Watt founded Second Best following his failed bid to buy the ailing BrewDog earlier this year. The business was eventually sold to US firm Tilray Brands.
According to a social media post by Watt, Second Best already has two beer recipes ready for production: a 6.7% ‘West Coast IPA’ and a 5.4% ‘Export Helles’.
The startup is also exploring the acquisition of three breweries to begin production and is actively in talks with potential “brewing partners”.
In his new venture, Watt has offered free shares to former Equity Punks, the 220,000 investors who previously held shares in BrewDog and helped fund its rise from a local Scottish challenger business into a multinational brewing and hospitality empire.
Many thousands of those investors were left deeply dissatisfied by BrewDog’s collapse into administration in March this year and its subsequent sale to Tilray, which left them with little or no return on their shares.
Watt said that 50,000 people have now registered to “own a piece” of Second Best before it begins production.
BrewDog’s sale also resulted in the immediate closure of all 38 of its UK bars, leading to the abrupt redundancy of almost 500 workers.
Administrators AlixPartners also revealed the extent of the company’s financial struggles, with around £20 million in unpaid bills owed to many smaller independent suppliers.
Watt stepped down as chief executive in 2024, with BrewDog posting losses of £59 million in his final year at the helm.
During his time leading the Aberdeenshire brewer, Watt was also accused of presiding over a toxic culture of fear and behaving inappropriately towards junior female members of staff.
