BrewDog listing rumour rekindled amid rebrand – Daily Business

A recent rebrand and transformation of its management style has renewed speculation that maverick brewer and pubs chain BrewDog is dusting off plans to float on the stock market.

The Aberdeenshire-based company, which was launched almost two decades ago on the back of a frenzied attack on big brewers, has undergone a complete makeover since co-founder James Watt stepped down as chief executive last year.

A new management team has not only rebranded the beers but has swept out much of the Watt-era contrariness that some now regard as no longer helping its progress.

The company played on its “punk” roots to grow exponentially from a start-up in 2007 to an international phenomenon, but since Watt left much of those values have been swept aside and replaced with a more conventional approach.

While the company drew an army of fans for its anarchic style, including controversial marketing campaigns and replacing the annual general meeting with the annual general mayhem, it also drew criticism when staff complained about its management procedures.

The new team in charge is attempting to make a clean break with its past by presenting BrewDog as less “kick ass” disruptive and more in tune with a modern, sensible approach to alcohol consumption, better engagement with employees and a willingness to fit in with corporate convention.

Crucially, after five years of losses they hope to return the company to profitability, which will be key to any plans for raising further finance.

Much of the change has been influenced by the bad vibes created around Watt’s management style, revealed in a highly-critical investigation by the BBC. He personally confronted the criticism by instigating change in how it deals with staff.

However, he was also criticised, even by some of its army of “punk” supporters, for taking a holier than thou attitude to other brewers while striking deals with Heineken and Budweiser, and dropping its commitment to paying the living wage.

Much of this was seen as damaging long-held ambitions to list its shares on the stock market. It has raised tens of millions of pounds through its “equity for punks” schemes, but is thought to have exhausted the crowdfunding route that proved so vital in its early years.

Valuations over time have estimated it be worth anything beyond £1 billion, but after heavy investment in expanding around the world, opening bars, breweries and hotels, it is soaking up cash.

The re-launch of the company began with the 2021 hiring of former Asda and Royal Mail chief Allan Leighton as chairman who came in to clean up the company’s tarnished public image, though problems have not entirely gone away and last year it was late filing its accounts.

When they were finally published four months late they showed revenue had grown, from £321m to £355m, but costs increased more rapidly and the company also had to write-down the value of underperforming bars.

The result was that pre-tax losses jumped from £30m to £59.2m in the year to the end of 2023.

Over the years there have been several changes of management.

James Arrow was brought in as CEO to replace Watt but after just 10 months he was replaced in March this year by James Taylor and chief operating officer Lauren Carrol who are now overseeing the re-launch and turnaround.

In his short spell in charge Arrow oversaw a restructuring of the US business and installed the brand as the official beer partner at Lord’s Cricket Ground, part of what some see as further taming of the former rebel.

The company said 2025 marks its 18th year, and the start of a fresh new era.

“In March we announced our new leadership, with the appointment of James Taylor as CEO and the promotion of Lauren Carrol to chief operating officer and we recently unveiled the new packaging and branding for our headline beers.

“We have been disrupting the beer category for nearly two decades, and our new beers Black Heart, Cold Beer, Shore Leave and Wingman have seen us grow our share of the overall beer market to the largest it’s ever been.

“While we have a fresh look for our beers and fresh faces leading the charge, our mission remains the same, to make people as passionate about great beer as we are.”

On its website it tantalisingly adds: “This is just the beginning, there is loads more to come. We might have changed the beer world back in 2007, but in 2025 we’re just getting started…”

Watt, meanwhile, has continued to “kick ass” on social media but now directs his anger at politicians and the Labour government in particular over its tax plans and general attitude towards entrepreneurs. He launched a “Shadow Doge” styled on Donald Trump’s Department of Government Efficiency to cut out excessive and wasteful expenditure.

When he is not posting photos of himself and his new wife Georgia Toffolo, he is promoting new business ventures that include attempts to create more unicorn businesses.