When brewery and pub chain BrewDog invited customers to become shareholders through its “Equity for Punks” scheme, it appeared to represent a new model of capitalism. It invited beer enthusiasts to invest in the company and become small shareholders. This allowed the Scottish firm to present itself as a community built around rebellion, identity and participation.
For a time, the BrewDog model looked remarkably successful – the company was once valued at £2 billion. But after its sale to American cannabis and alcohol firm Tilray for just £33 million, it is clear that there is more to the story.
