BrewDog Hires AlixPartners to Examine Potential Sale Amid Ongoing Restructuring

London, UK – Independent brewer BrewDog has engaged turnaround specialist AlixPartners to lead a formal process that could result in the sale of the company, adding a new chapter to nearly two years of cost-cutting, portfolio changes and leadership turnover.

The Scotland-based producer of Punk IPA and other craft beers asked the advisory firm to canvas interest from prospective buyers and solicit initial, non-binding offers within a short timeframe, according to people familiar with the mandate. Industry sources indicate that any transaction is likely to be orchestrated by an administrator, a route often used in the United Kingdom when a business seeks to protect operations while negotiating with creditors and investors.

Appointing advisers marks the clearest signal to date that BrewDog’s board is open to an ownership change. The company stated that it conducts regular strategic reviews and, in light of persistent economic headwinds, wants to ensure access to long-term capital. Management described the current step as a “structured and competitive” process aimed at evaluating the next phase of investment, while stressing that breweries, bars and other venues continue to trade normally. No final decision has been made, and the group declined to elaborate on potential bidders or the size of any stake that might be sold.

Founded in 2007 by James Watt and Martin Dickie, BrewDog grew rapidly on a reputation for bold marketing and an expansive hospitality footprint. Both founders have exited day-to-day roles—Watt stepped down as chief executive in 2024 and Dickie departed the previous year—yet they remain shareholders. U.S. private-equity firm TSG Consumer Partners became a significant minority investor in 2017 and still holds approximately 21% of the brewer.

Earlier this year, sector publication Propel reported that Watt was exploring a plan to regain control of the business. Although the company has not commented on that possibility, any buy-back effort would now run concurrently with the broader sale exploration led by AlixPartners.

BrewDog’s decision to test buyer appetite follows a series of measures designed to stabilise finances. In 2025 the group intensified its focus on cost discipline and operating efficiency. That programme was accompanied by workforce reductions announced last October, when an unspecified number of roles were eliminated in response to what management called a “tough and fast-changing market.” The job cuts were followed in January by confirmation that the brewer will shut down its spirits subsidiary, BrewDog Distilling Co., later this year. Production of LoneWolf gin, Abstrakt vodka and Duo rum will cease, although ready-to-drink line Wonderland Cocktails is expected to remain in manufacture.

Results filed with Companies House show that BrewDog ended 2024 with a net loss of £34.1 million, narrowing from £62.7 million in 2023. The operating deficit declined to £19.6 million from £45.6 million, reflecting the early impact of cost reductions. Net revenue held broadly flat at £280.2 million, compared with £280.9 million a year earlier, with approximately £254 million generated in the U.K. market. While marginally improved performance signals progress, the balance sheet continues to face pressure from inflation, rising interest rates and softer consumer demand for discretionary spending, trends highlighted by recent analysis from the Bank of England.

Across the wider beer category, mergers and acquisitions have accelerated as producers grapple with higher raw-material costs and an uneven post-pandemic recovery in on-trade channels. Analysts say BrewDog’s global brand recognition and network of branded bars could attract interest from international brewers seeking premium craft credentials, private-equity firms looking for turnaround opportunities or consortiums that include former management. Any suitor would inherit a business with significant growth potential but also the need for continued investment in supply chain optimisation, debt management and marketing spend.

Imagem: financial planning 66

The possible sale also raises questions for BrewDog’s community of “Equity for Punks” crowdfunding investors, who have backed multiple rounds since 2009 in exchange for minority stakes. The company has not yet clarified how those shareholders might be treated in the event of a change of control, though historical prospectuses specify that shares could be subject to compulsory acquisition if a buyer secures a predetermined majority.

AlixPartners, known for advising companies undergoing complex restructurings, has not commented on the engagement. The firm’s remit typically includes evaluating standalone viability, preparing businesses for sale and negotiating with lenders. Industry observers expect an initial round of offers to determine whether BrewDog pursues an outright sale, a partial equity injection or an alternative recapitalisation.

While the review is under way, BrewDog continues to execute its previously announced operational plan. The company is winding down spirits production, negotiating revised supply contracts and prioritising core beer lines such as Punk IPA, Hazy Jane and Lost Lager. Management has indicated that capital expenditure will remain tightly controlled until longer-term financing is secured.

Market participants anticipate clarity on BrewDog’s ownership structure later this year, once indicative bids are evaluated and a preferred path forward is selected. For now, bars, taprooms and e-commerce channels remain open, and the brewer says it is focused on serving customers while charting what could be the most consequential transition in its 19-year history.

Crédito da imagem: Sky News