BrewDog founder's buyback bid triggers UK data complaints

James Watt has lodged a bid to repurchase BrewDog just months after the craft brewer was acquired by Tilray, a move that has triggered complaints to the UK’s data protection regulator. Former shareholders contacted by Watt reportedly questioned how he obtained their personal details, prompting the Information Commissioner's Office (ICO) to intervene. "We are aware of an incident involving Brewdog and we are assessing the information provided," an ICO spokeswoman said.

Watt tabled the offer through his new venture, Second Best. He claimed that 43,000 investors from BrewDog's "Equity for Punks" crowdfunding scheme had backed his effort to retake control of the Scottish company. Tilray, however, has firmly rejected the approach, with executives stating this week that the brand is not for sale.

The data complaints highlight the complex corporate wreckage left by BrewDog's dramatic downfall. Tilray bought the brand, intellectual property, UK breweries and 11 bars earlier this year for about £33m after the business collapsed under more than £500m in debt. The administration process wiped out the investments of roughly 200,000 crowdfunding shareholders and resulted in the closure of 36 bars.

Tilray moved quickly to distance itself from Watt's outreach, explicitly denying any involvement in the data usage. A spokesman stated the company did not acquire the Equity for Punk shareholder database, which remains under the control of BrewDog plc in administration. Instead, Tilray said it only purchased a customer database comprising individuals who explicitly opted in to marketing communications.

"Tilray Brands did not acquire Equity for Punk shareholder data as part of its acquisition of the BrewDog brand and assets," the spokesman added. "We take data privacy with the utmost seriousness and can categorically confirm that no data held by Tilray Brands has been shared with external entities or former directors."

The situation underscores the ongoing governance risks surrounding distressed acquisitions of companies with large retail shareholder bases. Watt stepped down as chief executive in 2024 to become "captain and co-founder" after building the Aberdeenshire business from a 2007 start-up into a global operation with roughly 100 pubs. As Tilray attempts to stabilize the acquired assets, the ICO assessment threatens to prolong a highly publicised corporate dispute.