Who owns BrewDog?
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BrewDog is a Scottish brewer and bar chain owned by Tilray Brands, a US company listed on the Nasdaq whose business covers cannabis, drinks and wellness. Tilray bought BrewDog's brand, its brewery at Ellon in Aberdeenshire and some of its bars out of administration for £33 million on 2 March 2026.
The company that built BrewDog, BrewDog PLC, is still in administration. Its shareholders, including the founders James Watt and Martin Dickie, the private equity firm TSG Consumer Partners and the crowd investors who bought shares through Equity for Punks, are not expected to get anything back.
What does the register show?
If you search Companies House for BrewDog, you find the old company, not the new owner. Tilray did not buy BrewDog PLC. It bought the business and assets, including the brand, the brewery's equipment and property, and stock. The buyer named by the administrators is Tilray Brands UK Limited, company number 13578781, registered in London. Its persons-with-significant-control register names one owner: Tilray Brands, Inc., a Delaware corporation with an address in New York, with 75% or more of the shares and votes. Irwin Simon, Tilray's chairman and chief executive, is one of its directors.
The old company, BrewDog PLC, company number SC311560, was incorporated in Scotland in November 2006. It went into administration on 2 March 2026, run by administrators from AlixPartners, together with its bar company, BrewDog Retail Limited (SC389114), and BrewDog International Limited (SC580048). Its creditors have agreed to extend the administration to 1 March 2028.
Its register has not caught up. It still names Watt and Dickie as persons with "significant influence or control", although neither is a director now: Dickie resigned on 20 August 2025, and Watt on 24 March 2026, three weeks into the administration.
Who owns Tilray?
Its shareholders, none of them with a large stake. Tilray Brands is listed on the Nasdaq and the Toronto Stock Exchange, and its 2025 proxy statement listed no one with more than 5% of its shares. Irwin Simon held less than 1%.
How did BrewDog come to be owned this way?
James Watt and Martin Dickie founded BrewDog in Fraserburgh, Aberdeenshire, in 2007, and moved to a purpose-built brewery near Ellon in 2013. From 2009 it sold shares to its drinkers through Equity for Punks, which raised about £75 million over the years, The Independent reported.
In April 2017 TSG Consumer Partners paid £213 million for about 22% of BrewDog, valuing it at £1 billion, Scottish Financial Review reported. TSG's shares were a separate class, Preferred C, entitled on a sale or winding-up to their money back plus an 18% compound annual return before the B shareholders were paid.
Watt stepped down as chief executive in May 2024 but stayed on the board, the Morning Advertiser reported. Dickie left in August 2025, citing personal reasons, Restaurant Online reported.
Who held the shares before the collapse?
BrewDog PLC's last confirmation statement, made up to 25 November 2024, lists who held its 74.6 million shares:
| Holder | Shares | % of all shares |
|---|---|---|
| James Watt | 16,140,637 A shares | 21.6 |
| Martin Dickie | 15,744,233 A shares | 21.1 |
| Four TSG funds registered in the Cayman Islands | 16,160,849 Preferred C and 891,383 A shares | 22.9 |
| BrewDog Employee Benefit Trust | 1,863,600 A shares | 2.5 |
| Other A shareholders | 9,164,590 A shares | 12.3 |
| B shareholders | 14,592,223 B shares | 19.6 |
The B shareholders are listed only on a CD filed with the statement. BrewDog's 2020 Equity for Punks offer sold B shares, and The Grocer put the number of BrewDog's retail investors at about 220,000.
None of these shares is worth anything now. The administrators say shareholders are not expected to get any return, and that the shares "essentially have no value", Equity for Punks shares included. TSG's preference did not help, because nothing was left for any shareholder, and the administrators expect it to get nothing back on £27.6 million of secured loan notes either. BrewDog PLC's unsecured creditors, owed about £190 million, are expected to get less than a penny in the pound.
Why did BrewDog go into administration?
It was losing money: £36.7 million before tax in 2024 and £59.2 million in 2023. Its 2024 accounts, filed in September 2025, said it had enough money to keep going to the end of 2026, helped by a new £20 million facility from TSG. Five months later it was in administration.
The administrators say a sale of the whole business, run by Rothschild & Co from December 2025, found no buyer who could complete while BrewDog stayed solvent. A faster sale drew six offers, and Tilray's £33 million, paid on completion, beat a rival offer of £30 million up front plus later payments. The sale completed as soon as the administrators were appointed. They say they know of no connection between Tilray and BrewDog's directors, shareholders or secured lenders.
