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BrewDog co-founder and former CEO James Watt has formally submitted an offer to acquire the craft beer business from Tilray Brands through his new venture Second Best.

In a LinkedIn post, Watt said the proposal had been sent to Tilray and that 43,000 former BrewDog crowdfunding investors, known as Equity Punks, had registered with Second Best to participate in the bid.

If the acquisition is successful, Watt said registered Equity Punks would receive BrewDog equity free of charge. He also pledged to reinstate the Real Living Wage and restore an employee equity programme.

“The punks and the crew built this company and BrewDog deserves to belong to them once more,” Watt said. “Equity Punks, you backed me once. This time, I’m backing you.”

Watt said he is personally funding bid alongside and unnamed partner. It added that Second Best would become part of BrewDog if the deal completes.

If the offer is unsuccessful, Watt said he would continue developing Second Best as a standalone business.

Financial terms were not disclosed. Watt also did not specify which BrewDog assets are included in the proposal and how equity would be allocated to registered investors.

Watt co-founded BrewDog with Martin Dickie in 2007 and led the company as CEO for 17 years, before stepping down in 2024. Dickie later stepped down as a director of the craft beer company in August 2025.

Tilray completed its £33 million acquisition of selected BrewDog assets in March. The transaction included the brand's global intellectual property, UK brewing operations and 11 brewpubs across the UK and Ireland.

The acquisition took place after BrewDog entered administration, with 38 bars closing and 484 jobs lost. Investors who had participated in BrewDog's Equity for Punks crowdfunding programme were left with no return of their shares.