The firm appointed as Brewdog’s administrators, AlixPartners, said on Monday that equity holders – including those who invested in the firm’s Equity for Punks scheme – would see no return from the deal.
That fundraising scheme, launched in 2009, was said to have raised £75m before it closed to new investors in 2021.
US equity firm TSG Consumer Partners acquired a 22% stake in Brewdog in 2017, and was given “preference shares” over Equity for Punks shareholders.
That meant TSG would get its money back first in the event of a sale.
In an email to investors on Monday, the new owners said they wanted those in the Equity for Punks scheme to continue as “ambassadors for the brand”.
One investor, Richard Fisher, said he had written off his £12,000 stake in Brewdog and was left frustrated by what has happened.
“There’s nothing for us. It’s being sold at a knock-down price.
“But I never thought there was going to be anything left over for the Equity for Punks anyway,” he said.