BrewDog has appointed restructuring firm AlixPartners to run an accelerated sales process.
AlixPartners has begun fielding bids for all or part of the Scottish beer company, with a quick-fire sale likely to be executed by an administrator, rather than on a solvent basis, The Grocer understands.
Bids on a whole or break-up basis will be considered, raising the possibility that BrewDog’s bar business could be sold off separately to its brewing arm.
BrewDog was founded in 2007 by James Watt and Martin Dickie and has an annual turnover of around £360m. It operates four breweries (Scotland, USA, Australia and Germany) and more than 70 bars worldwide, employing around 1,400 staff.
Last year, the company reported pre-tax losses of £36.6m, down from £59.2m the year prior.
A sale via administration would significantly reduce the chances of BrewDog’s legion of 220k shareholders – known as Equity Punks – receiving a return on their investment. Equity Punk shares are deemed of a lower class than those of BrewDog’s private equity partner TSG.
TSG paid £213m for a 22.5% share in BrewDog in 2017, and – thanks to a compounding interest coupon inserted in the terms of the deal – its share is reported to now be worth in excess of £800m.
However, the prospect of BrewDog receiving a bid of even close to this size was highly unlikely, one source told The Grocer.
It comes a matter of weeks after speculation surfaced that BrewDog founder James Watt was considering a bid to take back control of the business.
Watt, who stepped down as BrewDog CEO in 2024, still retains a seat on its board of directors and a 22% stake in the company.
In October, BrewDog announced it was to undertake a restructuring process to “right-size” the business, after failing to turn a profit for the fifth consecutive year. The company has also recently announced the wind-down of its spirits arm, BrewDog Distilling Co.
“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,” a spokesman for BrewDog said. “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.
“BrewDog remains a global pioneer in craft beer: a world-class consumer brand, the number one 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.
“Our breweries, bars, and venues continue to operate as normal. We will not comment on any further speculation.”
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