BrewDog bought by US cannabis and drinks firm for 33m, costing nearly 500 jobs

"Tilray agreed a deal to buy BrewDog's brand, intellectual property, UK brewing operations and 11 strategic bars in the UK and Ireland, the two companies confirmed, preserving 733 jobs. The remaining 38 bars will close immediately, at a cost of 484 jobs."

"More than 200,000 equity for punks investors, many of whom had at one stage hoped to cash in from a stock market float projected to value the company at 2bn, will not receive anything, according to AlixPartners, which acted as the administrator for BrewDog."

"The deal comes less than a month after the company put itself up for sale after five years of losses and a string of brand-damaging controversies relating to the treatment of staff, particularly under the tenure of its outspoken co-founder, James Watt."

Tilray, a US cannabis and drinks firm, purchased BrewDog's UK and Irish brand, intellectual property, brewing operations, and 11 strategic bars for £33m. The deal preserves 733 jobs but results in 484 job losses from 38 bar closures. Over 200,000 equity crowdfunders, who invested through BrewDog's crowdfunding campaign with hopes of profiting from a projected £2bn valuation, will receive nothing. The acquisition follows BrewDog's five-year loss streak and controversies regarding staff treatment under co-founder James Watt. Tilray plans separate negotiations for BrewDog's US and Australian assets, expected to close within 30 days. No bidder offered to preserve BrewDog entirely during the sales process.

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