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BrewDog bought by US cannabis and drinks firm for £33m, costing nearly 500 jobs
As reported earlier in February, BrewDog co-founder James Watt was organising external investors to acquire BrewDog in its entirety, with plans to plough around £10 million of his own funds into the deal - a bid that would have seen him reclaim the company he co-founded in 2007. However, this buyout never materialised and instead, BrewDog was sold to US cannabis and drinks company Tilray Brands for just £33 million after falling into administration - a fraction of its former £1 billion+ valuation. 

The deal saves 733 jobs but results in the closure of 38 bars and 484 redundancies. The outcome is a bitter one for the crowd of small backers: some 220,000 'Equity for Punks' shareholders who committed around £400 each are expected to receive nothing. Watt's attempted comeback, it seems, was not enough to save the brand he built.

More on this update at The Guardian
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