The company says a ‘challenging economic climate’ has forced it to consider its options, which could include splitting up the business.
AlixPartners is understood to be pushing for a quick deal to be made with a tight deadline for indicative offers: but BrewDog emphasises no decisions have been made yet.
Sobering reality: Beyond the craft beer boom
BrewDog was founded by friends James Watt and Martin Dickie in 2007 when craft beer was at its peak: with the Scottish brewer initially making waves with its maverick branding and irreverent marketing style.
By 2015 it had become a serious global business: with its entry into the US on the back of bars as far afield as Brazil and Japan.
But sales growth has slowed drastically: up 1% in 2024 and with a £37m loss that year.
Once a category defined by meteoric growth rates, the craft beer space has matured and consumers are being tempted away by newer categories such as canned cocktails - or have simply cut back on alcohol entirely.
And for BrewDog it’s been an eventful few years: former staff criticized the company culture; James Watt stepped down from his CEO role in 2024; and the company sold its rewilding forest in Scotland (which had been a poster sustainability initiative).
Last month BrewDog announced the closure of its spirits arm, which it had revitalised growth in 2023.
Equity for Punks
BrewDog’s initial years were fuelled by its ‘Equity for Punks’ investors: a crowdfunding-style model that saw 220,000 investors contribute £75m in crowdfunding across seven rounds.
In doing so, it built up a community of local fans (most invested relatively small amounts around £400) who gained perks such as lifetime discounts and an invite to the ‘Annual General Mayhem’ festival every year.
Macroeconomic headwinds
BrewDog says its spent the last year focusing on where savings can be made, but has now appointed AlixPartners to assess the options for the company.
“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,” said a spokesperson for 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.”
However, the spokesperson emphasises that all bars, brewers and venues are operating as normal and no decisions have been taken.
“BrewDog remains a global pioneer in craft beer: a world-class consumer brand, the No.1 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.”
In figures: BrewDog
- The brewer reached gross sales of £357m in 2024, with brews shipped to more than 50 countries and with 72 bars worldwide.
- It operates four breweries around the world: at its home in Ellon, Scotland; plus the US, Australia and Germany.
- It has around 1,400 employees.
- Private equity investor TSG is a 21% shareholder following a £213m investment in BrewDog in 2017. James Watt and Martin Dickie are other major shareholders.
- BD is the leading independent brewer in the UK with a 4% market share in UK grocery market by value, and 5 of the top 8 UK craft brands (Punk, Elvis Juice, Hazy Jane, Wingman, Lost).
