BrewDog's James Watt to launch new beer business - with free shares for original Equity for Punks investors
The new beer brand will be called Second Best
Former BrewDog boss James Watt has announced plans to launch a new beer brand with free shares being promised to those who lost money on his original venture.
Mr Watt said that he was launching Second Best amid "determination to build a world class beer business that we all collectively own".
It follows the collapse of BrewDog - once valued at more than $1billion - with debts of more than £500m and the sale of the company to US-based Tilray earlier this year.
BrewDog was launched with co-founder Martin Dickie in 2007 with an ambitious crowdfunding scheme named Equity for Punks, which raised around £75m for the company.
Original investors received nothing following the demise of the firm.
Now, Mr Watt said he will allocate a 19.3 per cent stake in the new company to Equity Punks who can claim the exact stake they held in BrewDog in the new firm.
Mr Watt said: “Thousands of people trusted me to build a brilliant beer and business and create value for them. It was an obligation I took very seriously.
“And I, for one, am not done with that obligation”
He said there was “no catch" and "no cash required” by original Equity Punks.
Mr Watt added: “You’ll own it, I’ll fund it . And I’ll dedicate myself to building it.
“We are going to start small, be obsessive about the beer, build from the ground up and focus on making the best versions we can of our favourite beer styles.
“I am determined to build a world class beer business that we all collectively own.”
The launch date of the new business has yet to be confirmed as relevant licences and permissions are secured.
He added: “The second beer business that we built together might just be the best one.”
Beverage and medical cannabis company Tilray bought the company's UK brewing operations, brand and 11 pubs in a £33m deal in March.
The deal led to 484 job losses and the closure of 38 bars - although more than 733 jobs were saved.
Members of the Equity for Punks scheme, some who reportedly lost investments of £12,000, were then told they would not get any returns from the scheme.
Following the collapse of BrewDog, Mr Watt apologised to the 200,000 investors and said “many mistakes” had been made.
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