James Watt is launching Second Best, a community-funded beer business after BrewDog’s sale and the loss of equity for small investors and bar staff. The plan offers up to 19.3% of the new company’s equity free of charge to those whose holdings were wiped out. Former BrewDog “Equity Punks” can become “Second Founders” with a stake identical in size to their previous holdings, with no cash required and equity ranking alongside Watt’s. Former bar staff are also expected to qualify. The business will focus on canned beer rather than a large pub network, starting with two pale ales and a lager brewed in Germany, with limited specialist pubs potentially later.
"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,"
"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."
"Under the proposal, former BrewDog "Equity Punks" will be invited to become "Second Founders", claiming a stake in the new company identical in size to the one they held in the old one. Almost all former BrewDog bar staff, who held shares at the point of collapse, are also expected to qualify."
"In a marked departure from the sprawling bricks-and-mortar empire that became BrewDog's defining feature, Second Best will be built around canned beer rather than pubs. According to the Financial Times, the venture will launch with two pale ales and a lager, brewed in Germany and across Europe."
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