US Edition
Published • loading... • Updated
Brewdog Founder James Watt Admits Mistakes as Hundreds Lose Jobs in Sale
Tilray's acquisition leads to 38 UK bar closures and 400+ job cuts as founder James Watt admits strategic errors and apologizes to staff and investors.
- On Monday , Tilray Brands bought BrewDog for £33 million, prompting closures of 38 UK bars and 484 job losses.
- AlixPartners was appointed last month to run an accelerated sales process after years of falling profits, while rising National Insurance and business rates squeezed margins before the sale.
- Staff learned their fate in a short, roughly 25-minute conference call with no chance to ask questions, unions criticised, while administrators AlixPartners confirmed Equity for Punks investors will receive no return.
- Tilray will take control of BrewDog facilities including its brewery in Ellon and The Hop Hub, transferring 733 UK jobs and maintaining 18 franchise bars.
- James Watt apologised, writing, 'During my 17 years in charge there were highs, lows, successes, failures, huge gambles and many mistakes along the way', and early investors including TSG Consumer Partners took large sums in 2017, leaving Equity for Punks investors with no return.
Insights by Ground AI
14 Articles
14 Articles
Coverage Details
Total News Sources14
Leaning Left3Leaning Right1Center4Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 38%
C 50%
12%
Factuality
To view factuality data please Upgrade to Premium
