In March, BrewDog was sold to Tilray Brands for £33m ($44m). It was a dramatic end to a business that had seen the rise and fall of its craft beer empire: and a sad end to the Equity for Punks tale - ordinary beer fans who had invested in the brand.
But now BrewDog co-founder James Watt says he’ll be back with a new beer brand: and a second chance for Equity for Punks.
Second Best
BrewDog was about craft: riding the wave of the movement in the 2000s and 2010s.
Watt has shared limited details about Second Best: but does not describe it as a craft beer brand. Instead, it’s going to ‘focus on making the best versions of our favourite beer styles’.
Second Best is set to launch nearly 20 years later than BrewDog and in a very different market. UK breweries are struggling: nearly three independent breweries close every week, according to the Society of Independent Brewers. (The highest profile casualty, of course: BrewDog).
Meanwhile, sales of beer are declining while the once unshakable tradition of going to the pub is also under threat.
Many drinkers are losing interest in beer, and turning to other categories such as RTD alcohol.
Or they’re turning to alternatives to alcohol.
In fact, Second Best is likely to launch with an ‘interesting alcohol adjacent concept’ while Watt gets all the relevant licenses and legal consents in place for an alcohol brand.
What hasn’t changed from the BrewDog days, however, is that Watt recognises that any beer brand has to be one that fans will be truly passionate about.
“What beer would you genuinely get excited to buy again?” he asks followers on a post on LinkedIn.
Equity for Punks
At the emotional heart of Second Best is a second chance for Equity for Punks.
Around 220,000 investors put money into the BrewDog via the Equity for Punks programme from 2009 to 2021, contributing £75m across seven rounds.
These investors were craft beer aficionados, delighted to own part of a brand they loved.
But when BrewDog was sold to Tilray, these Punks were left empty handed.
Now Watt says he’ll give these everyday investors a stake in his new business (allocating around a fifth of the new company’s equity to these investors): offering a second chance in Second Best.
“Thousands of people trusted me to build a brilliant beer business and create value for them,” he said. “It was an obligation I took very seriously. And I, for one, am not done with that obligation.
“If you were an Equity Punk investor, I am planning to allocate up to 19.3% of Second Best for you. You can claim the exact stake you once held in BrewDog, for free. No catches, no cash required, and your equity in Second Best will always rank alongside my own.”
From beer brands to social media
James Watt stepped down as CEO of BrewDog in May 2024 (followed by his co-founder Martin Dickie in August 2025).
He’s now self-described as an entrepreneur and investor: with one of his main projects being Social Tip, a new marketing platform based on social media.
The venture rewards everyday social media users - not celebrities or influencers - when they post about a brand they genuinely love.
The idea is that ‘real people trust real people over slick advertising and sponsored content’.
Social Tip has now reached 100,000 users, and claims to be independently measured by ThisThat to be 20x more effective than conventional influencer marketing.
