Brewdog founder to give shares in new beer brand to old investors

Brewdog founder to give shares in new beer brand to old investors15 minutes agoShareSaveAdd as preferred on GooglePA MediaJames Watt was 24 when he co-founded Brewdog in 2007One of the founders of Brewdog has announced plans to launch a new beer brand, promising free shares to people who lost money in his original venture.James Watt co‑founded the craft beer company with Martin Dickie in 2007. At its peak, Brewdog had four breweries, around 100 pubs worldwide, and a valuation exceeding $1bn.However, the company collapsed with debts of more than £500m and was taken over by US based Tilray earlier this year.Watt says he will allocate nearly 20% of shares in his new beer company, called Second Best, to people who lost money after investing in Brewdog's Equity for Punks scheme.From a £1bn dream to a brutal collapse: How Brewdog hit the rocksI invested £12,000 in Brewdog - I think I've lost it allI invested in Brewdog in my husband's memory. He would be turning in his graveEquity for Punks was an in-house crowdfunding scheme, promising beer enthusiasts a chance to "own a slice of the brewery and share in its success and growth".In return Brewdog offered perks such as discounts on beer purchases, free birthday beer and invitations to its "Annual General Mayhem" AGM with live music and beer tastings.The scheme is said to have raised £75m, which allowed Brewdog to expand into the international market.Getty ImagesBrewdog was sold earlier this yearHowever, the company went on to source equity from elsewhere and when US equity firm TSG Consumer Partners acquired a 22% stake in Brewdog, they were given "preference shares".This meant when Brewdog was sold, TSG was first in the queue to get back its investment plus any return owed.Beverage and medical cannabis company Tilray bought the company's UK brewing operations, brand and 11 pubs in a £33m deal in March.Administrators said the sale had preserved 733 jobs - but that 484 jobs...