# BrewDog's £190m debt crisis leaves creditors empty-handed

> Administrators say the collapsed beer company cannot repay nearly 200 million pounds owed to suppliers, tax authorities and investors.
- Title: BrewDog's £190m debt crisis leaves creditors empty-handed
- Summary: Administrators say the collapsed beer company cannot repay nearly 200 million pounds owed to suppliers, tax authorities and investors. BrewDog's collapse has…
- Keywords: brewdog, collapse, administration, creditors, equity punks, tilray, james watt, unpaid wages, hmrc, bar closures, private equity, tsg
- Source: the Guardian — https://theguardian.com/business/2026/sep/18/brewdog-creditors-not-paid-in-full-administrators
- Published: 2026-09-18T14:24:58+00:00
- Read time: 1 min
- Topics: brewdog, collapse, administration, creditors, equity punks, tilray, james watt, unpaid wages, hmrc, bar closures, private equity, tsg
## BrewDog owes £190m it cannot pay
Administrators say creditors owed about £190m will not be paid back in full due to insufficient funds from asset sales and high closure costs.

> "insufficient funds" to pay debts in full
## 200,000 small investors lose everything
The investments of 200,000 'equity punks' who crowdfunded BrewDog are now worthless after the company collapsed earlier this year.
## Tilray buys brand for £33m, leaves bars behind
US cannabis and drinks firm Tilray acquired BrewDog's brand, intellectual property and breweries in March, but the deal excluded most of the bar chain. Thirty-eight bars closed and 440 staff lost their jobs.
## Government and HMRC won't recover taxes
The UK government and HM Revenue and Customs are among 'preferential' creditors who will not be paid in full. Staff wages were covered by the government's redundancy scheme, but £2.4m in taxes owed to HMRC cannot be repaid.
## Major businesses and investors wiped out
Unsecured creditors including Lord's Cricket Ground, West Ham United and Manchester University will receive less than a penny per pound owed. Private equity firm TSG lost its £213m investment and £28m in debts.
## Watt launches new beer business, faces data concerns
Co-founder James Watt has launched Second Best beer and offered former BrewDog investors free shares, but multiple people complained to regulators that he may have obtained their contact details illegally.
## Key takeaway

BrewDog's collapse has wiped out 200,000 small investors and left major creditors including the UK government and HMRC with massive unpaid debts that won't be recovered.