BrewDog sold for £33m to US brewer and cannabis firm Tilray Brands

New York City-based Tilray Brands has completed the acquisition of BrewDog in a £33m deal.

 

The American brewer and medicinal cannabis producer has bought BrewDog’s worldwide intellectual property, its UK brewing operations and 11 brewpubs in the UK and Ireland.

 

The chosen pubs are based in Birmingham, Dogtap Ellon, Dublin, Edinburgh DogHouse, Lothian Road, Manchester, and London’s Paddington, Canary Wharf, Seven Dials, Tower Hill and Waterloo.

 

Tilray said it expects these assets to generate annual net revenue of roughly £149m and adjusted EBITDA of up to £6m, with cash flow predicted to become positive in fiscal 2027.

 

The sale has also resulted in the closure of 38 BrewDog bars and 484 job losses, full details of which can be found here. 

 

The company is in the midst of separate negotiations to acquire BrewDog assets in the US and Australia, which are due to be finalised in 30 days.  

 

The American craft beer, spirits and energy drinks company said the acquisition would accelerate its ability to enter new markets by “providing scaled brewing capacity outside the US”.

 

It already operates a number of drinks businesses, including Alpine Beer, Blue Point Brewing Company, Terrapin Beer and Hop Valley Brewing Co.

 

The company was confident its operational and strategic expertise, its diversified global beverage infrastructure and disciplined investment approach could “unlock BrewDog’s next phase of growth”.

 

Tilray Brands has ambitions for its beverage platform to reach £374m in annual revenue following the BrewDog acquisition, which would make it one of the largest diversified craft beverage providers in the world. It has also set eyes on achieving £898m in annualised revenue on a combined basis.

 

Irwin D Simon, chairman and chief executive at Tilray Brands, said: “BrewDog is one of the most iconic, mission-driven craft beer brands in the UK. It helped redefine modern craft beer through bold innovation, fearless creativity and an unwavering commitment to great beer. What makes BrewDog truly special has always been its brewers, its brewpubs and its passionate community of beer fans.

 

“As we begin a new chapter for this great brand, our priority is to refocus BrewDog on the craft beer excellence that made it beloved in the first place and strategically invest to return the operations to profitable growth. BrewDog’s future is bright, and we are committed to ensuring the brand continues to lead and inspire the global craft beer movement.”

 

Simon added he has “significant experience” in the UK market, where he built a £1.1b consumer packaged goods business, operating brands such as Ella’s Kitchen, Tilda, Hartleys, New Covent Garden and Linda McCartney.

 

Tilray Brands operates over 40 brands across Canada, the US, Europe, Australia and Latin America, providing products such as hemp-based foods and craft beverages.

 

The announcement comes after it was reported earlier today that BrewDog has closed its bars due to its imminent sale.

 

The brewer drafted in consultancy Alixpartners to review restructuring and explore a potential sale last month after suffering from a £37m loss and job cuts in October.

 

BrewDog was founded by James Watt and Martin Dickie in 2007 and employed roughly 1,400 staff.

 

Watt stepped down from BrewDog in 2024, while Dickie left the business last year, citing personal reasons.

 

BrewDog has been contacted for comment.

 

Photo: Electric Egg/Shutterstock