LONDON, Feb 18, 2026, 09:26 GMT
- BrewDog has brought in AlixPartners to weigh its options, which might mean a sale—or possibly splitting up the business.
- Depending on how the deal shakes out, small “Equity for Punks” investors could end up with little—or even nothing.
- CEO James Taylor assured investors it’s “business as usual,” promising more updates down the line.
BrewDog CEO James Taylor told “Equity for Punks” shareholders he remains “fully committed” to their interests as the company explores new investment options that could end in a sale. In a note posted to the investors’ forum, Taylor said it’s “business as usual” at BrewDog’s bars and breweries. The BBC pointed to the experience of Richard Fisher, 58, who invested £12,000 in the scheme and now worries that money might be at risk. (https://www.agcc.co.uk/news-article/brewdog-ceo-pledges-commitment-to-equity-punk-investors-amid-sale-review)
About 220,000 small investors who bought BrewDog shares via its crowdfunding-style pitches are watching the review closely—they could lose out if bigger investors get paid first. “BrewDog is a cautionary tale,” said Mark Northway, director at ShareSoc, a group representing retail shareholders. Early backers risk being “diluted or subordinated,” Northway warned, meaning they might be last in line when any payout comes. (https://www.agcc.co.uk/news-article/brewdogs-equity-punk-crowdfunders-could-lose-out-in-sale)
BrewDog cited a more challenging market, as the craft beer surge fades and consumers opt for cheaper options, canned cocktails, or just cut back. The company booked a £37 million loss in 2024 and nudged sales up by only about 1%, according to FoodNavigator. (https://www.foodnavigator.com/Article/2026/02/16/brewdog-put-up-for-sale/)
BrewDog has brought on AlixPartners to oversee what it’s calling a “structured and competitive process” to look at fresh investment options for the company, following recent cost-cutting and efficiency pushes. The company added that business will proceed as usual, even after closing its distilling division in January. (https://drinksint.com/news/fullstory.php/aid/12186/Brewdog_s__Equity_for_Punks__may_lose_investment_amid_company_sale.html)
According to the Guardian, some Equity for Punks investors aired frustrations online, saying they first found out about the decision through media coverage, not directly from BrewDog’s management. The paper also noted that TSG Consumer Partners—holding a 21% stake—could take priority over small shareholders when it comes to dividing up any proceeds. That puts crowdfunders at risk of receiving nothing if the sale price falls short. (https://www.theguardian.com/business/2026/feb/16/brewdog-sale-equity-punk-investors-steaming)
BrewDog touts a 15% lifetime discount in its bars and online shop as one of several perks for Equity for Punks investors, along with access to the “Annual General Mayhem” event and a complimentary birthday beer, according to its website. Its most recent Equity for Punks round wrapped up in 2021. (https://brewdog.com/pages/equity-for-punks-info)
The company hasn’t ruled out new investment as an outcome of its strategic review, although it’s been upfront about weighing its options. Analysts point to the bar estate and beer brands as likely candidates for divestment, possibly in separate deals.
BrewDog counts 72 bars across the globe and four breweries—Ellon, Scotland is home base, with additional operations in the United States, Australia, and Germany, according to BeverageDaily. The company has roughly 1,400 staff. BrewDog pegs its share of the UK grocery beer market at 4% by value. (https://www.beveragedaily.com/Article/2026/02/16/brewdog-put-up-for-sale/)
No indication BrewDog acted unlawfully. According to the chamber report, the Equity for Punks application forms instructed investors to read the prospectus along with the risk factors.
Still, if a deal ends up favoring other investors—or even lenders, should debt become a factor—small shareholders might walk away with scraps, or nothing at all, even if BrewDog is sold. And if the slump in beer and hospitality stretches out, the bar-focused side of the company could see its value slip further.