What happened to the bars?
Tilray said it bought 11 bars in the UK and Ireland, including Dublin and the DogTap at the Ellon brewery; the administrators' report counts ten. The rest closed that day: 38 bars, according to reports at the time. The administrators say 444 bar staff were made redundant and 735 brewery, office and bar staff moved to Tilray; press reports at the time said 484 and 733.
Tilray has since taken five more bar leases from the administrators, and in September 2026 it said it had reopened 16 BrewDog bars. On 18 October 2026 BrewDog's bar finder listed 20 bars in the UK and Ireland, plus one each in Dubai, Bangkok and Rotterdam. Some BrewDog bars were run by franchise partners before the administration, and the list does not say which. Tilray also bought BrewDog's Australian assets and its American brewery and bars in March, BeverageDaily reported.
How big is BrewDog?
BrewDog PLC's group had turnover of £357.0 million in 2024, and when the administration began, BrewDog PLC and BrewDog Retail employed 1,179 people between them. Tilray expects the parts it bought in March to bring in about $200 million a year in net revenue, and says it has invested nearly £50 million since. None of Tilray's British companies has yet filed accounts covering BrewDog.
Can James Watt buy it back?
Not so far. In July 2026 Watt said his new venture, Second Best, had made a formal offer for BrewDog, and that Equity Punks who had registered, 43,000 by his count, would get their BrewDog equity back free if it succeeded, Restaurant Online reported. Irwin Simon told City AM that BrewDog was "not for sale", The Caterer reported. We have found no report of a sale since.
Is BrewDog independent?
Not by our verified independent badge, which marks a locally and privately owned business rather than a chain, franchise or private-equity estate. BrewDog is a brewer and bar chain owned by a listed American company, and private equity held a stake in it from 2017 until the administration.
The useful label is brewer and bar chain, owned by a listed US company. For two more British brewers whose beer now belongs to an overseas drinks group, see who owns Fuller's and who owns Camden Town Brewery. For the companies behind Britain's big pub estates, see who owns every big UK pub company.
For independent pubs and bars, owned by the people who run them, see our pubs and bars in Lincoln, Lincoln pubs not owned by a pubco and pubs and bars in Hackney E8.
Questions people ask
Who owns BrewDog now?
Tilray Brands, a US company listed on the Nasdaq, through its British subsidiary Tilray Brands UK Limited. It bought BrewDog out of administration on 2 March 2026.
Is BrewDog still Scottish?
Its beer is still brewed in Ellon, Aberdeenshire, but its owner is American. Tilray Brands is a Delaware corporation with an address in New York.
Did Equity for Punks investors get anything back?
No. If you bought shares through Equity for Punks, the administrators expect you to get nothing back.
Do James Watt and Martin Dickie still own BrewDog?
No. They each held about 21% of BrewDog PLC in November 2024, but those shares are now worthless, and the brand and brewery belong to Tilray.
Is BrewDog owned by a cannabis company?
In part, yes. Tilray's business covers cannabis as well as drinks, hospitality and wellness.
Last checked 18 October 2026. This article uses the Companies House records, persons-with-significant-control registers, officers lists, insolvency pages and filing histories of BrewDog PLC (company SC311560) and Tilray Brands UK Limited (13578781), including BrewDog PLC's confirmation statement of 25 November 2024, its accounts for 2024, and the administrators' proposals of 17 March 2026, progress report of 15 September 2026 and extension notice of 7 October 2026; BrewDog's Equity for Punks registration document of 9 September 2020; Tilray's announcements of 2 March and 22 September 2026, and its 2025 proxy statement; BrewDog's bar finder, read 18 October 2026; and reports by Scottish Financial Review (9 April 2017), the Morning Advertiser (8 May 2024), Restaurant Online (26 August 2025 and 15 July 2026), The Grocer and The Independent (2 March 2026), BeverageDaily (17 March 2026) and The Caterer (16 July 2026). What is not claimed: the price Tilray paid for the US and Australian assets; how many bars Tilray runs itself and which are franchised; which Tilray company holds the BrewDog business today, since none has filed accounts since the purchase; the names of the B shareholders, and any change in holdings after November 2024; and the terms of Watt's offer. If you spot something that needs correcting, email Highstreett and we will review it.