Brewdog is now an epic story of boom and bust, writes news correspondent David Henderson.
This punk brand, apparently born in a Fraserburgh garage, was a marketing dream.
Within a decade its value had soared to about £1bn – but then trouble set in.
It staggered through the Covid pandemic, then its reputation took a hammering, and the last five years have been a painful hangover.
In that time it failed to make a profit, losing almost £150m in the process, and it was mired in debt.
The new owners are buying what they see as the profitable bits of the company in the UK .
But most of its UK pubs, and their workers, will be left behind – and because Brewdog went into administration, small investors are set to pay a price.
They look set to lose the £75m stake they bought through the Equity for Punks scheme
In the end, Brewdog, the rebel outsider, has fallen flat like any old corporate failure.