Tilray paid £33m for BrewDog in administration — its £3 Punk IPA promo doubled sales
Six months after buying BrewDog out of administration, Tilray has pumped in $50m-$60m — and early promotion data shows sales doubling year on year.
What was changed
Speaking at BrewDog's flagship Waterloo brewpub to press, company leadership and former 'Equity Punks' of the defunct pre-administration company, Tilray Brands CEO Irwin Simon set out the ambition to return BrewDog to a valuation above $1bn. Tilray had bought the brand's IP, the Aberdeen manufacturing site and the best-performing brewpubs for £33m in March 2026, and has so far ploughed around $50m-$60m (£38m-£45m) into the business. 'We're going to invest what it takes to turn it around,' he told The Grocer. 'There was nothing in there to drive cashflow, so you have to put cash in.'
Much of that cash went to unlocking supply arrangements with suppliers of the pre-administration BrewDog, who had been left in the lurch; administrators' reports say unsecured creditors owed £190m from the collapse will recover less than a penny on the pound. The relaunch began with a 'Under New Ownership' campaign and a price cut: Punk IPA 330ml four-packs slashed to £3. Initial retailer data quoted by BrewDog showed promotion sales running at double the same period last year.
Investment now turns to the Aberdeen site — around £3m of capex over the next 18-24 months plus £500k-£750k on operations — where Tilray plans to brew its US beer brands alongside BrewDog's own, ruling out contract manufacturing to fill volume.
Growth is also mapped through non-alcoholic lines, 'riding the wave' in energy and functional drinks with Hi*Ball and Mello, and through RTD cocktails, though Simon stressed that '90% of our products are going to be alcoholic drinks.' He praised UK retailers as 'very, very good': 'We haven't lost distribution, and they love our pipeline, our innovations, and they are ready to back us.'
Why it worked
Administration left the brand with no cashflow engine — the buyer had to fund supply arrangements just to keep beer flowing.
A headline price cut on the signature IPA was chosen as the reopening lever, and retailer data showed customers coming back fast.
Tilray is leaning on its own drinks portfolio — US brands brewed in Aberdeen, Hi*Ball, Mello and RTD know-how — to carry the rebuilt volumes.
What can be applied
Buying a brand out of administration buys the name, not the machine: rebuilding supply, volume and trust is where the real money goes.
Aftermath
The 'Under New Ownership' campaign and £3 Punk IPA promotion were running with sales doubling on initial retailer data (self-reported by BrewDog); Aberdeen investment was slated over the next 18-24 months. The pre-administration company's unsecured creditors — including 220,000 Equity for Punks investors — were set to recover less than a penny on the pound from the old entity; the turnaround is the new owner's bet entirely.