lease liabilities and bond financing are included. The company faces headwinds including rising business rates, increases in the National Living Wage and employer National Insurance contributions, and elevated energy costs.

Potential acquirers are likely to include major global brewers such as Heineken, AB InBev and Carlsberg, which have been active in acquiring craft brands at mid- to high-single-digit EBITDA multiples. Private equity funds with existing beverage portfolios may also consider the business as a bolt-on acquisition.

Market observers suggest BrewDog could be sold as a whole or split between its production and brand assets on one side and the bar network on the other. Management has already taken steps to streamline operations ahead of a potential sale, including exiting non-core spirits, closing loss-making bars and implementing cost-cutting measures across production and overhead.

The appointment of AlixPartners indicates that BrewDog and its backers are seeking a comprehensive review of strategic options, which could include partial asset disposals or balance-sheet restructuring if buyer offers fall short of expectations.

The situation reflects broader challenges facing mid-market UK consumer and leisure brands that expanded rapidly during the low-interest-rate environment and now face higher costs, weaker demand and more cautious lenders.

Update - March 2026: BrewDog has now entered administration, with insolvency specialists from AlixPartners formally appointed on 2 March 2026 following weeks of talks that failed to produce a buyer willing to preserve the business in its entirety.

US beverage company Tilray has agreed to acquire BrewDog's UK brewing operations, global brand and 11 pubs in a £33m deal, preserving 733 jobs through a TUPE transfer.

Co-founder James Watt had been reported to be preparing a £10m personal bid to buy back the business, but exited the running ahead of the deal being confirmed.

The Tilray acquisition does not cover the majority of BrewDog's bar estate, with 38 venues closing immediately and 484 staff made redundant as a result.

The deal includes BrewDog's brewery in Ellon, Aberdeenshire and its Hop Hub distribution centre in Motherwell, while the company's German operations, including its Berlin brewery and bar, will be liquidated.

Administrators also confirmed that equity holders - including the 220,000 investors who backed the business through its crowdfunded "Equity for Punks" scheme - will receive no return from the transaction.

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