James Watt, the co-founder and former CEO of BrewDog, has announced the launch of a new beer business called Second Best. 

Re-entering the beer trade, Watt said he would allocate 19.3% of Second Best to Equity Punk investors who took part in crowdfunding for BrewDog. 

The news follows a period of dissatisfaction from former Equity Punks, who were told their BrewDog investments would likely be wiped out following the collapse of the business and its subsequent purchase by US beverage brand Tilray. 

Now, via a post on social media, Watt said: “You can claim the exact stake you once held in BrewDog, for free. No catches, no cash required and your equity in Second Best will always rank alongside my own.” 

Later, he added: “You’ll own it. I’ll fund it. And I’ll dedicate myself to building it. You’re not shareholders this time. You’re second founders.” 

The announcement of Second Best comes after a series of speculations about Watt’s involvement with BrewDog, with reports earlier this year suggesting the former CEO may have been looking to buy out the brewery. 

Now, however, Watt has completely distanced himself from his former project. Instead, he told The Times on Friday that he would soon begin production at Second Best with three beers: two pale ales and a lager. 

He also told the publication that two pubs would be set up under the Second Best name, one in London and one in Scotland. 

Via his post on LinkedIn, Watt said there was no current launch date. “We don’t have a launch date quite yet – we will launch as soon as we can and when we have all the relevant licences and legal consents in place,” he said. 

Addressing the criticism, much of which has come from former investors, Watt commented that he was going to “tune out the noise and focus on building”.