BrewDog: What the future holds now for Scotland’s beer-making unicorn

In under two decades it went from a two-man-and-a-dog micro-brewer to a global brand with multiple sites and dozens of bars around the world, but now some are calling last orders for Scotland’s most famous maverick beer-maker.

BrewDog - founded in Fraserburgh in 2007 by the then twentysomething buddies James Watt and Martin Dickie on a shoestring budget - could find itself being broken up after news emerged at the weekend that consultants have been called in to help look for new investors. A potential sale of all or parts of the Ellon-headquartered brewing empire will be among the options now being assessed by consultancy practice AlixPartners.

The company said it had taken the decision to bring in the firm after “operating in a challenging economic climate” in order to focus on the “long-term strength and sustainably” of the business.

Still based in Aberdeenshire, BrewDog has grown into a brand with a global presence.

It seems highly likely, then, that the BrewDog of 2026 is going to look a little different come its 20th anniversary next year.

While its core beers such as Punk IPA, Elvis Juice and Black Heart, all of which have become top-sellers in bars and supermarkets, are certain to remain available in some shape or form, their ownership and indeed production could change depending on the outcome of those discussions.

There has already been change at the brewer after it opted last month to stop making spirits at its Aberdeenshire distillery site. The company is to halt production of its distilling brands - which include Lonewolf Gin and Abstrakt Vodka - over the coming months, but will continue selling its line of cocktails.

It is understood that the future of the distillery, which was built in Ellon in 2015, will be reviewed at a later date. The main brewing operation in the same Aberdeenshire town, some 16 miles north of Aberdeen, opened three years earlier.

BrewDog 'captain' and co-founder James Watt.

BrewDog announced job cuts across the business last October after it posted a £37 million loss. It had announced the closure of ten bars across the UK earlier in the year, including its flagship, and first-ever, watering hole in Aberdeen.

The two friends who established BrewDog all those years ago, filling bottles by hand and selling their wares at local markets from an old van, have also moved into different roles, or simply moved on.

In 2024, Watt stepped down as chief executive after 17 years, retaining his shares and moving into the newly-created, non‑executive role of “captain and co‑founder”. In 2021, he issued an apology after an open-letter from former employees emerged accusing the company environment of being “toxic” and detrimental to their mental health.

Dickie, meanwhile, left the company in 2025, saying that he took the decision for personal reasons.

In building up their venture and shaking up the market, the pair undertook a series of publicity stunts, some more controversial or successful than others, but all aimed at getting the BrewDog name on every drinker’s lips. And building up the brand’s profile.

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It wasn’t Britain’s first craft brewer by any means, but, by adopting the tactics and marketing nous of some of North America’s more successful small-scale brewers, it blazed a trail for quality home-grown beers. In doing so, it persuaded many a drinker to switch from some mass-produced, flavourless ale to a pint of Punk.

And now, two decades on, a new chapter in the rollercoaster BrewDog story is about to be written.

The firm has made clear that no decision has been made in respect of a potential sale process. Its breweries, bars and venues continue to operate as normal. Fans will still be able to pick up a four-pack of Lost Lager or Elvis Juice from the supermarket shelf.

A spokesperson for BrewDog said: “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.

“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.

“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.”

There will be uncertainty and some anger, no doubt, among the thousands of “equity punk” shareholders who have helped fuel BrewDog’s meteoric growth. Any sale has the potential to render their investments worthless.

A sale or break-up outcome could also trigger a windfall for the private equity investor TSG, which acquired its stake of more than 20 per cent in 2017.

Following a string of losses, and flat sales last year, there is a sense that “peak BrewDog” may have been and gone. But that observation could apply just as much to the wider craft and micro-brewing sector, particularly amid the ongoing cost-of-living and inflationary squeeze. Several independent breweries have gone to the wall.

Yet, BrewDog, with its 70-odd bars, four breweries, well-established, now global brands and some £300m in annual sales remains a very attractive proposition, and parts of the business - particularly those core brands - are likely to prove of interest to the brewing majors, if the talks do indeed go down the sale or breaking up route.

Love it or loathe it, BrewDog has been a Scottish business success story that has gone from a two-person start-up to global disruptor in relatively quick succession. I suspect the name will be around for some time to come.

Scotland -based brewer Brewdog could be broken up as sale process begins