BrewDog's dramatic fall from craft beer darling to Tilray's failed bet
BrewDog, once a thriving craft beer brand, has faced a sharp decline after its acquisition by Tilray Brands in 2023. The company, founded in 2007 as a bold challenger to traditional brewing, has now seen nearly 40 bars close and around 500 jobs cut. Small investors who backed the business have been left without returns.
BrewDog began as a self-styled disrupter, promising a living wage for staff and a push toward carbon neutrality. By 2019, its beers were widely stocked, and its pub network was expanding worldwide. Investors like Alistair Smith were drawn in by its anti-establishment stance and social responsibility pledges.
Through its 'Equity for Punks' scheme, over 220,000 small investors contributed around £95 million (about $125 million). But by 2023, after years of controversies and slowing growth, Tilray Brands acquired BrewDog for £33 million ($44 million). The deal left the 'equity punks' with no payout.
Despite opening over 100 bars and breweries globally by 2025, BrewDog's market share in craft beer remained flat at just 1-2%. Industry reports from 2021 to 2025 highlighted stagnation, leading to Tilray Brands selling its stake in early 2026.
The sale of BrewDog has led to widespread closures and job losses. Small investors who backed the company early have received nothing in return. The brand's rapid expansion has now given way to a much smaller, struggling operation.
