Brewdog, the once-thriving craft beer company, has faced a significant setback following its sale to US firm Tilray for £33 million. The transaction, which resulted in the closure of 38 pubs and the loss of 484 jobs, has sparked outrage among employees and investors alike. Co-founder James Watt issued a public apology, acknowledging the "many mistakes" made during his tenure.

A Painful Transition

The sale of Brewdog's brewery and 11 bars to Tilray marks a dramatic turn for the company, which was once valued at over $1 billion. The decision to close numerous pubs and make hundreds of staff redundant has been met with criticism, particularly from the Unite union, which labeled the process a "national disgrace." Employees were informed of their job losses during a brief conference call, leaving many feeling blindsided.

Investor Discontent

Brewdog's Equity for Punks scheme, which raised £75 million from over 200,000 investors, promised a share in the company's success. However, the recent sale has left these investors empty-handed. The terms of a previous investment by private equity group TSG, which allowed Watt and co-founder Martin Dickie to cash out significantly, have been partly blamed for the lack of returns to crowdfunding investors.

Watt's Reflections

In a candid statement on LinkedIn, Watt expressed his heartbreak over the job losses and the impact on investors. He admitted to expanding the company too rapidly and failing to manage crises effectively. "Ultimately, the mistakes hurt far more than the successes console," he wrote, adding that he would have loved to save every job and investment.

Personal Stories of Loss

Investors like Steven Howe-Bull, who invested in memory of his late husband, expressed deep disappointment with the company's trajectory. Similarly, Janice Hands, an Ayrshire nurse, felt devastated upon learning of the company's administration through news reports. Both investors had hoped to share in Brewdog's growth and success, only to be left with a sense of betrayal.