BrewDog founder James Watt has announced plans to launch a new beer brand called Second Best.
Announcing the move on his Instagram, Watt stated, “Thousands of people trusted me to build a brilliant beer business and create value for them.
“It was an obligation I took very seriously. And I, for one, am not done with that obligation.”
Watt said former investors would be able to “claim the exact stake” they once held in BrewDog “for free”.
“No catches, no cash required, and your equity in Second Best will always rank alongside my own. You’ll own it. I’ll fund it. And I’ll dedicate myself to building it.
“You’re not shareholders this time. You’re Second Founders.”
"We are going to start small, build from the ground up and focus on making the best versions of we can of our favourite beer styles. I am determined to build a world class beer business that we all collectively own.
"We don’t have a launch date quite yet - we will launch as soon as we can and when we have all the relevant licenses and legal consents in place.
"Because that may take some time, we are initially launching a really interesting alcohol adjacent concept (more on this soon). And you will also have the opportunity to own part of this exciting new brand for free."
Watt told the Times that the new company would initially produce three beers – two pale ales and a lager – with the brewing taking place in Germany and Europe. He added that he plans to open bars in London and Scotland in the future.
He added that the brand would begin on a smaller scale, focusing on producing “the best versions” of favourite beers while building a “world class beer business”.
Watt said there is no current launch date for the venture, as the business still requires some licences and consents.
BrewDog was founded in Fraserburgh in 2007 by Watt and Martin Dickie. The brand was hugely successful and became one of Scotland’s best-known craft beer brands before entering administration earlier this year.
The Ellon-based business was revealed to have debts of more than £550 million when it entered administration and was later bought by US firm Tilray Brands.
Following the collapse, investors who had bought shares through BrewDog’s “Equity for Punks” crowdfunding scheme were told their shares now had “no value”.
However, Watt said he now plans to allocate up to 19.3% of his new Second Best beer to former shareholders.